Hey the forex guy, the war room didn't work, even can't access the website. please help to fix it!
Simple, Powerful and Effective Price Action Trading Strategies
Hey the forex guy, the war room didn't work, even can't access the website. please help to fix it!
Sorry Jason, all fixed now.
Looking at some Indecision Candles that have formed on the EURCAD daily chart today...
The EURCAD daily chart currently shows a powerful downtrend in motion. These are the market conditions we need to target with priority over the others because it’s stable trends like these which generate the ‘money making signals’.
The situation on the EURCAD at the moment is this; The market has just recently broken through a support love and created a new swing low. This week EURCAD retraced back up and retested that old support as new resistance. IT’s important this level hold as resistance if this downtrend is to remain intact.
The last two daily candle closes have formed indecision candles, which communicate price is stalling and churning away unable to move higher or lower. This will look like consolidation on the lower timeframes. If the market can break downward out of the Indecision Candle cluster low’s, we could see the next leg downwards of this downtrend.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
The AUDCAD daily time frame produces a large bearish rejection candle fuelled by the Australian Dollar weakness we've been seeing.
The price action signal formed at a key focus point in the downtrend where a swing level is located, and also the mean value. The candle show nice clear upper rejection and has a body with a negative close. Expecting lower prices to develop off this one next week.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
The GBPJPY price action has just recently buckled below a support level – which we expected to hold. There was a bullish Inside Day at this level which we did anticipate would break out higher, but the trade setup never triggered. Now because the market is trading under the resistance level and on the negative side of the mean value, we are sellers in this market.
Last session, that support level was tested as resistance and held. The rejection of the resistance level forced the daily candle to close lower than the open price creating a small bearish rejection candle swing trade setup. If the market breaks the rejection candle lows then it’s likely we will see much lower prices from this pair.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
Just to recap the last GBPJPY setup that was discussed...
Trade didn't turn out as expected. We all know that there is no such thing as 100% success rate so events like this need to be expected, more times than not.
An AUDJPY Indecision Breakout trade idea triggered for me today on the AUDJPY.
AUDJPY is a pair I've been watching for the last week, due to the fact price broke out of a supportive containment line during the previous week's trading. The market had been consolidation above the support area of 95.35, condensing into a very tight mess of consolidation mess.
A clear, decisive breakout occurred last week where the market finally broke through that support line and closed lower. The plan was to wait for a retest of the old support level and see if the price action lets me know it will hold as new resistance. The market did come back up and test the level as expected and printed an Indecision Candle on the daily chart.
The Indecision Candle is a great catalyst for breakouts at these 'breakout & re-test' type areas. The market has now broken the lows of the Indecision, verifying the breakout and triggering short positions. If the market continues to trend downwards on the daily time frame, we could be looking at a retest of the 93.68 swing low support level.
Trade didn't turn out as expected. We all know that there is no such thing as 100% success rate so events like this need to be expected, more times than not.
An AUDJPY Indecision Breakout trade idea triggered for me today on the AUDJPY.
AUDJPY is a pair I've been watching for the last week, due to the fact price broke out of a supportive containment line during the previous week's trading. The market had been consolidation above the support area of 95.35, condensing into a very tight mess of consolidation mess.
A clear, decisive breakout occurred last week where the market finally broke through that support line and closed lower. The plan was to wait for a retest of the old support level and see if the price action lets me know it will hold as new resistance. The market did come back up and test the level as expected and printed an Indecision Candle on the daily chart.
The Indecision Candle is a great catalyst for breakouts at these 'breakout & re-test' type areas. The market has now broken the lows of the Indecision, verifying the breakout and triggering short positions. If the market continues to trend downwards on the daily time frame, we could be looking at a retest of the 93.68 swing low support level.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
The EURAUD cross pair has been churning sideways for some time now, and has been printing meaningless, confusing price action. The last few daily candles have printed some price action that suggests the market is ready to move lower from here.
We're seeing lots of upper wicks on the daily candles as price reacts with this key containment line, and we're getting a lot of bearish closes on these candles. The last two candles have been in the form of bearish pin bar, which have had a lower close compared to their open price.
The lows of today's bearish rejection candle have already been breached, if price re-breaks the lows during the London session we could see a significant bearish breakout of this consolidation.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
Here is a bit of reading material to get you guys prepped mentally for the upcoming week's trading...
6 POWERFUL TRADING PSYCHOLOGY QUOTES FROM MARK DOUGLAS
6 POWERFUL TRADING PSYCHOLOGY QUOTES FROM MARK DOUGLAS
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
{image} The EURAUD cross pair has been churning sideways for some time now, and has been printing meaningless, confusing price action. The last few daily candles have printed some price action that suggests the market is ready to move lower from here. We're seeing lots of upper wicks on the daily candles as price reacts with this key containment line, and we're getting a lot of bearish closes on these candles. The last two candles have been in the form of bearish pin bar, which have...
To recap on this EURAUD trade...
The market sold off from these bearish pin bar signals aggressively and breached the lower support level. This market finally moving again after busting out of the consolidation. I love these fast moving bearish markets. Just waiting for the next short opportunity to pop up in line with this momentum.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
