Midday Forex price action Analysis – 2016-09-20

In today’s analysis I spot a few potential set ups, the best of which is a EUR/GBP short. Price is already showing signs of stalling on EUR/GBP at the 0.8640 resistance area. This area has held price back twice since the post-Brexit Euro surge, and it could do the same this week. I will be monitoring EUR/GBP on the 6h, 8h, 12h, and D1 charts.

The other setups I found are not as good, we have a weak set up on EUR/JPY, and a weak set up on CAD/JPY. These setups are worth looking at, but neither of the two are terribly exciting.

We had a few reversal trades trigger on Monday which has resulted in a slow day today. When Mondays reversals complete on Wednesday or Thursday we should see a few more set ups. You can skip to the 6 min 30 sec part of the video to see the EUR/GBP analysis.

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5 Responses

  • Tom says:

    Just entered eurgbp on 3hr

  • krts says:

    EURGBP is creating indecision candle on 12hr. is it too below sr level?

    • Nick says:

      There is little point in assessing this candle or this set up right now. When the candle closes I will run my risk assessment on it and I will decide if its too low. If the candle is too low I will skip the trade.

      I do not like to make trading decisions based on currently open candles.

      If you want a more generic answer, I have taken trade with indecision candles this far below support. However, the trade set up is usually very strong, so the reasons to enter outweigh the fact that indecision is a little low.