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PRICE ACTION FOREX TRADING COURSE
The GBPUSD pin bar setups that we discussed in last Friday’s commentary have come off nicely to the downside today.
The setup was counter-trend and has given traders a nice opportunity for a 2:1 profit, the 21 day ema dynamic support level is hovering just below; as such we may see a rotation back to the upside from here. Note how this 21 day ema support area has held strong on recent downside tests.
EURJPY:
The EURJPY fired off a bullish fakey signal in line with the trend last week that we discussed in the commentary. This setup did not end up working out and we just wanted to post it up here to show that that losses do happen.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar closed mostly higher today against the other majors but it did give up much of its early-session gains as the New York session came to a close.
Gold and silver formed pin bar reversals in-line with the dominant uptrend today as investors saw last week’s weakness to be buying opportunities.
The Dow added 80.91 points, or 0.73 percent, the S&P 500 gained 8.52 points, or 0.72 percent, and the Nasdaq gained 11.89 points, or 0.48 percent.
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