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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

Forex Trade Setups Commentary: Spot Gold market pin bar, 17th February 2012

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By in Forex Trading Commentary & Trade Signals by Nial Fuller Last updated on | No Comments

Trading Setups / Chart in Focus:

Gold

The spot gold market moved slightly lower today as it retraced about 50% of yesterday’s bullish pin bar setup that formed showing rejection of the 21 day EMA, this allowed for a 50% long entry on the pin. As long as price holds above the low of the pin bar from yesterday, we are bullish biased on this market and see the potential for more upside next week.

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Forex Commentary:

In the currency markets today, the euro moved marginally higher against the greenback after it pared much of its early session gains into the New York close. Traders are looking forward to next week’s decision on a bailout plan for Greece.

The yen was weaker against the other majors again today, as it is still feeling the effects of the surprise decision by the Bank of Japan to boost its asset-buying program.

The U.S. dollar was modestly higher against the Australian dollar today.

Other Markets:

In the U.S. markets today, stocks pushed higher but gains were limited ahead of an extended holiday weekend. Hopes are high for Greece’s bailout plan to be approved and this event will likely be the catalyst for price movement next week.

The Dow added 45.56 points, or 0.35 percent, the S&P 500 gained 3.17 points, or 0.23 percent, and the Nasdaq lost 8.07 points, or 0.27 percent.

Upcoming important economic announcements: 2/19/2012

4:45pm EST: New Zealand – PPI Input q/q

2/20/2012

7:30pm EST: Australia – Monetary Policy Meeting Minutes
9:00pm EST: New Zealand – Inflation Expectations q/q
9:30pm EST: Australia – RBA Gov Stevens Speaks

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. Viet July 11, 2019 at 12:32 am

    Nial, Im from Vietnam. I cannot describe how much I admire you.
    Never imagine some simple candle patterns have such power on the market.
    I always dream to be a successful trader living my free life with beloved but have never reached it after some years of ups and downs…a lot of pain, loss …
    I want to have a life like you, being happy with beloved wife and daughter and enjoy trading, please help me by posting more about your price action applications, I promise with you and with myself that I will appreciate every piece of experience from your posts.
    Many appreciation, admiration, loves and best wishes from me to you.

    Reply
    • Nial Fuller July 12, 2019 at 1:53 am

      Your comment is very appreciated, it is good to hear from traders in Vietnam.

      Reply

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