I will use this thread to share with you my daily / weekly price action trading commentary of popular forex pairs, commodities and indices. All commentary is published on my price action trading website as well as my forex trading course. Below is my market commentary for today (Thursday 2nd January 2014).
EUR/JPY - Uptrend Takes a Breather, Looking for New Long Opportunities
The strong uptrend we've recently been experiencing on EUR/JPY has taken a bit of a breather today as the bears got the better of the market on most pairs. Traders can look for price action buy signals on the daily timeframe to rejoin the uptrend should price retest support down near 141.00.
Gold - Pushes Higher from Bullish Pin Bar
The Gold market pushed higher towards resistance at 1250 as predicted in our forex market commentary for Tuesday 31st December. For the time being we recommend sitting on the sidelines until price retests 1250 where we will look for bearish price action signals on the daily / 4-hour timeframes.
Crude Oil - Biggest Daily Sell-Off Since November 2012
The Crude Oil market dropped like a rock today produces the biggest daily sell-off since November 2012 (closing 2.7% down on the day). If price retraces back up to resistance at 9800/75 we will look for bearish price action signals on the daily / 4-hour timeframes to join the recent bearish momentum in this market.
About: Lewis is a professional forex trader specialising in price action trading strategies. He has published a free price action forex trading course on his website and regularly provides live trading setups and market commentary for aspiring traders.
EUR/JPY - Uptrend Takes a Breather, Looking for New Long Opportunities
The strong uptrend we've recently been experiencing on EUR/JPY has taken a bit of a breather today as the bears got the better of the market on most pairs. Traders can look for price action buy signals on the daily timeframe to rejoin the uptrend should price retest support down near 141.00.
Gold - Pushes Higher from Bullish Pin Bar
The Gold market pushed higher towards resistance at 1250 as predicted in our forex market commentary for Tuesday 31st December. For the time being we recommend sitting on the sidelines until price retests 1250 where we will look for bearish price action signals on the daily / 4-hour timeframes.
Crude Oil - Biggest Daily Sell-Off Since November 2012
The Crude Oil market dropped like a rock today produces the biggest daily sell-off since November 2012 (closing 2.7% down on the day). If price retraces back up to resistance at 9800/75 we will look for bearish price action signals on the daily / 4-hour timeframes to join the recent bearish momentum in this market.
About: Lewis is a professional forex trader specialising in price action trading strategies. He has published a free price action forex trading course on his website and regularly provides live trading setups and market commentary for aspiring traders.