7 Forex Trading Signals For Jan 23-27 2017
Now that the hoopla in D.C. wound down with the presidential change on Friday, let’s see how the markets respond.
A quick recap on some developments:
AUDNZD – Broke the up trendline and simply started to consolidate.
AUDUSD – Never gave us the pullback, but I did indicate the break of highs had targets to the upside. Going into the week, price had not yet ranged and when you see price consolidating just under a resistance (over support) that’s a price action sign of upside (downside) potential coiling up. Price rallied to just 12 pips shy of the first target.
CADJPY – Called for a downside breakout and after bringing in the bulls, they were wiped out with the downside drop. Still waiting on first target. Astute price action traders would have seen the lack of commitment on the upside break and there were several ways to enter this market.
EURUSD – Broke to the upside fizzling out any down side play but not much conviction in the move. No interest in this pair at the moment.
GBPJPY – Broke support and found support at the level I mentioned before firing back to the upside.
NZDCHF – Weakness as mentioned at the resistance level continues.
NZDUSD – Upside play as mentioned has occurred and price rallied to within 15 pips of first target.
Do you STILL need proof that simple trading concepts can lead to profits?? I hope not.
Make sure you review the price action trading course material often as repetition is vital to becoming proficient.
In addition to new trading signals, keep your eye on the previous week trading setups that didn’t get much traction.
AUDCAD DAILY CHART – SHOWN ON 4 HOUR CHART
CADJPY DAILY CHART
GBPJPY DAILY CHART
GBPUSD DAILY CHART
NZDJPY WEEKLY CHART – LONG TERM POTENTIAL
USDCAD DAILY CHART
USDJPY DAILY CHART
I know some people wonder if I take any of the trades that are listed. Here are two of the trades from this update that I am in. GBPUSD long and AUDCAD short. I hold a position short in the USDCAD which has been in play since last year which is not relevant to the updates. I will be taking partial profits in AUDCAD today.