GBP, CAD and JPY all had HUGE days today. The rest of the market was choppy in their wake. Moving averages and pivots helped with entries and exits today. Live FOREX Training | Everyday! http://www.fxbootcamp.com
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There was a big FOMC interest rate decision last night that really drove the market up. Today was a “cool down” period. Price returned to a reasonable level… a 50% retracement and the 200 EMA. Did the prevailing trend continue? LIVE FOREX TRAINING | EVERYDAY! http://www.fxbootcamp.com
The US FOREX Trading Session started flat for the USD, so we focused on the Canadian Dollar today. After a break of resistance, price topped out at the R1 Pivot Point for a very technical trade. Oil is at a 17 monthly low and with CAD having an 80% correlation to the price of oil, the Loonie was expected to fall… and fall it did. Live FOREX Training | Everyday! http://www.fxbootcamp.com
Fibonacci retracements and extensions were very helpful day. Fibs were used as a leading indicator to predict profit targets and they were also used to confirm a trend reversal. Thank you Leonardo Fibonacci! Live
Today is election day in the USA. Not a typical day. Be careful, this means that our normal analysis may not work as well. Look for several confirmations before jumping in! Today we saw a triangle break, a fib break, a brief retracement and boom… a continuation to the 261.8% fibonacci extension. Full currency pair correlation between the majors as well. It turned out to be an ok trading day after all… even if you were a conservative and patient trader. Live FOREX Training | Everyday http://www.fxbootcamp.com
Finally, the market broke out of its tight range that lasted about a week. With full currency correlation, we were able to create four trade plans based on Moving Averages, Pivot Points and Support/Resistance. Each plan hit its target on all the major currency pairs. Live FOREX Trainging | EVERYDAY! http://www.fxbootcamp.com
This Non-Farm Payrolls live event, held at FXstreet.com was attended by 400 FOREX traders! This is a summary of the 3 hours of forex training. Live FOREX Training | EVERYDAY! http://www.fxbootcamp.com
The day started with a great USD trade and ended with a great CAD trade. A good day indeed. The market must have read the textbook! We waited and waited for confirmed currency correlation between the majors with a break of the 200 EMA across the board. Pivots and Fibs helped find the target. The CAD trade, based on the oil report, was a great 38.2% retracement to 161.8% extension for the CAD/JPY. The USD/CAD hit the S1 and stopped at the same time we were topping out on the other pair. Beautiful.
Today’s NFP # came out as expected, but once again, the previous months results were drastically revised upward. This gave strength to the USD. A Fib Retracement predicted a Fib Extension that overlapped a key Support Pivot Point. This convergence was a great profit target for a conservative and repeatable trade. LIVE FOREX TRAINING | EVERYDAY! HTTP://WWW.FXBOOTCAMP.COM
Today’s Retail sales were not good. EUR/USD should go up… right? How far? What has it done in the past? You’d have to look at June 14, 2005 to see what today’s results could produce. Isn’t it intersting how history can repeat itself? LIVE FOREX TRAINING | EVERYDAY! http://www.fxbootcamp.com