Forex Price Action Setups – EUR/JPY Prints 12 Year Lows – May 31st
EUR/JPY Prints 12 Year Lows…More Downside? Selling off for 8 days in a row, the EURJPY has been getting pummeled by the Greek tragedy and the Pain in Spain, which now (the latter) seems to be taking center stage. We checked the data and 8 days is the max. consecutive selling days this pair has printed over the last 12 years. It has only done this (8 days of consecutive selling) 2x in...
Read MoreForex Price Action Setups – USD/CHF Breakout Retest Setup Plays to Perfection – May 30th
USDCHF – Breakout Retest Setup Plays Out to Perfection Ahh, the Swissie, the gift that keeps on giving. Chocolate, good watches, offshore accounts, and textbook breakout retest setups. Anyone following this blog will notice I’ve been writing on the forex price action commentary for the last few days on the Swissie as it was approaching key resistance at .9600. In each article, we...
Read MoreForex Price Action Setups – USD/CHF Head Fake Above .9600? – May 29th
USD/CHF – Head Fake Above .9600? The Swissie today formed its first daily close above the .9600 level which is the first time in over 14 months it has done this. The question is, is this a false break or head fake? Although it closed above the key level by 3pips, it has formed a rejection of the lows and the highs forming a trading range. As you can see from the chart below, price has...
Read MoreForex Price Action Setups (Spain, Greece & the Horror with No End) May 28th
Spain, Greece and the Horror with No End…For Now Although markets were calm today from the US Memorial Holiday, Spain today asked the EU to act in providing support for fiscally frail gov’ts (read ‘Spain is begging for help’) as its fiscal gaps and banking system (but, but…Bankia is fully solvent you said) are getting pummeled with soaring yields which are punishing...
Read MoreTrading Rule #1 – Know Thyself
I am going to start this article talking about one of the most important things developing traders will need to know – that is to ‘Know Thyself‘. This recently came up for me as a newer student sent me a few emails which made me realize how important this is for anyone starting on the learning process, but hasn’t found the right trading system to trade from every...
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