Daily afternoon analysis of the US Forex market trading session with dailyfx Currency Analyst John Kicklighter. Includes coverage of economic and financial market news, as well as an outlook for the day ahead and trading ideas. www.dailyfx.com
The EUR/JPY long from yesterdays double bottom continued to perform throughout late Asia into Pre-London. This actually ended up creating a legitimate higher low on the Daily chart. In this video I break down in it’s entirety why I had good reason to believe the EUR/JPY would continue to rise throughout the London session today. Using things like MACD divergence on the EUR/USD and EUR/JPY, price trap breaks, the USD index, correlated JPY weakness, and of course our good friend Fibonacci to …
Since the weekend I had spoken in length in the London FXBootcamp session about seriously developing 4hour MACD divergence on every Japanese Yen pairing I could pull up. About a third of the way into today’s London session we began to see hints of a change in direction, such as USD/JPY having an hourly lower high, then breaking it’s recent price trap’ support level in the 15m chart. In class we covered the trade plans for shorting the GBP/JPY, EUR/JPY, and USD/JPY, and any trader could have …
Today’s London session was extremely tedious and difficult. Quite a few of us experienced +15-25 pip trades come back to stop us out at break even or just slightly in profit. Essentially we had zilch for follow through during these 3 hours. However, there was one highly probable area of support showing up for the Japanese Yen pairings around 4:30am NY time, right in the thick of London’s market. In this video I demonstrate how we substantiated this support on multiple time frames, which …
Asia into Pre-London today offered some wonderful Yen pairing short entries off resistance that seriously paid the bills if you took a basket of them. Yet into the London open we had the USD/JPY bouncing off today’s M1 reversal pivot point right at the open. Also we have a fantastic looking 4hr GBP/USD Head & Shoulders reversal pattern shaping up that formed it’s right shoulder during this session. So with potential GBP weakness, and quite obvious JPY strength, we zoomed in primarily on the …
