This pair has been tough as nails, I've had two failed attempts of shorting this pair so I reviewed my analysis after speaking with a fellow trader and marked up a new chart to look at. Let's have a look... The support at 0.62112 played a role previously before it was broken with two sharp rallies back to the supportive trend line. I've added the fibonacci extension tool to the last bullish move to see where a pullback can go to if it takes place, and it's right on the support and moving average. If a buy signal prints on that support, preferably pinning the moving average with a pin bar or forming a bullish engulfing bar then I'll strongly consider to buy. The fibonacci levels, support, trend line and moving average are all meeting in the same area. The nonfarm payrolls hits the headlines at 15.30 SAST and this could lead to increased volatility and this could be the catalyst to the move taking off. The news could also invalidate this idea so it's good to be aware of both possibilities. Price action will be my leading "indicator" on this setup as I look for a signal from the market. Let's see what shakes... Vee Learn how to trade using price action and find setups like these https://www.profitfxza.com/the-complete-price-action-course Don't invest what you can't afford to lose. This is not investment advice.Subjective view/report of a financial product only. DISCLAIMER All information published within this website is purely for educational purposes and offers no guarantees. Profit Fx, Forex Bootcamp and any of its associates cannot be held responsible for any trades that you have executed in any way whatsoever. Please familiarize yourself with the relevant risks involved when trading forex, CFD’s and other products. Any trading is done solely at your own risk. Profit Fx, Forex Bootcamp and any of its associates are in no way employed by any broker or any other legal entity. All information published within this website does not constitute advice, but rather objective information about a financial product and analysis or report of a financial product.

Hey guys, it's been an interesting week with a few strong market moves. I've been saying for ages that the two weeks before NFP are usually my strongest because of the increased liquidity that pushes the market to move. When I find setups during this period I pay close attention and trade fearlessly. The nonfarm payroll statistics are released on Friday afternoon at 14.30 SAST and in most cases the market responds with force. This creates a lot of opportunity for traders and it also creates a lot of poverty because traders end up blowing accounts because of risking too much or over trading on this anticipated event. The news is often the catalyst for a move to play out and I like to find trade setups in line with this and trade the bigger picture (not the news, sorry fundamentalists!) I've got a few charts that I'm watching at the moment, here are my thoughts on them Previous support on gold became resistance and the previous high has been reached again where a candlestick has pinned the resistance level. In a ranging market the swing highs and lows are sold and bought respectively using price action signals like pin bars, engulfing bars and so on. Should the highs be broken, I'll look to trade off a retest of the resistance as support using a signal like engulfing bar, inside bar etc... The 14.50 support on usdzar has been holding well and there was a brisk bullish rally to the 21 simple moving average where price as stalled. A breakout of the falling wedge pattern can see the bulls take us back to 15.00 and if the support breaks I'll be looking to short using a low risk entry on a pullback, if it forms. The inverse head and shoulder pattern on usdjpy had a false breakout and saw price falling to previous lows. Check out the support level marked on H4 below. Clues clues clues..... Gbpusd is no one's favorite at the moment with the ongoing brexit works so there hasn't been much liquidity. Finally a breakout occurred yesterday and I am now waiting to see if a pullback will form and if the moving average will come into play for a bullish setup... Last but not least, after my failed initial attempt to short euraud I see another opportunity taking shape where the fibonacci level and moving average is meeting in confluence with market price. This would be a great low risk trade setup if it completes as such. Bear in mind that just as much as the news can make these moves boom they can also be invalidated. Forex is risky after all but without risk there is no reward. Please feel free to share your own views in the comments and let traders know what you're thinking! Happy trading, Vee Learn how to trade using price action and find setups like these https://www.profitfxza.com/the-complete-price-action-course Don't invest what you can't afford to lose. This is not investment advice.Subjective view/report of a financial product only. DISCLAIMER All information published within this website is purely for educational purposes and offers no guarantees. Profit Fx, Forex Bootcamp and any of its associates cannot be held responsible for any trades that you have executed in any way whatsoever. Please familiarize yourself with the relevant risks involved when trading forex, CFD’s and other products. Any trading is done solely at your own risk. Profit Fx, Forex Bootcamp and any of its associates are in no way employed by any broker or any other legal entity. All information published within this website does not constitute advice, but rather objective information about a financial product and analysis or report of a financial product.

There are a few things that I am noting on this trade-setup... 1. The market has respected the capped trend line 2. The tight double top formation at resistance (capped trend line) 3. A pullback to the fibonacci zone after the break of the neck line on the double top 4. The moving average pinned by a pin bar There are a few factors in confluence here that makes this a good quality short setup in my opinion. I am now short with SL 1.62970 TP 1.60417 Learn how to trade using price action and find setups like this one https://www.profitfxza.com/the-complete-price-action-course Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only. DISCLAIMER All information published within this website is purely for educational purposes and offers no guarantees. Profit Fx, Forex Bootcamp and any of its associates cannot be held responsible for any trades that you have executed in any way whatsoever. Please familiarize yourself with the relevant risks involved when trading forex, CFD’s and other products. Any trading is done solely at your own risk. Profit Fx, Forex Bootcamp and any of its associates are in no way employed by any broker or any other legal entity. All information published within this website does not constitute advice, but rather objective information about a financial product and analysis or report of a financial product.