Trading Setups / Chart in Focus:
The GBPUSD pin bar setup that we first discussed in our commentary from November 18th has come off to the downside for a nice gain. We discussed this setup extensively in our members’ community and many of our members were in on this obvious price action setup as well as the 4hr pin bar that preceded it.
When the markets are trending and moving aggressively like they have been recently, it’s the time to make money. We have many eyes on the market in our members’ community and this helps us all spot the obvious price action trading opportunities like the pin bar setup below.
Check out my latest Forex trading lesson: Forex Trading Is A Business – Not A Game
Special Note: This Month I’m Offering A Discount On My Forex Price Action Trading Course and Price Action Traders Community. To Find out More Visit the Forex Price Action Trading Course Page Here.
In the currency markets today, the U.S. dollar gained significant ground against the other majors today after a poor German bond sale cast fears that the euro-zone debt crisis was starting to affect the region’s largest economy.
The EURUSD close at $1.3341 today, after losing over 1 percent as it hit a low of $1.3319.
The AUDUSD moved below $0.9700 for the first time since the start of October after the inside bar from yesterday broke lower.
In the U.S. markets today, stocks moved lower again as poor Chinese factory data and continued concern over the euro-zone debt crisis cast another pessimistic tone over Wall Street.
The Dow dropped 236.17 points, or 2.1 percent, the S&P 500 lost 26.3 points, or 2.2 percent, and the Nasdaq lost 61.20 points, or 2.4 percent.
Upcoming important economic announcements: 11/24/2011
4:00am EST: Euro-zone – German Ifo Business Climate
4:25am EST: Australia – RBA Gov Stevens Speaks
4:30am EST: Britain – Revised GDP q/q