On this blog we comments current situations on forex market. We analyze different forex currency pairs, indices and commoditioes. We are using for trading only price action: supply & demand, support & resistance trend lines and chart patterns.
GBPUSD sell
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GBPUSD has reached upper band of range 1.3030 - 1.3330. At this zone we can see increased activity of supply. We have opened our sell order at 1.3305 with target at 1.3114 and stop near 1.3400 what gives us risk reward ratio 2:1.
We opened our last trade on DAX too late at not good price and our stop loss was too close. Finally price hit our stop loss and than went down to the last local low near 12850. Unfortunately, today we missed a good opportunity to open buy order at this level. As we can see on chart the price moves in the range of 12850 - 13080 which we will try to use with next trade. Currently the price is near the upper boundary of range so we have opened the sell order with the target at 12916 and stop at 13113.
DAX is currently in the accumulation channel where the chart has moving almost all October. After the broken out the support level and returning above, the price reached the upper band of the accumulation channel where the supply appeared what we can see on the last hourly candles with upper shadows. We are opening a short position with target just above support line, with stop above daily high and with risk reward ratio 2:1.
EURUSD is now closed in range between 1.17000 and 1.18800. Demand has won battle at 1.1700 and after bullish pinbar price went upper to resistance zone at 1.1880. At this level we can observe increased activity of supply and price is returing again to support zone at 1.17000. We can see also on chart forming head and shoulders pattern. If it will be finished and neck line will be broken, than we will expect that price will drop to 1.14000-1.13000 zone. We are out of market on EURUSD waiting for action in support or resistance zone.
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