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The ForexGuy
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I have been involved with Forex trading for about 6 years now and after being disappointed with mainstream indicators I discovered price action trading relatively early in my career. Since then I have made price action the focus of my Forex trading, embracing it with a passion. I don't like... More
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  • Watch For GBPNZD Retracements For Opportunities To Go Long

    (click to enlarge)strong bullish pin bar gbpnzd

    In some recent commentary on the GBPNZD we discussed the possibilities of a bullish price action signal forming as the market retested an old resistance level and held a new support. When the market tested the level last week, it prompted strong buying activity and prices exploded higher. The daily candle's close price was much higher than the open price, a very strong feature for this bullish signal.

    GBPNZD is recovering from a large bearish trend that drove prices lower in the last few months. The bears eventually burning out, the momentum died, and the market consolidated. Now the chart has broken into new highs and created a higher low, communicating the signs of a new bullish trend forming. If we can strategically position in long here, then our chances for a high return trade are greatly increased as we 'buy at the bottom'.

    Because the candle range is so large, I am hoping to take advantage of a retracements entry next week to utilize a better entry price for a long position.

    Apr 27 3:19 AM | Link | Comment!
  • Anticipating A Bullish Price Action Trade On GBPNZD

    (click to enlarge)gbpnzd market situation

    Today I wanted to draw your attention to the GBPNZD cross pair, which has sparked up much conversation in our Forex War Room chat. The market is started to recover from a lengthy downtrend, the bearish momentum recently died off and caused the market to consolidate for a few weeks.

    A resistance level which was containing price was breached last week as the market exploded into higher prices. This has given us a bearish bias on this market now and we're now looking for opportunities to get in long. Specifically, we are looking for a bearish correction to occur and weaken prices into an old resistance level. It's critical this level act as support if this market has any chance of developing in an uptrend.

    Strong buying activity at this key level will confirm it is holding as support, and the market is gearing up for further upward movement. We will take no action unless a bullish price action signal forms, which will be the 'trigger' to go long.

    Apr 22 12:48 AM | Link | Comment!
  • EURUSD Suffering From Flat Markets, But Suggesting Bearish Movement To Come

    (click to enlarge)flat easter eurusd chart

    It seems the markets have taken pause ahead of the Easter break, there isn't much activity across the currencies as most markets remain flat with the weekly candles showing indecision. These stale, low volatility markets can be frustrating for traders but it's where you must demonstrate the highest levels of discipline.

    EURUSD very flat at the moment, it's like we've got the sails up but there is no wind to push the price action boat along. However the market has tried to rally higher a couple of times and the market has clearly denied these higher prices, closing as bearish pin bar. This could be a signal of what is to come when the markets pick up momentum again.

    It's not recommended to trade in quiet markets like this, but this could be an early tip for further downward movement next week.

    I hope everyone has a fantastic Easter and enjoys spending some time off with their loved ones.

    Apr 17 11:24 PM | Link | Comment!
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