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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar continues trending higher after pullback
The EURUSD exploded higher last Thursday and Friday as the uptrend continued following a pullback to support. We had been looking to get long on a pullback in our recent discussions of this market and last week we got that chance. We can see in the second EURUSD chart below that price pulled back to the 1.1950 – 1.1860 support zone we were looking to buy from last week, providing a potential entry opportunity mid-week. Price surged higher Thursday and Friday, bringing anyone who bought near our recommended zone a huge profit. It’s important to point out that there was a bearish pin bar on Wednesday of last week that we did not see as a short signal, and that sentiment was reflected in our daily members market commentary that day. We held firm to our bullish bias as we know everything has a context to consider; skilled traders know when to ignore a false-signal and when the technical chart picture doesn’t agree. This is why I always say we need to read a chart from left to right and on multiple time frames and not only look for entry signals. Knowing when to stick to the original plan and ignore counter-trend signals is part of the skill of a seasoned pro and something I expand on greatly in my members’ area. Going forward, those who are not already long from last week’s opportunity can still look to buy. We can wait for another pullback to support down near 1.2090 – 1.1950 and look to rejoin the uptrend from there.
See before / after EURUSD daily chart from last two weeks below:
GBPUSD – Sterling/dollar pushing higher after buy signal
We can see last week in the GBPUSD that a bullish tailed bar pattern (buy signal) formed leading to a push higher, in-line with the recent uptrend, this led many of our members to a potentially very profitable trade. In our January 11th members trade setups newsletter, we discussed that the bullish tailed bar which formed that day (see below) could potentially lead to a breakout and continuation of the strong uptrend the GBPUSD had been in. You can see what happened from this signal so far. We see the potential for more upside in this market and we will continue to watch for price action signals to buy on any further weakness /pullbacks this week. Traders should watch 1.3600 for buying opportunities on a pullback, down to 1.3450 this week.
Gold – Gold setting up for more gains
Gold continues to move higher and we have been looking to buy it over the last couple of weeks following its resurgence up from recent lows near 1240.00. Last week in our members commentary, we discussed the inside bar pattern that formed on Thursday, indicating that price could continue higher if it breaks out from that pattern. We can see the strong breakout that followed, on Friday, showing the power of trading inside bars in markets with strong momentum. We see potential for more upside and those who missed our long call last week can watch for further pullbacks and follow our members daily trade setups newsletter to get long on a new signal. We are watching 1306.00 as the near-term support / buy level this week; look to buy at or just above level.
China50 – Chinese Stock Index continues gaining ground
After our discussion in our January 8th commentary in which we talked about getting long the China50 index, in-line with the obvious uptrend this market has been in, price again pushed higher. You will notice there was minimal pullback last week, but as we discussed on Tuesday in our members’ daily trade setups commentary, there was an inside bar breakout early last week which savvy price action traders could have entered for a nice entry into this uptrend. We are still long-biased on this chart and traders can look to buy pullbacks with a price action signal again this week. We are bullish above 13445 area and the 21 day ema (blue level).
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn To Trade The Market, the world’s foremost trading education resource.