Midday Forex price action Analysis – 2016-09-27 (Setups on AUD/NZD, GBP/JPY, and EUR/CAD)

In today’s analysis I spot two potential set ups on GBP/JPY and EUR/CAD. I also spot what looks like an imminent set up on AUD/NZD.

After running thorough risk analysis on AUD/NZD, I have decided not to enter. One of my requirements for a short entry is for sellers to prove they have control of price. The current candle is suggesting indecision and not seller control. So I will wait and monitor this one until sellers prove they have control of price.

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8 Comments

  1. jeff

    Hi Nick, many thanks for your great ongoing help , iam attempting to replicate your trading approach and manage analysis four times a day using the trading view charts (which i have found to be great),
    i recently entered the AUD/NZD short on the 8hour time frame , last night obviously the trade reversed and i was stopped out – my question is – did i make a mistake? or was this just a bad trade which could not have been foreseen, i noticed there was an RBA Speech at 1.20 am but this was flagged only as orange medium impact- should i have exited before the speech?
    My other question is – you have previously stated to stay out of a trade when there is a speech (red) but do you also recommend staying out on speeches that are flagged orange?
    (open- 1.05114 close- 1.05486 target- 1.04556).
    Iam trading a small live account and hopefully will join your advanced course if i have some degree of success.
    Many thanks Jeff

    • Nick

      Hey Jeff,
      Yep, it was just a bad trade, bad trades happen. I skipped it because by the time I saw it, price was in a period of indecision. Had I seen it sooner, I probably would have entered.

    • Ash

      I was in the same trade as you. Propably just bad luck, but if you were more. concervative you could have tightened the sl after seeing the trade struggling to move lower

  2. Paul Harris

    Hi,

    Could you let us know what the difference between a potential setup, an imminent setup and a setup is?

    You never seem to post any actual trades to follow.

    Paul

    • Nick

      This is analysis, not trading signals. Trading signals are for lazy people who aren’t bothered to learn to trade. A potential setup is what you see before indecision forms, so if price is sitting on an area of support and resistance and indecision has not formed, there is potential for it to form. This is what I define as a potential setup. Maybe indecision will form and we will get a trade setup, or maybe not.

      An imminent setup is when indecision has closed and we are waiting for the break of a high/low for entry. So if the indecision candle closes, I set an entry, target, and stop. When I set those levels the setup is imminent.

      If you want to learn my strategy watch the latest Three Day Price Action Blitz series here: https://www.youtube.com/watch?v=d7V64D9hbnY&index=1&list=PLEr6TxI3iPbMsCk2mBHEL40044Yyixl6D

      This way you can make more sense of this analysis and actually use it to take trades.

  3. Merka

    Hi Nick and thanks for the videos.
    On your tradingview chart you have an indicator that plots the support/resistance levels on all your charts and TFs.
    Could you please tell me what is the name of that indicator?
    Cheers.
    Merka

    • Nick

      Hey Merka,
      I do all my own Support and Resistance areas, just horizontal lines and a highlight nothing more than that.