Learn from Nick B's Forex trading blog, so you can use Price Action to make pips on any currency pair consistently too.
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.
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.
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.
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.
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.
In this analysis I will be covering two pairs, GBP/USD and AUD/USD. If you want to see my support and resistance areas for these pairs please check out the support and resistance areas section.
Also, as of last week I have finished trading for the year. Usually, if I meet my minimum yearly target I take the last few weeks of December off.
I will still be watching my charts but I will most likely not take a trade.
Do you want to see how I trade reversals with a 74% win rate?
Last week I held three webinars over the course of three days. In the webinars I showed you how I use my Forex price action strategy to spot and trade trend reversals. Below you will find a recording of these webinars.
Forex Price Action Trading
My Forex price action strategy is split into three parts.
First is the candlestick analysis.
In today’s Forex price action analysis we will look at a few pairs, starting with GPB/USD. If you want to see my support and resistance areas for these pairs, please check out the support and resistance areas section.
GBP/USD Analysis
We have already had a trade on GBP/USD this week. The first candle of the week gaped up by around 10 pips on the four hour chart. After the gap, price fell back down to our 1.5620 support area and formed indecision…
I love running forex4noobs.com but sometimes life can get in the way…
… The last two months have been crazy for me. I decided I would move from Scotland to England. I went down to England to look for a house but did not find anything. In the end I had to find a place to rent. I was growing tired of the constant four hour train journeys from Scotland to England without finding a place.
I know a lot of you are struggling with Forex and with Price Action. Forex can be hard to get a handle on, especially at times like this when volatility is constantly changing.
So if you want help or advice, leave a comment below. Tell me what you are struggling with in Forex that is keeping you from being consistently profitable.
I will read and reply to every comment. So if you want my advice,
