Submitted Mar 1, 2019|From dailypriceaction.com|1 comment

The USDJPY has reached a key resistance area between 111.40 and 111.70. In fact, as I type this, the pair is above the 111.70 figure on an intraday basis. I mentioned the likelihood of a move to this resistance area on February 13th. However, I ...

Submitted Feb 28, 2019|From dailypriceaction.com

On February 20th I wrote about a rising wedge pattern on gold. The market was testing wedge resistance at 1345 as I was writing that commentary. By the New York 5 pm EST close, gold had carved a bearish pin bar. That pin bar took gold back to key ...

Submitted Feb 27, 2019|From dailypriceaction.com|3 comments

GBPUSD bulls are on the move this week following Friday’s rejection candle. The pair had broken above this descending channel back on the 25th of January. However, buyers were unable to support the elevated prices, and by February 4th, GBPUSD had ...

Submitted Feb 25, 2019|From dailypriceaction.com

The CADJPY is in the process of testing a significant resistance area at 84.50. It’s the former ascending channel support that extends from the 2016 low. I mentioned the level back on December 18th. That breakdown in mid-December was good for 650 ...

Submitted Feb 24, 2019|From dailypriceaction.com

EURUSD closed the week just 40 pips from where it opened. The single currency is holding above key support at 1.1215. However, it’s also still below descending channel resistance near 1.1430. That leaves EURUSD range bound for at least one more ...

Submitted Feb 22, 2019|From dailypriceaction.com|15 comments

What if I told you that you could lose money on over 100 trades before even having to worry about a blown account? And not just any trades, but 100 trades in a row. Heck, let’s make it 200 trades. The odds of you losing 200—or even 100—trades in a ...

Submitted Feb 21, 2019|From dailypriceaction.com

Since the January 3rd flash crash low, GBPJPY has regained over 1,000 pips. That’s impressive considering the bearish pressure the pair was under throughout November and December of last year. Then again, that extreme bearish pressure was no doubt ...

Submitted Feb 20, 2019|From dailypriceaction.com

EURUSD bulls are back in the driver’s seat this week. At least for now. The descending channel I pointed out on Monday has caused the single currency to gain 70 pips so far this week. It comes following a relatively bullish Friday candle. I ...

Submitted Feb 20, 2019|From dailypriceaction.com

On Sunday I mentioned the consolidation on gold may have come to an end last week. Friday’s rally suggested that buyers were ready for the next leg higher. I also wrote that a daily close above 1320 would secure the breakout and expose the next key ...

Submitted Feb 19, 2019|From dailypriceaction.com

The January 3rd flash crash caused AUDUSD to lose 250 pips in a matter of seconds. However, the resiliency from buyers no doubt surprised many who were watching. By the New York close at 5 pm EST, AUDUSD had gained 20 pips on the day. The recovery ...

Submitted Feb 18, 2019|From dailypriceaction.com

Yesterday I mentioned the potential for a EURUSD bounce this week. While it’s still early, the euro has caught a bid so far today. The single currency is up 30 pips following a relatively bullish Friday candle. It wasn’t what I would call a pin bar ...

Submitted Feb 17, 2019|From dailypriceaction.com

EURUSD looked as confused as ever last week. Just when it seemed like Tuesday’s bullish engulfing candle would take prices higher, Wednesday’s session erased all of those gains and then some. It’s a degree of indecision that has plagued the single ...

Submitted Feb 14, 2019|From dailypriceaction.com

CADJPY is once again testing 83.80 resistance. The area played a critical role as support between August and December of last year. The Canadian dollar cross sold off from 83.80 earlier this month. However, buyers weren’t ready to fold. You can see ...

Submitted Feb 13, 2019|From dailypriceaction.com

A few days ago I commented on a potential USDJPY rising wedge. It was an early stage pattern without much structure, so there was a good chance it would need to be modified. That’s what we’re seeing so far this week. The pair has broken above the ...

Submitted Feb 12, 2019|From dailypriceaction.com|5 comments

EURUSD closed below a key level yesterday. On Sunday, I mentioned how the 1.1300 handle could attract buyers this week. But a close below it would expose downside targets. You can see how the euro has already tested 1.1300 as new resistance today. ...

Submitted Feb 11, 2019|From dailypriceaction.com

NZDUSD is approaching a significant support area at 0.6700. It’s the same level that triggered the weekly bullish pin bar I discussed on the 4th of January. Given the 200 pip rally that ensued, the bullish signal worked out well. However, last ...

Submitted Feb 8, 2019|From dailypriceaction.com|2 comments

USDJPY continues to consolidate following the January 3rd flash crash. We had a great run in December and USDJPY was one of our best trades. The wedge that broke down in mid-December played out perfectly. Moves like the one in early January tend to ...

Submitted Feb 7, 2019|From dailypriceaction.com

A few days ago CADJPY hit a confluence of resistance at 83.80. It’s the intersection of ascending channel resistance and a horizontal level that served as support between August and December of last year. Since Monday’s commentary, CADJPY is down ...

Submitted Feb 6, 2019|From dailypriceaction.com

I first discussed a bearish crude oil scenario on October 7th of last year. At the time, oil was still trading above the 74.00 handle. By the end of 2018, the market was testing the 2017 low near 42.50. It was the most aggressive selloff for oil ...

Submitted Feb 5, 2019|From dailypriceaction.com|2 comments

Yesterday I mentioned how CADJPY could come under pressure soon. If it does, EURCAD could benefit from Canadian dollar weakness. It would be well timed too given how the pair is retesting a trend line I discussed last December. You may recall the ...