lewisbarber
ForexTradingUniversity.com Representative
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Weekly Forex Trading Commentary - Sunday 1st June 2014
GBP/JPY - Small Price Action Pin Bar at Support Pops Higher, Outside Bar from Last Week Could Play Out From Here
GBP/JPY did dip back quite far following the outside bar / false-break we discussed at 170.00. Prices actually dipped below the low of the false-break bar so may have stopped traders out if they had buy-limit orders pending still. It's usually sensible to cancel pending orders if the market does not play out in 2-3 days, and this market really too 5-6 days to dip back, so we would not recommend holding the limit order we discussed for this long. That being said, we got a small bullish pin bar on Thursday, which seems to have held into Friday's trade as prices did pip higher. From here we mat see a move back to 172.00 and ultimately 173.00 if prices can pick up some good momentum.
EUR/USD - Look For Sell Signal From Resistance at 1.3670
The downtrend on this market is still intact so we only favour short trades at the moment. We will watch out to see if... Click here to keep reading this price action trading commentary.
Recent Trading Lessons
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.
GBP/JPY - Small Price Action Pin Bar at Support Pops Higher, Outside Bar from Last Week Could Play Out From Here
GBP/JPY did dip back quite far following the outside bar / false-break we discussed at 170.00. Prices actually dipped below the low of the false-break bar so may have stopped traders out if they had buy-limit orders pending still. It's usually sensible to cancel pending orders if the market does not play out in 2-3 days, and this market really too 5-6 days to dip back, so we would not recommend holding the limit order we discussed for this long. That being said, we got a small bullish pin bar on Thursday, which seems to have held into Friday's trade as prices did pip higher. From here we mat see a move back to 172.00 and ultimately 173.00 if prices can pick up some good momentum.
EUR/USD - Look For Sell Signal From Resistance at 1.3670
The downtrend on this market is still intact so we only favour short trades at the moment. We will watch out to see if... Click here to keep reading this price action trading commentary.
Recent Trading Lessons
- Learn To Trade Forex
- Forex Trading For Beginners
- 15 Forex Trading Tips
- The Role Of A Good Forex Trading Coach
- Pin Bar Forex Trading Strategy
- Forex Training
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.
