Submitted Oct 12, 2017|From dailypriceaction.com|1 comment

The GBPUSD is retreating today after testing key resistance at 1.3250. We discussed this level over the weekend as one that could produce an opportunity to get short. Unfortunately, there wasn’t a sell signal on the 4-hour chart. So unless you had a ...

Submitted Oct 10, 2017|From dailypriceaction.com

USDCHF bulls have struggled to close the pair above 0.9800 on a daily closing basis. That’s the level I mentioned on the 28th of September asone that could restrict upside potential. The 0.9800 price level is just a placeholder. Because we’re ...

Submitted Oct 8, 2017|From dailypriceaction.com

The EURUSD lost ground for the second week in a row. This was the likely scenario given the September 25th close below long-term channel support near 1.1900. Another probability that we discussed last week was that the 1.1670 area would attract bids ...

Submitted Oct 5, 2017|From dailypriceaction.com

EURGBP bulls are on the move again following the September 27th retest of 0.8744. This area served as support in mid-July just before buyers extended the rally above the 0.8925 handle. That level is being tested today as resistance. You can see in ...

Submitted Oct 2, 2017|From dailypriceaction.com

As I write this, USDJPY bulls are challenging a key resistance level. The trend line that extends from the current 2017 high at 118.60 is no doubt playing a role today just as it did last week. The trend line begins at the January 3rd high. The ...

Submitted Oct 1, 2017|From dailypriceaction.com

EURUSD bears finally managed a daily close (5 pm EST) below channel support last week. We have discussed the potential for a shift lower since the pair carved out the September 8th bearish pin bar from 1.2040. Monday’s close of 1.1845 broke channel ...

Submitted Sep 27, 2017|From dailypriceaction.com

The USDCAD closed above a significant level on Wednesday. The 1.2420 handle is the July low and is also an area that played a key role as support between January and April of 2015. With yesterday’s close of 1.2477, any retest of the 1.2400/20 area ...

Submitted Sep 24, 2017|From dailypriceaction.com

EURUSD bulls continued their fight at 1.1875 last week. The area represents the 2010 low as well as channel support that extends from the April lows from this year. We have been discussing this ascending channel ever since the pair broke above ...

Submitted Sep 21, 2017|From dailypriceaction.com

Two days ago we discussed the USDJPY. At the time the pair was trading at 111.52 and the Fed rate decision was less than 24 hours away. With an increase in volatility just around the corner, I opted for the sideline. I figured the U.S. dollar stood ...

Submitted Sep 17, 2017|From dailypriceaction.com

EURUSD bulls clung to the 1.1875 area once again last week. The level capped the advance in early August until buyers were able to break through on the 25th of last month. Since that time 1.1875 has attracted bids on August 31st and again on ...

Submitted Sep 15, 2017|From dailypriceaction.com

The EURGBP was one of my top trade ideas for the past week. We first discussed the retest of channel resistance on August 28th. The bearish rejection candle on the 29th signaled that buyers were exhausted and a move lower was likely. We reviewed the ...

Submitted Sep 15, 2017|From dailypriceaction.com|8 comments

Anyone who has traded Forex knows how difficult it is to grow an account. However, it’s no secret that building a smaller account is more difficult than trying to grow a larger one. It’s all about perception. If your goal is to make consistent ...

Submitted Sep 14, 2017|From dailypriceaction.com|2 comments

Over the weekend we discussed the bearish pin bar that had formed on the AUDUSD daily chart. Friday’s candlestick pattern left buyers on edge and signaled that a correction this week was likely. So far, the bearish formation hasn’t disappointed. The ...

Submitted Sep 13, 2017|From dailypriceaction.com

EURUSD bulls are starting to look tired following last week’s rejection from 1.2040. Sellers even signaled their intent on Friday with a small yet significant bearish pin bar. Yesterday’s session encountered buying pressure right where we’d expect. ...

Submitted Sep 10, 2017|From dailypriceaction.com

EURUSD bulls retested the 2012 low at 1.2040 last week after retreating from the area in late August. The result of the previous week’s rally was similar to that of August 29th with prices falling back below the 1.2040 handle before the session ...

Submitted Sep 5, 2017|From dailypriceaction.com

I made it a point to avoid the AUDUSD in August. The pair has been trading in the same range since late July when buyers retested the 0.8065 handle. This level was a key factor between January and May of 2015. Its influence is especially evident ...

Submitted Aug 30, 2017|From dailypriceaction.com

Yesterday’s drop in the EURGBP is a perfect example of why I don’t buy upside breaks of bullish exhaustion patterns. I first commented on the 4-hour rising wedge on August 16th. At the time the pair was trading at 0.9104 and was well within the ...

Submitted Aug 28, 2017|From dailypriceaction.com|7 comments

On August 16th we looked at a rising wedge that had formed on the EURGBP 4-hour chart. At the time the pair was trading at 0.9104 and hadn’t yet broken free from the ascending pattern. Fast forward to today and we can see that the Euro cross is ...

Submitted Aug 23, 2017|From dailypriceaction.com|47 comments

Why do so few succeed at Forex trading? The answer to this question is incredibly subjective. Some will say it’s because the market is rigged for us to fail, or that retail traders don’t have sufficient resources to compete. There may be some truth ...

Submitted Aug 23, 2017|From dailypriceaction.com|2 comments

On Friday I mentioned a potential head and shoulders pattern that’s been forming on the NZDUSD since June. At the time, the pair was trading at 0.7313 and was far from confirming the 340 pip reversal pattern. Fast forward to today, and we can see ...