Forex Price Action Trade Setups | Daily Price Action

Category Archives for Daily Forex Setups

EURJPY: Two Options to Capitalize on the Short Side

EURJPY daily time frame

Two weekends ago on October 7th, I pointed out an area on EURJPY that was likely to break down within the next few sessions. The pair had reached the 131.00 support area, but buyers were having trouble pushing prices higher. Based on the way the risk-sensitive EURJPY was reacting to 131.00, a breakdown seemed imminent. […]

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NZDUSD Market Structure Hints at Reversal

NZDUSD descending channel

After two years of trading in a 700 pip range, the NZDUSD finally broke down in late June. Since then the pair has carved several lower highs followed by lower lows. However, the market structure is starting to look more promising for bulls. I’m by no means ready to turn all out bullish here, but […]

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GBPJPY Reversal Odds to Increase Below 147.00

GBPJPY channel on the daily time frame

At this time last week, I discussed how the GBPJPY market structure favored sellers. The risk-sensitive pair was holding below descending channel resistance despite several weeks of churning sideways. Sellers had also carved a few bearish signals that had yet to materialize. There were two things I was (and still am) watching for here. If […]

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Crude Oil Unlikely to Find Much Demand Until 67.00

WTI daily time frame

Last Sunday’s forecast came with a warning about buying U.S. crude oil. The market was trading at 74.20 at the time, and despite a rather aggressive uptrend since early 2016, I didn’t like the look of the price action since February of this year. An ascending channel (second chart) that develops on the back of […]

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USDJPY: 2018 Uptrend on Shaky Ground

USDJPY trend line support

USDJPY was dragged lower this week by a slumping global equity market coupled with a weaker dollar. Those who believe this risk-sensitive pair is no longer a benchmark for risk appetite are gravely mistaken. Of course, this week’s decline comes nowhere close to the bloodbath on the S&P 500, but the USDJPY still offers a […]

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S&P 500 Crashes Below Two Key Levels

S&P 500 daily chart

Some traders cringe when they see the word “crash” used to describe a market move, particularly a single-session move. But when a market drops more than 3% in one day and erases 42 sessions in the process, the term crash seems fitting. That’s what the S&P 500 did yesterday. And for those of you who […]

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EURJPY Reaches First Target at 129.30; Bearish Below 131.00

EURJPY support and resistance

One of the five currency pairs in Sunday’s forecast was EURJPY. As of Friday’s close, the pair was sitting just above a confluence of support at 130.90. However, I wasn’t interested in buying EURJPY. In truth, I had already sold the pair at 131.40 and again at 130.00 before I released Sunday’s post. I shared […]

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USDJPY Looks Ready to Collapse

USDJPY support and resistance

The USDJPY has had a nice run since the beginning of September. We looked at the pair last month when buyers were approaching the 112.15 area and again at 113.15. The former even offered a chance to get long during the September 20th retest of 112.15 support. However, the risk-sensitive USDJPY hit a brick wall […]

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GBPJPY: Market Structure Favors Sellers

GBPJPY key levels on daily time frame

On September 24th I discussed how the GBPJPY rally was stalling. The risk-sensitive pair had just tested descending channel resistance at 149.50 and carved a bearish engulfing day as a result. However, the 147.00 support area which I also mentioned in that post never did give way. Instead, it triggered a bounce that took the […]

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S&P 500 Uptrend Vulnerable Below 2920

S&P 500 daily chart

Last week I pointed out a rising wedge pattern on the S&P 500. At the time, the market was still trading above support, but the rising and narrowing price action since July was a bit worrying for buyers. Fast forward to today, and you can see that it was right to question the stability of the […]

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