The EURUSD is still on top fo the channel it broke out of on the daily chart. It was in that trading channel for months.
Tomorrow is the USA Non-Farm Payroll and we expect the usual tight price action but there are two trade setups on the EURJPY, USDJPY, GBPUSD. The EURUSD has limited trade potential for the upcoming sessions. Remember there is a G20 meeting this weekend and Monday there are bank holidays for the CAD and USA. Please take a few minutes to review the video for the specific trades that we are looking to setup.
The EURUSD and the GBPUSD are both still on top of the daily trendlines . The EURUSD broke above the trendline that was the upper level of the inclining channel it was in for months, it is important that it continue on up or we could see a retracement back into the channel. The GBPUSD has come back up above the daily trendline that it broke a couple of weeks ago. For specific trade setups for the upcoming Asian, London and New York sessions please see the trading video we have created for you.
Forex action on September 9, 2010. The six major USD currency crosses. Showing Trading Ranges and Breakout trades.
With the FOMC announcement out of the way, we are now looking for the next level of resistance of 1.3500 to be tested. This figure will also represent the 50% retracement level of the move from 1.51 to 1.18 over the last 12 months. If 1.3500 is broken, then we’ll look for a top on the way up to 1.3900, which is the 61.8% level. At this time, we do not anticipate the latter to be broken. The problem with taking a longer term bullish outlook on the EUR/USD pair is that any bad news out of the EuroZone will most likely have to do with increasing spreads between PIIGS and German bonds. Fear of Greece defaulting could capitulate the market and this is, what we believe, will cause the EUR/USD to fall below 1.1800. Below are some snippets from the Prime Minister of Greece: – Papandreou saying that Greece will not go to capital markets in 2010, but planning to do so soon. – Papandreou adds that Greece is a different country than it was six months ago, still on track for 40% deficit reduction by end of 2010. – Papandreou reiterates default is not an option. – Papandreou sees GDP -4% in 2010, expects GDP to return to growth in 2012. Anything other than what is stated above should cause a move back in favor of the dollar on safe haven flows. Based on our analysis, this will happen sooner or later — the difficulty is of course in timing the trade.Don’t forget, we will be hosting Live! Trading sessions this week. Premium members may access the direct link in the “Members Downloads …
Tradermade International Commentary Service -Free Daily Tip, presented by Steve Jarvis. TraderMade offer a comprehensive intra-day FX service with commentary updated every 1-2 hours.
The EUR/USD had been showing Lower High’s for quite a while now on the 4 hour charts, forming a very distinct falling trend line. Just before London got started today we break this trend line. Typically, once something like this occurs, it’s very commonplace that a retest of this area is a high probability entry point back in the direction of the break, even if just for the short term. So let’s see, here we are at London market opening, after breaking this trend line and now sitting on the retested zone. Long off of this zone was certainly the plan, it was just a matter of the actual trigger and stop placement after that. In this video I show you how we built this trade plan to begin with, waited for our setup to be met, and took action. This trade ended up extending well for roughly a 1-3 risk vs. reward ratio for about a 70 pip winning trade. Nice way to end the month/quarter! FXBootcamp London Currency Coach- Christian Stephens
After yesterday’s fun selloff of the USD during London, we began pre-London today well extended on our Daily charts. The GBP/USD, EUR/USD, AUD/USD, all a country mile from their Daily 5 ema’s respectively. While this alone is not a reason to enter a trade back to those levels, it certainly makes it difficult to continue our USD selling until either support catches up to price, or more likely, a pullback to near those levels ensues. So in this video I show how I built a trade plan to Short the GBP/USD and EUR/USD back to support, and reload this trade on subsequent shorter term pullbacks, along with profit take zones. I would not classify these trades reversals, but merely a shorter term scalp back to support, where most of us were eager to relong them (or short the USD again). With reloads added in on multiple pairings, it was actually a very solid overall pip day if you caught these. FXBootcamp London Currency Coach- Christian Stephens
Hi , Please check out my example of our trade of the day which we took today in early trading and my general commentary on how to have played today`s price action. As always you will note that we trade without indicators using only price. Please drop by my site www.exacttrading.com
After an incredible day yesterday things were sort of calm pre-London in a nice 60-70 pip range on the USD majors. We zeroed in on the Eur/Usd, and put a trap/trade plan together. In this video I recap in detail how we were able to take advantage of several low risk/high reward trade setups, the first of which presented itself right as the London Market was opening. If that entry was missed, a quick 1m swing entry presented itself shortly thereafter using a Fibonacci study on the 1m chart. At the same time Oil was breaking a small 5m channel to the downside/bouncing off 4h resistance. This drop was agreeing/helping the USD gain strength, or Eur/Usd falling. We then ‘Fibbed’ entries all night long on the Eur/Usd for pips, pips, and more pips. Fun stuff, another day at FXB. FXBootcamp London Currency Coach – Christian Stephens