Midday Forex price action Analysis – 2016-09-28 (Setups on AUD/USD and GBP/JPY)

In today’s analysis, I spot two potential setups on GBP/JPY and EUR/CAD. I also spot what looks like an imminent setup 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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6 Comments

  1. linda

    Nick,
    The green candle in GBP/JPY does not look like an indecision candle for me. The body is too long compared to the wicks. What made you decide it is an indecision candle?

  2. Norman

    Hi Nick

    Recently latched onto your daily analysis videos and learning a lot from them. Kudos and many thanks to you for posting them freely. I bought GBP/JPY at 13125 last night (I’m in the UK) and woke up to some nice gains this morning. I’m working from a small live account and was sorely tempted to take 115 pips, despite it still looking quite good. This’ll be where the psychology kicks in. Fast forward a few hours and we’re down to 45 pips and testing my resolve. Hopefully it’ll come back. Looking forward to your thoughts today on GBP/JPY and any comments regarding the red/high importance news (Japan CPI) scheduled for just after midnight tonight.

    Norman

  3. Aziz

    Thanks so very much!! Have been struggling with forex for so long. Got rid of the noise … watched 10 hours on you tube and i am very clear that this is how i would like to trade.. Thanks again, cant wait for the analysis later today. warmest regards… Aziz

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