For the last few weeks I have been featuring GBP/AUD in my Forex price action analysis. Why am I featuring such an obscure pair? … Because it constantly gives me easy and profitable reversal trades. This weeks GBP/AUD price action reversals Over the course of two days we got two very similar reversal setups at the 1.9775 resistance area on GBP/AUD. The setups are highlighted in yellow below. So, how did these trades work out? The first trade was entered short at 1.9765 with a stop loss of 45 pips and a first target of 75 pips. The second target…
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Forex price action analysis – February 25th 2015
First off, I want to say a quick sorry for not answering last week’s questions in the comments’ section and for not posting about the webinar. I ended up being really busy last week so I was not able to post. The webinar I originally planned for Monday, March 2nd will be on Thursday, March 5th. I will post details about the webinar tomorrow. So, let’s get started with today’s analysis. Again I will be concentrating on GBP/AUD as it is my favorite and most consistent pair at the moment. GBP/AUD has already netted me 82 pips this week. GBP/AUD…
Forex price action analysis – February 18th 2015
As this week started with a US bank holiday I decided not to trade until Tuesday. When Tuesday came along things were quiet apart from a small EUR/USD setup so I decided to skip trading until today… …So, let’s kick of this rather short trading week with some analysis. GBP/AUD Analysis We already had a reversal trade from GBP/AUD this week. However, the trade was helped along by news, so I did not trade it. It is always a tough call to avoid an awesome setup due to news. I take very little risk in my trading, so trades like…
Forex price action analysis – February 9th 2015
Over the last year GBP/AUD has become one of my favourite pairs to trade. GBP/AUD is very consistent and as it is a fast moving pair the trades are usually worth a lot of pips. So in this analysis and in much of the analysis in the coming months I will be covering GBP/AUD. GBP/AUD Analysis GBP/AUD is currently at highs it hasn’t seen since 2009. Since the pair is at five year highs I have no resistance areas beyond the 1.9600 level. The good thing is GBP/AUD is heading down and there is a fair bit of support areas….
Forex price action analysis – January 21st 2015
Usually I resume my Forex trading in early January. This year things have gone a little different. The first week of the year Jan 5 to Jan 9 was very dull. The second week of the year Jan 12 to Jan 16 was too chaotic. So, what did I do? I waited until this week to start trading again. A lot of new traders feel like they need to trade at all times. How can you call yourself a trader if you aren’t trading? Well, I feel that good traders wait for the market to present them with good opportunities….
