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PRICE ACTION FOREX TRADING COURSE
The GBPUSD pin bar setup that we first discussed in last Thursday’s commentary as a potential shorting opportunity has come off nicely to the downside today after a slight retracement to the upside on last Friday and an inside bar formation yesterday.
We can see this pin bar setup made a false-break of resistance near 1.6000 before consolidating for two days and then ultimately rolling over into the 21-day moving average dynamic support level as noted in the chart below.
This move could fall further but we would like to note that it is against the dominant uptrend and is currently showing some bounce off the previously mentioned support area near the 21-day moving average and has already provided keen traders a nice risk reward of at least 1 to 2.
EURJPY:
The EURJPY formed a bullish fakey / pin bar setup today that is in-line with the dominant uptrend. Note how price rejected the horizontal support that came in near the 21 day moving average. Next resistance comes in near 115.50.
It is also worth noting that the 4-hr EURJPY chart formed a bullish fakey today as well, adding further weight to the daily setup.
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 lost ground to the euro today as a late-day reversal erased early session gains in the greenback. The dollar did gain modestly on the British pound but lost to the rest of the majors as the U.S. Fed minutes were released and gave wind to the idea that the Fed will take policy action at their November meeting to help spur the slumping U.S. economy.
The Dow edged up 10.06 points, or 0.09 percent, the S&P 500 added 4.45 points, or 0.38 percent, and the Nasdaq added 15.59 points, or 0.65 percent.
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