Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Trading Setups / Chart in Focus:
GBPUSD
The GBPUSD pin bar strategy that we discussed in Friday’s commentary has come off to the downside today. Many of our members’ caught this setup as well as the 4hr pin bar setup from Friday. We see the potential for this market to move lower from current levels as there is not much support until about 1.5330. Traders can look to sell into this falling market on rotations back up to resistance, pending price action confirmation.
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.
Forex Commentary:
In the currency markets today, the U.S. dollar gained significant ground against most of the other majors on the back of renewed risk aversion due to increasing signs that the debt crisis in the euro-zone is worsening.
The EURSUD closed the day down only about 30 pips, but most of the other majors lost more significant ground to the dollar.
The GBPUSD and AUDUSD both dropped significantly and broke below support levels indicating the potential for further losses in the near-term. The USDCAD was also up significantly today as oil and other commodities weakened.
Other Markets:
In the U.S. markets today, stocks moved lower for a fourth day in a row on new signs that the euro-zone debt crisis is worsening.
The Dow lost 248.85 points, or 2.11 percent, The S&P 500 lost 22.66 points, or 1.86 percent, and the Nasdaq dropped 49.36 points, or 1.92 percent.
Upcoming important economic announcements: 11/22/2011
4:30am EST: Britain – Public Sector Net Borrowing
8:30am EST: Canada – Core Retail Sales m/m
8:30 am EST: United States – Prelim GDP q/q
2:00pm EST: United States – FOMC Meeting Minutes
9:30pm EST: China – HSBC Flash Manufacturing PMI
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