Midday Forex price action Analysis – 2016-09-21

Today is an interesting day, we have a few strong setups forming on GBP/USD, EUR/USD, and USD/CAD.

GBP/USD and EUR/USD are showing a very similar long reversal setup from support. However, if you have been checking your economic calendar you know that the FOMC is going to release the federal funds rate later today…

…This release is likely to cause a big move on USD pairs, which would effect this setup. So please trade with extreme caution.

We are seeing a strong short set up on the 2D (two day) USD/CAD chart, but it can also be traded on the 1D.

And finally the potential EUR/GBP short from yesterday is still a potential trade. I will be keeping a close eye on this pair for the remainder of the week.

Have a great day everyone!

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10 Responses

  • Rus says:

    Thank you Nick!

  • bfx says:

    Thanks Nick, impressive analysis. I watched over the years so many retail traders and their strategies and I have to say that you’re outstanding. I’m following your blog for 8-10 months and I felt like I wanted to say thank you for all this free information. Congrats!

  • christopher Bakainaga says:

    thanks for the video

  • christopher Bakainaga says:

    thanks good insights

  • krst says:

    Hello Nick. Sometimes i cant decide stop loss level. Should it be designated with specific pip like max 30 40 pip or with your risk plan? I know It should not be too wide and it should be hard to reach but often above or below sr level and wicks too wide.

  • Denis Hay says:

    Hi Nick, thank you for your analysis. What is the name of the risk/reward ratio indicator that you use? I use GoMarkets Australia MT4 platform, and I would like to use it on my charts.

    Thank you.

  • Josh says:

    Hi, the analysis videos are a great help, thank you Nick!
    Several times I’ve heard the forum or blog mentioned. Is anyone able to direct me towards the forum?

    • Nick says:

      The forum is on accessible by Mastermind students, currently my class is closed however I will be opening it up again in the next month or so.
      I’m glad that you find my content to be helpful Josh!