Wednesday brought a huge confusion on the market. Many things happened, also in the Price Action portfolio. My positions caught two SLs, I will show one of them on the chart, while the USD/CHF just after the SL show another entry signal, which was of course used. Price increased, entry was closed in the 50%, but then everything closed at Break Even (BE).

If you are interested in Price Action Strategy description, you can read it here.

Today we must be careful about Europe macro data, especially Mario Draghi speech at 2:30PM CET. Let’s starts:

AUD/NZD

Buy liit order at this pair is still active. Yesterday we needed only one pips to open long position – unfortunately price retraced. We are waiting for the further developments.

EUR/AUD

Interesting situation here – yesterday we saw a clear purchase signal from the D1 chart in the shape of pin bar candle. It is opposite to the strong downtrend, but statistics shows that such positions often may end with profits. Price fall below 50% retracement of the signal candle and the current RR is 4:1.

If someone want to take a chance hoping that Draghi will say something that will lead to the EUR strengthening, this currency pair may be interesting.

EUR/CAD

This is the second of yesterday’s stop losses. Playing H4 chart against D1 trend (but following recent momentum – that’s why I do not blame myself), turned out to be unprofitable.

EUR/JPY

Fake breakout signal appeared and position with SL 20 pips below should be opened and dynamically closed at 50%.

GBP/AUD

Dynamic downward trend can be seen here. Yesterday price broke below another support and the direction seems to be clear. It is worth to wait for upward correction, which will approach above mentioned level, re-test it from below and then we should open another short position.

GBP/JPY

Purchase signal! Price rebounded from the support forming pin bar candle. I put buy limit order at 50% of candles retracement with 40 pips SL – TP near resistance from D1 – 300 pips higher

GBP/USD

A very similar situation to the one described above. Strong downward trend, breaking below support and waiting for upward correction to open shorts.

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