It’s all happening in the markets and on the daily price action charts even as I’m writing this ‘charts in focus’ commentary on trade setups for you.
Some days when I go to create a new blog post and trade setup commentary the markets are really quite boring. If this is the case then sometimes I will just skip the post for the day, because I’d rather do that than write up crap that has no value and is just boring nonsense.
In today’s market however it is, as I said at the start, all happening! If the market was a dart board, I could throw a dart at it, land on any pair and chances are there would be something interesting happening in it.
From price firing off a bearish pin bar on the daily Palladium chart, to the large false break on the USDCHF daily chart and the HUGE engulfing bars that have been formed on a lot of the daily charts over the last couple of days, price action is moving – which is an awesome thing!
We need price action to move to make money. No price movement => we cannot trade => we cannot make money.
Both these daily charts of the GBPCAD and EURAUD are moving back into major daily support levels. I have discussed the GBPCAD at length recently with the high probability A+ pin bar setup you can recap here Where Did Price Go on GBPCAD After Last Post? | 28th April 2016
The EURAUD is super choppy with price being stuck in this range for months on end now. Price is making a quick retrace back lower into support after forming a really strong Bullish Engulfing Bar = BUEB. Check out the EURAUD daily charts below for more;
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GBPCAD Daily Chart
EURAUD Daily Chart
EURAUD 4 Hour Chart
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