Submitted Jun 29, 2016|From dailypriceaction.com

One of the harder aspects of trading is having the patience necessary to wait days or even weeks for a particular trade idea to fully materialize. A great example is that of the recent price action on GBPAUD following last week’s Brexit vote. Any ...

Submitted Jun 28, 2016|From dailypriceaction.com|3 comments

Without question, the best way to learn any skill is to study those who have already found massive success. Learning how to trade Forex or any financial market for that matter is no different. Legendary traders such as Paul Tudor Jones, Ed Seykota, ...

Submitted Jun 27, 2016|From dailypriceaction.com

Aside from the sheer volatility that last week’s EU referendum caused, it did something much more meaningful and helpful for the traders who remained patient. The aftermath of the event revealed where the real opportunities lie. It shed light on ...

Submitted Jun 20, 2016|From dailypriceaction.com

Sometimes all you need to find a favorable trade setup is a strong trend and a broken consolidation pattern. In fact, those two elements alone probably account for 80% of the setups I trade. And like every yen pair over the last twelve months or ...

Submitted Jun 19, 2016|From dailypriceaction.com

EURUSD validated a level last week that has been on my radar for several months. Since its inception, the trend line that extends from the December 2015 low has been a bit questionable considering the volatility of the March 10th ECB low. However, ...

Submitted Jun 18, 2016|From dailypriceaction.com|23 comments

Finding good Forex trading books to read can be more challenging than one might think. Sure, there are plenty of options, but finding one that resonates with your style of trading can be difficult. What’s worse is that most of them try to convey a ...

Submitted Jun 17, 2016|From dailypriceaction.com

A few days ago I mentioned that the NZDUSD eight-day rally might have exhausted its resources. Shortly after that post the pair lost 80 pips and traded down toward the 0.6960 support area before rebounding higher on Wednesday. Yesterday’s volatile ...

Submitted Jun 15, 2016|From dailypriceaction.com

Since coming off last year’s high – which was telegraphed by the fifteen-month head and shoulders pattern – USDJPY is currently down more than 2,000 pips. For those who read my cautionary post from January, this shouldn’t have come as a surprise. ...

Submitted Jun 13, 2016|From dailypriceaction.com

Despite having surrendered an extraordinary 380 pips in the first week of May, AUDUSD has been relatively resilient in June. The pair managed to find a bid at the 0.7160 handle late last month and as of Wednesday had regained much of the lost ...

Submitted Jun 9, 2016|From dailypriceaction.com

Last Friday was the largest single-session rally for EURUSD since the March 10th ECB decision. But after gaining 280 pips from Friday’s low, the single currency appears to have exhausted its resources. The 1-hour chart below shows why I wasn’t a ...

Submitted Jun 8, 2016|From dailypriceaction.com

NZDUSD has gone parabolic so far in the month of June, rallying 340 pips from the May 30th low at 0.6674. But the pair is fast approaching the double top that formed between April and May at 0.7053. While the pair failed to reach the pattern ...

Submitted Jun 2, 2016|From dailypriceaction.com|1 comment

Despite having found a bid this week, EURUSD remains vulnerable while below 1.1217 on a daily closing basis. I mentioned this level at the end of last week as one that would likely attract selling pressure if tested. And while today’s retest could ...

Submitted Jun 1, 2016|From dailypriceaction.com

With weakness comes opportunity. This is certainly true for the Forex trader where the biggest gains often come from relative weakness rather than strength. The recent state of the British pound is a perfect example. The false break above 1.4670 ...

Submitted May 31, 2016|From dailypriceaction.com

Following the confirmation of the upward sloping flag in early May, AUDUSD slid 420 pips before eventually finding support at 0.7140. Since that time the pair has rallied 115 pips off of recent lows. With this surge came several emails asking ...

Submitted May 30, 2016|From dailypriceaction.com

3,160 pips. That was the total damage inflicted by the fourteen-month head and shoulders pattern that confirmed late last year on GBPJPY. The only thing more impressive than the size of the move was the mere four months it took to play out. But ...

Submitted May 29, 2016|From dailypriceaction.com

EURUSD ended last week just 50 pips from a confluence of support that could very well be the biggest test since the March 10th ECB decision. The result of that event, by the way, is now 60 pips under water. Which test is that, you ask? The 1.1060 ...

Submitted May 24, 2016|From dailypriceaction.com|2 comments

GBPUSD just won’t go away despite the endless headlines surrounding Brexit fears. The pair is in the process of moving to challenge the 1.4670 handle for the fourth time in four months. Under normal circumstances, we’d call this a range and look to ...

Submitted May 20, 2016|From dailypriceaction.com

Despite their best efforts, buyers of EURUSD haven’t had much to talk about in the last 24 hours. But that isn’t too surprising considering how the pair closed yesterday’s session. We’ve had our eye on the 1.1215 area for quite a while (previously ...

Submitted May 17, 2016|From dailypriceaction.com

Four trading days have passed since I last mentioned USDCAD. At the time, the pair was struggling to find a bid in the 1.2850 area. Fast forward to today and we can see that buyers haven’t let it slip below this area on a daily closing basis since ...

Submitted May 14, 2016|From dailypriceaction.com

Are all flag patterns created equal? Sure, they can come in different shapes and sizes, but as far as how to trade them, a flag is a flag, right? Not exactly. For the most part, these patterns represent a continuation of the current trend. So if the ...