Forex Trade Signals and Setups Nov. 9th

AUDUSD – Executes TKx Signal
As we wrote on Monday in our Forex Trade Setups where we offer several setups so you can learn to trade successfully, our AUDUSD sold off aggressively activating a TKx signal exactly as we portended. The signal executed around 1.0300 which is over +170pips ago so our Ichimoku Traders made some nice pips on this one – hopefully you did the same.

The Kumo is still thick and while the Tenkan and Kijun have become more obtuse in their angles, we expect them to hold so pullbacks to the 1.0281 (middle of Tenkan and Kijun at the moment) along with 1.0200 should hold upside plays and could be good pullback levels for rejection areas to short again.

In terms of the downside, once 1.0100 goes, we expect a quick move to parity before bulls consider taking any new positions so shorts can hold for this should the former round number break.  Watch the Tenkan for short term clues.

EURUSD – Rome is Burning
Virtually as we also wrote on the forex trade signals blog, we had commented how the price action looked weak and had corrective move written all over it suggesting the next impulsive move was to the downside. We also suggested taking pullbacks to the 1.3850 level for re-activating shorts for another leg down.

This is exactly how it played out as the pair went to 1.3850 and is now over +325pips lower.  Our price action traders also made some nice pips on this one and hopefully you captured part of this move as well.  1.3500 is up next and should this break, then we expect a move to 1.3375.

There might be some profit taking at the big figure, but with the Roman Candle burning at both ends with Italian bonds hitting +7% (quite alarming for the worlds 3rd largest bond market), now the threat of a eurozone failure becomes a lot more real as any serious meltdown in Italy would shatter any hope for the region.  Greece is a small player that a lot of the banks are exposed to.  Italy is the 800lb gorilla nobody wants to see get out of control so we expect more weakness on the pair.

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  • Andreas

    Hey Chris! Great setup had pretty much the exact same setup, sold right at the flat top on the daily ichimoku chart (lined up perfectly with the 38.2%) made some great pips on the EUR/USD. Love coming here for the occasional confidence booster and as always look forward to reading more articles!

    • Hello Andreas,

      First off, well done on that one.

      Yes, many of our Ichimoku traders picked this one up and made some great pips so glad to see you did as well.

      Always good to have your comments here.

      Kind Regards

  • James

    Hi Chris
    Would like to get your opinion on what you make of recent moves action regarding the euro dollar. Do you believe this is an actual reversal we are seeing and are headed for a significant move higher or is this just a consolidation/corrective move and are headed for a move lower?
    Thank you.

    • Hello James,

      First off, do you have any open positions on the EURUSD? If so, are you long or short?

      In regards to whether its a reversal or a corrective move, price action so far is leaning towards the latter as the bounces have not been super strong, while the sell-offs have been quite aggressive. I actually have a really good video explaining how to spot impulsive vs. corrective moves and how the general sequence plays out. To learn more, check out the link Price Action Trading and you should find some really good clues as to how to read price action

      We will want to see how it reacts to a falling 20ema for further clues but the impulsive vs. corrective moves are telling the story…for now.

      Hope this helps.

      Kind Regards

  • James

    Hi Chris
    Thank you for getting back to me so quickly.
    Yes I do have an open position, I am currently short at 1.375 with a limit order at 1.3375 and a stop loss just above 1.383.
    I have checked your videos and I find them helpful, but my main concern lies with the resilience of the euro, and its ability to rise up so quickly along with stock markets (the correlation is undoubtedly there). As for the 20ema it is holding for now on my 4hr charts but the ichimoku tenkansen is acting as support along with the gradual thinning of the cloud which you have stated usually is the best time for prices to break through. Any advice?
    (I have also been checking out the courses that you offer and would like to get in touch with you about it)

    • Hello James,

      Sorry for the late reply as I had to head into town.

      Had a feeling you were short. The tricky thing with trading the Euro now is the whole situation in Europe is so touchy. Any whisper of hope or fear and it gets hammered. Because of this,
      I have adjusted my trading to trade the EURUSD less often and protect my position a little more quickly than usual. Hopefully you did the same.

      I do think you had good intuition to be cautious around thinning clouds because they represent the kinks in the armor so always be cautious around them.

      I think you will find tremendous value in the courses as they will teach you specifically how to manage situations like this with rule-bases systems.

      Hope this helps for now.

      Kind Regards