Mid-day Forex price action Analysis – 2016-11-02 (Potential Setups on USD/JPY)

In today’s analysis I spot a potential USD/JPY long trade. I am waiting for the 6hr candle to close before deciding on an entry, target, and stop. However, right now it looks like sellers are regaining control, so the candle may not close as a tradeable setup.

In the analysis I also review yesterday’s successful AUD/JPY short trade. And I take a look at the still running EUR/USD trade from last week.

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  1. cakefairy

    Thank you for these Nick. I can never catch the live sessions because of young children but I do try and catch them around late lunch time, most of the time the set ups are still valid. They are making a difference to my trading confidence.

  2. abdul haseeb jaffery

    Hi Nick,

    Thanks for all valuable Price Action Analysis. I am learning a lot with these videos.
    There is one query I would request you to reply.

    If I enter in a trade with stoploss of 100 point. After entering in trade it retraces,start moving towards my SL, in this case on half the way means below 50 point of my entry level should I add more quantities?
    Means if price reverse do you thinking averaging is good idea.????

    Please solve my problem.

    Thank & Best Regards

    • NIck

      That’s a pretty vague question, what kind of trade is it, continuation or reversal? And even if I knew the trade type, I couldn’t give you a proper answer. Things like this are situational, each trade is unique, you can’t manage every trade in the same way. Also, you need to factor in your current risk % and if adding to the position would expose you to too much risk.

      • abdul haseeb jaffery

        thanks you so much for response and helpful answer.

        i was asking for reversal trades.
        in your view averaging meant worth or not ???

  3. FX trading

    Wah! What a post! Thanks a lot for your analysis. As I’m new in FX trading, it is very helpful to me. Thanks a ton for this posting. I’m looking forward for your next posts.

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