Some dramatic price action with the sterling pairs on news the UK and the EU may have reached an agreement on the impasse over Northern Ireland. News that a deal had been agreed resulted in GBP soaring higher across all our pairs, but as always with anything Brexit related, today has seen a cooling in the price action with the biggest reversal in gbp/jpy - affectionately known as the Yeppy.
We can see the setup clearly in the csi and captured with great precision by the Renko chart for MT4.
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Since posting the above, the DXY has managed to test the volume point of control but is looking to close out today's trading session as a long-legged doji candle.
By Anna Coulling
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Given the slew of data this week, it would always be a volatile trading week. The first was the CPI which, coming in slightly better than expected, resulted in markets initially rushing higher before falling sharply lower. The second big event was, of course, the FOMC. Once again, the market duly delivered volatile trading conditions in both equities and forex, with risk pairs such as the aud/usd responding accordingly. The 30 min chart for the pair illustrates the market's reaction with more extreme knee-jerk type moves on the CPI and more whipsawing during the FOMC. This is to be expected as the CPI is a straightforward, instant release, while the FOMC happens over a period of time and includes a press conference where traders and algos will react to comments by Jay Powell.
It is during such events that our volatility indicator will trigger in real-time. In other words, two purpose dots will appear as the candle is forming. This tells...
This morning's move in the aud/usd was a great example of using multiple timeframes, including a Renko chart and all our Quantum indicators. The charts are from the MT4 platform, and since writing the analysis, the pair did indeed bounce higher once Wall Street opened.
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The volume point of control (VPOC) takes the analysis of volume and price to another level and expands the concepts of volume price analysis. And the version for Tradingview now allows traders to include alerts when the price action crosses either a high volume or low volume node or the vpoc itself.
https://youtu.be/QJ3x8LfuKns
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The recent volatility in the British pound created some great trading opportunities, particularly for traders who include volume price analysis as part of their tactics. In this video, David explains how he applied vpa to the long side in the sterling pairs despite extremely negative headlines in both the financial and mainstream media.
https://youtu.be/gFIJW9_s1Zw
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In this first segment from this week's webinar, David & I look at the USD, bond yields, this week's Non-Farm Payroll release, and the volatility we can expect as we move towards year end. We also cover how the labour market impacts inflation and how this is likely to influence the FED's rate-setting agenda.
https://youtu.be/fbUjvFb7vuY
By Anna Coulling
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A roundup of one of the busiest days for forex traders that started with the RBNZ interest rate decision and ended with the FOMC minutes. In this video, David & I cover the events of the day and their impact on the relevant currencies and currency pairs. We also focus on the Heatmap, an indicator that can be used both for intraday and longer-term trading. Intraday, the indicator can be used to monitor existing positions across multiple timeframes as the values are based on the currency matrix. The indicator then weights these values to rank the pairs allowing traders to look for reversals.
https://youtu.be/7HeHoUriok8...
A recording of a recent webinar where David and I looked at using the MT4 Renko in conjunction with multiple time frames on the aud/usd to identify not only entries and exits but also demonstrate how a Renko chart can help traders stay in a trade. Also a look at the Currency Heatmap on Tradingview which can be configured to any timeframe.
https://youtu.be/KjWThEWdeTg
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This morning's forex webinar gave us a great example of how cross-market analysis can help not only to explain price action but also its likely direction particularly ahead of an important news release which today was the FOMC.
https://youtu.be/CnFQezWG4zU
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