Day Trading Forex Live – Learn To Trade Pro Forex Strategies


Analysis of EUR/USD, GBP/USD January 29, 2014

The price action on the EUR/USD shows a rather clean three push move to the downside from the highs, however these are intraday pushes that are short on what we expect for a push considering the average daily range. When they move price like this it shows that they are not so sure they can run a plan and shows less conviction on direction. In short they most often are waiting for something. In this case the culprit is the FED Meeting today. Therefore today the best way to treat this pair is to trade the extreme of yesterdays range looking for a short with manipulation at 1.3684 or look for the long at 1.3634 where the four hour and one hour 200 EMAs sit. This will be a level that will be hard to break to the downside.

Having said that from what I have seen as of late the FED is more likely to hold the bond purchases where they are at and some think they may taper a little bit more. In both cases the EU should have a move to the downside. The wild card is if the say anything in the statement about adding back into the QEternity if the economy gets worse. We all know its not getting better and figures are fudged so if they say they will add in that case the EU will bounce. This should be an interesting trading day but will likely be slow until Bernanke has his last day.

EU 1hr chart

To Learn More About The Secrets of The Mega Banks Check out What is Included in Our Lifetime Membership Here

The GBP/USD showed the correlation holding with very similar price action yesterday also showing a potential fake out after the first intraday push to the upside. If there wasn’t big news that has potential to run the direction I would still be bias for the next push to the upside but that is not the case today. Again the best way to treat the GU is the same as the Euro trading from the extremes at 1.6616-20 for the short or 1.6544 for the long. There is one scenario I will be willing to take the short from 1.6600 seeing the Asian range widen and leave the Asian box closer to its lows. Of course I will want a good entry since the could run stops to the psych 20 level and if I do get an entry there I will want to get by stop to break even before getting off to bed while leaving my take profit around 200 pips away just in case they do taper more and I will manage the trade tomorrow.

GU 1hr chart

Forex News Today

There are only a couple other news events to watch today besides the FED. Early on there is the Gfk Consumer Climate for Germany and a speech from the BOE Governor Carney. As usual on FED day the German news will need a large miss to create a decent move while Carney could say anything to move the markets but I don’t think he will want to upstage Helicopter Ben on his last meeting at the FED.

Happy Trading


If you have questions about joining Day Trading Forex Live and becoming an active member please feel free to contact Robin Haywood. He is a current member and has volunteered to answer any questions to give you an idea of what the service involves and support we provide. You can email him at to set up a time for a conversation over the phone if you like or call his US phone line at 702-560-8552 or Skype at RobinHaywood

If you have any questions regarding the Binary Options education provided by long time member Allen Henn you can email him at or contact him on Skype at Allen.Henn

Do You Enjoy The Daily Forex Commentary? Please Click The Like Buttons, Tweet It, and Google + It Below !!


Related Articles

1 Comment

  1. Dave Hawkins
    Dave Hawkins January 29, 16:43

    Chad, I took both of these trades, because both of them met the conditions. The gbpusd
    hit the ‘exception’ (it plunged to the lows of the Asian and ran up to 1.6600). The eurusd
    did a SR right at 1.3684 … although I got in a little late on the pound. I made an even
    $400.00 on the gbpusd and an even $400.00 on the eurusd. I didn’t understand the logic on the exception for the gbpusd fully, but just took your info and face value again.
    Thank you for what is turning out to be the best decision I have ever made about trading.

    Reply to this comment

Write a Comment

fx trading course singup

fx trading course

*30% Off The Advanced Bank Trading Course* - Ends October 31st 2016SHOW ME NOW!