Submitted Sep 27, 2015|From dailypriceaction.com

The long-term consolidation pattern continues for EURUSD as the pair has struggled to find any meaningful follow-through since March. Although there is plenty of upside potential in this range, the price structure since August 7th has given the ...

Submitted Sep 25, 2015|From dailypriceaction.com|1 comment

The EURUSD roller coaster ride continues. The directionless single currency was rejected during yesterday’s advance, but not before carving out a bearish pin bar of sorts at a former support level. I mentioned this level on Monday as one to watch ...

Submitted Sep 23, 2015|From dailypriceaction.com

Over the weekend, I mentioned the trend line on GBPUSD that halted last week’s advance. At the time, it was unclear as to whether the level would trigger another lower high or simply delay a move higher. However it seems that we may now have our ...

Submitted Sep 21, 2015|From dailypriceaction.com

It’s business as usual in Europe, and that means EURUSD is under pressure yet again. I highlighted the bearish engulfing bar in the weekend commentary, a price pattern that formed following the Fed’s decision to hold interest rates steady at last ...

Submitted Sep 20, 2015|From dailypriceaction.com

Several currency pairs found relief following the Fed’s decision to hold interest rates steady at Thursday’s FOMC meeting; EURUSD was one of those pairs. Shortly after the decision was announced, the single currency rallied 130 pips against the US ...

Submitted Sep 4, 2015|From dailypriceaction.com|22 comments

Making predictions as a Forex trader is a fool’s game. Any good trader will tell you that it’s a destructive act with unforgiving consequences, not to mention completely unnecessary in order to see consistent gains in the market. So then why on ...

Submitted Sep 2, 2015|From dailypriceaction.com

The rise in volatility on Monday, August 24th triggered breakouts in several currency pairs, namely the yen crosses. However this volatility also tarnished a lot of technical patterns that had been forming for weeks or even months. One pattern that ...

Submitted Sep 1, 2015|From dailypriceaction.com

GBPJPY made a significant break yesterday, closing below the key 185.00 handle by an impressive 230 pips. This level can be seen acting as resistance in February and more recently acted as support for the pair on July 8th and 9th. From here traders ...

Submitted Aug 30, 2015|From dailypriceaction.com

EURUSD has come back to life following a two-month stint of choppy price action. In fact not only has the pair come back to life, it put in one of the most volatile weeks we have seen all year last week. After climbing 700 pips between August 19th ...

Submitted Aug 27, 2015|From dailypriceaction.com

We discussed USDJPY over the weekend as the pair was approaching key trend line support that extends off of the 2015 low. After making a lower high in August, the pair looked poised to test lower levels in the coming week. The pair certainly didn’t ...

Submitted Aug 25, 2015|From dailypriceaction.com

Monday’s massive drop in the Yen crosses was not a one-off event. The catalyst was a culmination of concerns that have been brewing for quite some time and are therefore not likely to dissipate any time soon. The severity of Monday’s volatility was ...

Submitted Aug 23, 2015|From dailypriceaction.com|1 comment

EURUSD ended last week in breakout fashion. After losing 100 pips between Monday and Tuesday, the pair managed to find buyers to end the week in positive territory by 270 pips. The market is far too extended at current levels to consider an entry. ...

Submitted Aug 20, 2015|From dailypriceaction.com

There is a shortage of quality trade setups or even potential setups at the moment. This is fueled largely by the global uncertainties that continue to make headlines along with it being August, a month not known for offering a lot of ...

Submitted Aug 17, 2015|From dailypriceaction.com

USDCAD has been struggling ever since breaching the multi-year high at 1.3063. Although the level held initially, the pair slipped back below it on August 10th and has since made a string of lower highs. However that may be about to change given the ...

Submitted Aug 16, 2015|From dailypriceaction.com

EURUSD can’t seem to get out of its own way. Despite last week’s 160 pip rally, the pair remains capped by recent highs and continues to move sideways in choppy price action that began in early June. The lack of conviction has led to limited ...

Submitted Aug 9, 2015|From dailypriceaction.com|6 comments

EURUSD made a major recovery during Friday’s session. The release of the US non-farm payroll data sent the pair into a free-fall that resulted in a loss of more than 100 pips in less than an hour. However that weakness was short-lived as the bulls ...

Submitted Aug 6, 2015|From dailypriceaction.com

USDJPY continues to look strong within this three-year uptrend that is now responsible for a massive 5,000 pip gain since the 2011 lows. More recently, the pair has been consolidating after putting in a new thirteen-year high on June 5th. However ...

Submitted Aug 3, 2015|From dailypriceaction.com

As price action traders who focus on the higher time frames, it can be all too easy for us to discount trade ideas that require weeks or even months to set up. The restraint that is necessary to wait for the right moment to strike can often dissuade ...

Submitted Aug 3, 2015|From dailypriceaction.com|1 comment

The focus for those trading EURUSD seems to have moved from Greece to China and back again. However in recent weeks those concerns seem to have developed into more of a global affair as we have seen risk-sensitive currencies sell off across the ...

Submitted Jul 30, 2015|From dailypriceaction.com

First things first, this is one of those setups where a full risk disclosure is necessary. As mentioned during yesterday’s session, the remainder of this week is set to deliver a full docket of event risk. First is US GDP tomorrow followed by Canada ...