Mid-day Forex price action Analysis – 2016-10-12 (Setups on EUR/AUD, EUR/JPY, and USD/CHF)

In today’s analysis I spot three potential setups on EUR/AUD, EUR/JPY, and USD/CHF. I also discuss last Friday’s successful EUR/JPY short trade.

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13 Comments

    • Nick

      Well, for me this was not really a valid trade, as I said in the analysis I wanted a 12hr candle close before going long, the 12hr candle was not satisfactory.

    • linda

      It doesn’t look good :(
      I think it turned south before reaching the major S/R areas and its going to go long until reaching the major S/R area

  1. linda

    Hi Nick,
    I was wondering if you could make a video about leverages?
    What leverage would you suggest to use in a small account ($500)?

    • Nick

      Leverage is not that important if you use proper risk management. I think the whole leverage issue is blow out of proportion. As long as you manage your risk properly, your leverage should never get you into trouble. If instead you start risking 10% per trade, then you might have a problem. Go with 100:1, it’s fine.

  2. Russell Sparks

    Thanks again Nick. I think you fast forwarded the analysis on the EURAUD. Not sure about the levels on it. Not to worry, just is in the area now looking bad anyway…

    • Nick

      Yeah, none of the potential trades actually triggered. I was waiting for a 12hr candle close, and the close was not good.