Yesterday I managed to open two new positions. There will be more opportunities and it looks like there are some conclusions ahead on the markets.

AUDUSD

Aussie is testing resistance another time, just above there is next one so if there will be any clear D1 sell signal I would think about short position to next local support. I don’t forget about commodities growing so I will be really careful playing against commodity currencies like AUD.

AUDUSDDaily-4-15-2016-959x420@2x

EURCAD

Situation here is also interesting. Yesterday Inside Bar showed up. There are 4 possible positions, even Fakey above support is considerable because trend is strongly bearish:

  1. Break below and close below mother candle range (set on green). Then we can set sell limit order on 50% retracement of signal candle and SL above it.
  2. Break below and come back to mother candle range and close within it. Then we can open positions with market price and SL below signal candle.
  3. Break above and close above mother candle. It will be long signal and I will set buy limit order on 50% retracement of signal candle and SL below it.
  4. Break above and come back to mother candle range. I will open short position with market price and SL above signal candle.

EURCADDaily-4-15-2016-959x420@2x

GBPAUD

We waited for break of support and it happened. Now we need bullish correction and we can open shorts from H4 or D1 chart.

GBPAUDDaily-4-15-2016-959x420@2x

GBPCHF

On this pair I also look for short signals. Trend is bullish, support was broken and we just need clear Price Action signal near resistance to open short position.

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

GBPCHFH4-4-15-2016-959x420@2x

GBPJPY

This is one of mentioned long positions. Pin Bar showed up and I opened long position. Stop Loss is 350 pips and Take Profit is 350 pips.

GBPJPYH4-4-15-2016-959x420@2x

USDCAD

On Loonie there is also clear Pin Bar in support area which now after breaking should turn into resistance. Target is at nearest support and RR is 6:1.

YOU CAN START USING PRICE ACTION AND INVEST ON FOREX MARKET USING FREE XM BROKER ACCOUNT.

USDCADH4-4-15-2016-959x420@2x

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Comparic.com Editor-in-Chief. Trading since 2004, professionally connected with Forex market since 2006. Fan of technical approach to the markets – currently focuses on Ichimoku Kinko Hyo and Price Action strategies. He focuses on favorable risk-reward ratio in his own transactions. Speaker at many conferences on investment in capital markets, as a lecturer he cooperates with the largest brokerages in Poland and in the world. Vice President of the FxCuffs Foundation – Education and Development of Financial Markets.