Submitted Mar 30, 2018|From dailypriceaction.com|14 comments

Putting on a profitable trade isn’t that hard. With a 50/50 chance of being right, the initial odds of coming out ahead are quite favorable. What is difficult, however, is holding onto those profits. How many times have you had a big winning trade ...

Submitted Mar 27, 2018|From dailypriceaction.com

On Sunday I mentioned a short-term trend line on the EURUSD that could offer a buying opportunity this week. The level extends from the February 16 high and had capped the single currency on several occasions before Monday’s breakout. Despite ...

Submitted Mar 25, 2018|From dailypriceaction.com|1 comment

Another week of consolidation for the EURUSD is behind us. This has been a recurring theme since Euro bulls reclaimed the 1.2160 handle on January 12. Friday’s close occurred right in the middle of the terminal pattern I’ve been discussing for ...

Submitted Mar 22, 2018|From dailypriceaction.com

I discussed the USDJPY a couple of times back in mid-February. Following the close below the September 2012 trend line on February 13, we began looking for short entries for a move to key support at 105.50. That level was reached just three trading ...

Submitted Mar 19, 2018|From dailypriceaction.com|1 comment

Just over 24 hours ago I discussed how the GBPUSD struggled to climb above the 1.40 handle last week. A view of the daily time frame shows how the level has helped direct price action since the January 30 low. In fact, the 1.40 area served as ...

Submitted Mar 19, 2018|From dailypriceaction.com

The USDCAD reached a critical resistance area on Friday. However, even from the daily time frame, the 1.3100 area is rather unsuspecting. It isn’t until we draw a certain channel that we realize why the pair might struggle at current levels. Note ...

Submitted Mar 18, 2018|From dailypriceaction.com|2 comments

The EURUSD reached our target at 1.2275 on Friday. I mentioned the break below 4-hour wedge support on Thursday when the single currency was trading at 1.2338. Although it made for a decent trade, a much bigger opportunity is brewing. I’ve ...

Submitted Mar 15, 2018|From dailypriceaction.com|2 comments

The EURUSD looks to be gearing up for another run at 1.2275. The pair just closed below 4-hour wedge support after being rejected by the upper boundary yesterday. All of this is occurring at a time when the single currency has been range-bound since ...

Submitted Mar 14, 2018|From dailypriceaction.com

To say that EURNZD bulls have been stubborn lately would be an understatement. The Euro cross has been churning along a trend line that extends from the 2017 lows but has yet to close below it. Those waiting for a short entry have had to be extra ...

Submitted Mar 12, 2018|From dailypriceaction.com

A couple of weeks ago on February 25, I commented on an NZDUSD trend line that could trigger additional losses. The level extends from the December 5, 2017 low and came under pressure between February 23 and 26 before breaking down on the 27th. ...

Submitted Mar 6, 2018|From dailypriceaction.com

The EURJPY is in the process of testing the 131.35 handle. We looked at this level on Sunday before the market opened and while the pair was still trading at 130.18. Monday’s candle that engulfed the previous two days was a signal that the 131.35 ...

Submitted Mar 2, 2018|From dailypriceaction.com|2 comments

This week’s GBPUSD weakness worked out nicely for us. Monday’s retest of descending channel resistance at 1.4070 presented a favorable opportunity to get short. I entered at 1.4058 and added to the position following Tuesday’s close below ascending ...

Submitted Feb 23, 2018|From dailypriceaction.com|1 comment

In mid-January I began to suspect that the EURJPY had topped out. In fact, I even wrote a commentary stating that I believed buyers were tiring in the 136.60 area. We wouldn’t find out until the first few days of February that the actual top was ...

Submitted Feb 19, 2018|From dailypriceaction.com

Over the weekend I discussed how the GBPUSD is likely in need of a pullback before the next leg higher can begin. The same goes for the EURUSD. Both pairs are trending lower to start the week with the GBPUSD off of Friday’s close by 60 pips. Buyers ...

Submitted Feb 12, 2018|From dailypriceaction.com

I haven’t discussed the EURGBP for quite some time. The consolidation that began last October has kept me on the sideline in search of other more favorable technicals. However, the Euro cross is nearing a point where things could get interesting. ...

Submitted Feb 7, 2018|From dailypriceaction.com|2 comments

On Monday I discussed how the EURUSD was vulnerable below 1.2435. As I was publishing the post, the single currency closed at 1.2428 on the 4-hour chart, signaling a clean break of channel support. Although we saw immediate downside pressure ...

Submitted Feb 5, 2018|From dailypriceaction.com|1 comment

I think it’s fair to call yesterday’s selloff in U.S. equities a crash or at least a mini-crash. At its low on Monday the Dow Jones Industrial Average was down more than 1,600 points or just over 5%. It’s no coincidence that the Japanese yen ...

Submitted Feb 2, 2018|From dailypriceaction.com|1 comment

A stronger than expected jobs report has attracted a bid for the U.S. dollar. It’s the first sign of material strength from the greenback in quite some time. The influx of buying pressure has the USDJPY trading just below 110.30 as I write this. ...

Submitted Jan 31, 2018|From dailypriceaction.com

The AUDUSD has drifted higher for seven straight weeks. We have to travel back to the period between June and July of 2016 to find a comparable multi-week win streak, albeit a less significant one. But nothing lasts forever, and what goes up must ...

Submitted Jan 29, 2018|From dailypriceaction.com

Since carving a floor at 72.45 in June 2016, the AUDJPY is up more than 1,500 pips. From trough to peak, it’s a gain of nearly 1,800 pips. I use the term “peak” loosely as there’s no sign that the September 2017 high at 90.30 will hold as an ...