Forex price action analysis – June 10th 2015

How to use this price action analysis

The levels below are support and resistance area, I use these areas to trade reversals, if the appropriate set up forms. If you are new to price action trading, and to my strategy, you should check out my guide to my free price action strategy.

Key Support & Resistance Areas This Week

EUR/USD: I am not trading EUR pairs at the moment. Me and other forum members have been burnt several times in the last fortnight. We enter EUR trades, news comes out about Greece, and the euro goes flying up or down. The erratic movements are too much of a headache. However, for those of you who still want to trade, I have some fresh support and resistance areas…

… My key resistance areas for EUR/USD are 1.1450, and 1.1280. My key support areas are 1.1110, and 1.0995.

GBP/USD: My key resistance areas for GBP/USD this week are 1.5660, and 1.5565. My key support areas are 1.5460, and 1.5350. GBP/USD has been producing some nice trades lately, so keep a close eye on it.

GBP/AUD: My key support areas are 1.9890, and 1.9730. As for resistance, I have no viable resistance areas above the 1.9890. The 2.0000 area is a possibility but I want to see more proof before I place resistance there.

USD/JPY: Sorry, I do not have anything for USD/JPY this week. That reversal on June 5th though, if it was not NFP day, that would have been an amazing trade.

AUD/USD: My key resistance areas for AUD/USD are 0.7830, and 0.7760. My key support areas are the 0.7705, and the 0.7630.

Questions

If you have any questions please ask below, I try to answer every question.

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8 thoughts on “Forex price action analysis – June 10th 2015
  1. Hi Nick.

    You are changing many peoples lives. Thank you for all the efforts and free stuff.
    I have some questions for you.
    1) What will be the average account grow rate monthly. for a beginner / advanced user. 20% ?
    2) Do you look only at h8 charts every 8 hors. or do you look at 3h to 12h maybe daily too. if then in what intervals. And do you take trades forming on those.
    3) What ever the pips we make. should we risk the same amount form our account. Say 1%. Ex. if we are making 10pips Stargate profit from your strategy for one trade. and 100pips Target Profit for the other trade. I’m simply asking is the profit same for the above 2 trades ?
    4). I get questions time to time. and I have your skype name. May I add you there to ask few when I needed.
    Thank you.
    Keep up the good work.

  2. Hi Nick, when using Axitrader is it possible to have two profit targets entered for a single trade?

  3. Valuable Information. Thanks a lot. I have watched 4 of your webinars and I’m very impressed. Thanks.

  4. Hey Nick, I just completed your free strategy and would like to say thankyou for posting it. Now to my question this currency pair isnt up here but would the 0.7270 level on EUR/GBP be worth trading off of. Its recently been broken through but before that on H4 chart there was a long wicked candle. Would you have considered a trade there? Just curious.

  5. Hello Nick,

    I’ve been out of trading for a while now but I am going back from next week. Please which trader do you think would be better for me to start with. I understand that you are not endorsing any platform, But I would like to know which trader have you on an overall basis had the best experience with.

    Thanks

    Rotimi

  6. Hi Nick!

    what do you think about that two pinbars on GBP/CAD weekly? I had waiting order below and it has been activated by last’s week candle but the price is still going up.

    Thank you for your opinion, best regards from Czech republic :)

  7. Nick,

    I am immensely frustrated, as I am sure you are accustomed to hearing.

    I would like to write down my “”situation”” in Word, telling you about myself, my “Forex Experience” and where I am in the scheme of things today.

    The nearest tree, or the tallest building, or the highest bridge is in my sights, I am so frustrated with myself.

    If I had an “email address” I can send it to, over the next day or so I will put this together, and let’s see if you perhaps don’t have some suggestions and some “help” you can provide me.

    It is a story, as well as my personal story to a degree. I refuse to give up. I am reaching out.

    I have pretty much gone this alone over the last 18 years, starting with “Futures” then entering “Forex” years and years ago.

    Thanks, Dave Scott (email removed)