Price action trading is not always fun and exciting. Early in the week things can be slow as it usually takes a few days for good setups to form. This means that Tuesday can be one of the quietest days of the week for me, and this Tuesday is no exception. But, I have always tried my best to show the realistic side of trading, so below is some realistic analysis.
There are only a few interesting things happening. Both GBP/USD and GBP/JPY are testing their support areas, 1.4360 for GBP/USD, and 172.90 for GBP/JPY. We might see a continuation to the bullish trend on both these pairs this week.
The USD/JPY short trade from Monday is moving quite nicely, it’s a retrace from a new based move, and its heading to its target quickly. In the analysis I talk a little about news based reversal trades and why they are so good.
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Last weeks live price action trade
Last week I took a bad reversal trade on GBP/JPY. One of the realities of trading is that your trades do not always go well. While the setup I took looked good, it ended up failing. I recorded the trade and you can watch it here.
How to use this price action analysis
If you are new to price action trading, have a look at my Forex trading strategy.
You can also browse through the countless hours of price action webinar recordings here.
My support and resistance areas
Check out my support and resistance areas here. These areas