Analysis of a trend on the GBP/JPY 10 minute chart
An analysis of the ten minute chart for the GBP/JPY currency pair using volume price analysis and the Wyckoff methodology.
https://youtu.be/V_6eTRlpyhc...
Canadian dollar crushed as oil prices tumble
One of the relationships I cover in my free forex webclass is that between oil and the Canadian dollar, and it has never been more important following today's dramatic price action for both crude oil itself and broad market sentiment. So with equity markets in free fall along with oil, the CAD/JPY pair has delivered some wonderful trading opportunities, along with several others in the Canadian dollar complex. The combination of risk-off and oil has driven the pair lower still following the gapped down open under heavy selling as seen on the daily chart. Over the next few days it will be a question of watching the related markets of oil and equities for any recovery in the Canadian dollar.
You can discover more in my FREE forex webclass where I cover this in more detail and teach five trading ideas to help you in your own forex trading. You can join me by clicking the link here http://bit.ly/3cB64cH
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Muted reaction to NFP for equities
Fundamental news is often cyclical and the importance of one type will vary according to where we are in the economic cycle. In addition, such items may be overshadowed by more prescient news, and this is certainly the case at present with Coronovirus dominating world headlines and driving fear in the markets. So it was no surprise to see the monthly NFP release have little impact on US indices, which paused momentarily before continuing their journey South as we can see across the three sisters here of the YM emini, the NQ emini and the ES emini. Note the weakness in the reaction higher on the 5m charts to the top of the image.
You can discover more in my FREE forex webclass where I cover this in more detail and teach five trading ideas to help you in your own forex trading. You can join me by clicking the link here http://bit.ly/3cB64cH
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Crossover session traps
The crossover sessions in forex occur when trading in one timezone closes and another opens and can be a very dangerous time for traders. Why? Because this is where insider traps are set. The London open always is a fertile ground and there was a great example on the usd/jpy.
Heavy buying in the pair on the previous day resulted in a nice move higher in Asia with the pair moving into consolidation ahead of the London open.
Prior to the open the pair started to move higher on reasonable volume but reversed lower at the open on high volume until the hammer candle, again on high volume pushed the pair back towards the consolidation (the yellow line on the chart).
I explain this in more detail in my free forex webclass - click to join here...
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