Day Trading Forex Live – Learn To Trade Pro Forex Strategies


Analysis of EUR/USD, GBP/USD July 9, 2013

The EUR/USD has made a 70+ pip reversal for a lackluster first push at best. It seems as though the effort to push out shorts didn’t really go that well. I would have expected a stop run above the 1.2900 at least if there was any real conviction in a reversal or they were able to actually scare out the traders already short for the last 3 pushes down. Since we do have the reversal we expected in Mondays commentary the safest way to treat this is a third push chop and wait for the extremes for a stop run in either direction.

I do have a sneaking suspicion that its going to turn and make a test of the lows at least. Maybe its just because I am holding a short on the New York Reversal yesterday but it was a darn good set up and I also got a great entry at 1.2866. I was happy to wake up and still be in since I had to leave the full stop over night. At the time I almost just closed it since it was hovering around my entry price but after looking at the price action I gave it a chance to go and so far happy I did since I am almost to my move to break even point. 

What I will be looking for to give me a clear direction is an hourly conviction close beyond either yesterdays high at 1.2880 for a long or 1.2838 proven support level for a short. Of course providing I am out of the current short position I am in. Otherwise a stop run to either yesterdays high or low will be a potential entry which is why I will be strongly considering taking profit on this short if it can make it to yesterdays low.

EUR/USD 1hr chart July 9, 2013

The GBP/USD also made the reversal we expected as the higher probability yesterday with a move of over 100 pips for a nice intraday push to the upside. This proves that the 3 pushes I marked on the chart yesterday was what they were trading off of and now we have the third push chop scenario as with the Euro today so direction is questionable. The hourly close below the 1.4916 level will add to the probability they will test the lows but breaking them are a different story so the stop run to the lows will be valid for a long and the same for a short at the highs yesterday.

To Learn More About The Secrets of The Mega Banks Check out What is Included in Our Day Trading Course Here

GBP/USD 1hr chart July 9, 2013

Forex News Today

The calendar is light again today with only some decent scheduled releases from the UK with their Manufacturing and Industrial Production. While both are expected to improve on the monthly figures they are also expected to be rather negative for the year on year numbers. These will probably only be used to manipulate since the UK economy is service based and manufacturing is a smaller part of the economy. having said that I don’t expect much movement barring a large miss in either direction. 

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

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


Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

fx trading course singup

fx trading course

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