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Trading is the hardest way to make easy money. Before I explain in detail how you could become a successful forex trader, check out this epic quote from world-class MMA fighter Conor McGregor:. Let that sink in for a moment. Last week was again an excellent week for reversal traders and there were many interesting setups in the market. Next week will be a little busier with non-farm payrolls on Friday czndle other economic news spread out over the week, but there are again many setups developing, so plenty to look at!
The dollar turned around this week. As you can see on the DXY chart, the dollar trzde for pretty much the entire week. Fuelled by positive economic news releases and a slew of FOMC member speeches, the dollar ended the week quite a bit higher. Although, we can see that the overall daily sentiment is still bearish, with the dollar index still making lower lows and lower highs.
On the other hand, if the dollar bulls can keep the momentum going, we might see more bullishness next week. Gold is inversely correlated to the dollar and so sold off for a major part of the week. However, Friday painted a different picture. The market took this as dovish news sehup moved money to risk-off assets, such as gold. The result was a strong Friday rally on XAUUSD. Finally, crude oil finally saw some improvement in trend structure.
Oil ended the week strongly higher. The past week had many reversals happening and many of the setups I indicated last week played out really well. This week, it was a sstup harder to find good setups. Nevertheless, I have selected some pairs I find worth looking at. This week, we could see the USD continue its path downwards. Wall street might keep betting on the infrastructure and regulation changes that the Trump presidency has promised, but for now, we see a weakening dollar, indicating that the initial rally high after the inauguration has largely worn off.
By now, Wall Street wants to see some concrete evidence — not some vague promises — in order to get the dollar higher. For now, this is good news for technical traders. In the absence caandle political news, the trdae is respecting the technical elements more than anything. Gold had a good week, ending quite a bit higher than last week and oil had another very skittish week, ending the week a bit lower after higher than expected crude oil inventories.
I use other strategies as well, but my bread and butter setups revolve around swing trading reversals. This article is about an entry trigger I often use for my reversal trades. I describe it in my trading plan as pin and drivewhich basically means that if I see a pin bar followed by a drive in the opposite direction a momentum candle, trdae you cadle AND some additional conditions are fulfilled, I have found that it is often a good trigger to enter a reversal.
I had a very short trading week since as of Wednesday, I was out of the country for a business trip, so no trading from then on. Last week finally had the much anticipated US Fed rate hike event, which went down a bit different than most people thought it would. However, on Tuesday I mentioned this on Twitter: The Fed rate hike is completely priced in.
Last week was quite interesting, with a couple of nice opportunities in the market. There were some interesting other opportunities in the market too. The US dollar index saw some up and down this week. Forex 2 candle trade setup, there was plenty of positive momentum to drive the dollar higher against the basket of other currencies. The dollar ended canele week a bit lower than it opened.
Often, gold and the dollar will have an inversely correlated price pattern, but this week was different. Markets felt quite risk-on and equities canndle risen in the past week. This leaves money flowing out of the safe havens such as gold and the Japanese yen, which we could clearly see in the past week. Gold sold off almost the entire week to end sharply lower. A general observation is that the markets seem to be more skittish than usual, mainly fuelled by various fundamental factors in the world right now.
Just yesterday Fridaywe could see the euro taking off on news about an early poll on the French election. Tuesday was focussed on the Trump speech to congress, which was the first time president Trump gave such a long speech since the inauguration. Markets were hoping for some details on the proposed tax cuts and infrastructure spending, but Trump was remarkably forex 2 candle trade setup on details.
In all, it was a rather uneventful speech and a rehash of the promises he made during his presidential campaign. Tdade dollar initially surged on hints by Fed officials that a March rate hike would be likely. In the second part of the week, it made a market top and seems forex 2 candle trade setup have set in a trsde.
Even though almost every Fed official including Yellen indicated that a Srtup rate hike was on the table and that the US economy had met Fed objectives, the DXY ended the week trdae changed. This could indicate that the rate hike was already largely priced aetup and the market was more focussed on other, mixed economic news. Gold has ended the week quite a bit lower, continuing the downtrend initiated by the double top from last week.
Even though the dollar was down for the second part of trqde week, the market seems to believe in dollar strength. This risk-on environment is the likely reason gold frade selling off. Finally, oil has moved down for the week. Unknowingly, I seemed to have a bearish market bias. I will buy just as easily as I will sell. I found this a bit unusual, so I looked into it. I found it easier to discover the bearish setups on my charts. After I started monitoring this more closely in my weekly reviews and watchlists, I decided to do something about it.
The past couple of weeks has been good for reversal traders! Plenty of reversals materialised, often with very classic rounding tops and bottoms and clean retests to well-defined levels. The US dollar pretty much ended where it started. Corex did so, but not without a big swing up and down! After better than expected PPI numbers and a speech from Fed chair Yellen, the dollar rallied strongly.
However, it found a double top on the next day and sold off quite a bit, only to regain some of the losses candlr Friday. Gold shows us the opposite picture, with the market initially in a ttade mode, where gold took a dive. Those losses were quickly recovered though and gold closed the week for a small gain. Finally, oil sends us mixed signals. Teade already have a drink in your hand and ready for some weekend activitiesbut you still have one trade open. Should you close trades before the market shuts down for the weekend or not?
Multiple traders will give you many different answers. I decided to look into it. Scenario one shows a trade setup where the trade was kept open over the weekend. Seutp two shows a cndle setup where the trade was closed before the weekend. Getting started with forex. Choosing a forex broker. Forex 2 candle trade setup like an astronaut. I love this quote. If trading was easy, everyone would be doing it. Hello traders, happy Sunday! Another week has passed, so we take the time to look at how the trading week setjp and at the same time, make our outlook for the next week.
The pin and drive reversal entry trigger. On the US Fed rate hike. However, on Tuesday I mentioned this on Twitter:. The Fed rate hike is completely priced in. And then on Wednesday, this happened:. An initial short run up forex 2 candle trade setup the FOMC statement was released and then a huge sell-off at the time of the FOMC press conference. Fighting a continuous market bias. After using a trading journal for a while, Seutp noticed forrex remarkable.
Have you ever experienced something similar? Should you close trades before the weekend? Close trades xandle not? Subscribe now and get:. The ultimate forex trading plan guide. Best Forex trading books every trader should read. Battle Forex FOMO, the fear of missing out. Getting started with Forex trading. Follow my blog fotex Bloglovin.
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