Live Trade Video For June & Forex Market Analysis For July 30th 2015
Today’s review is going to be a bit shorter as I’m not going to do my standard intro “rant”. I will however be posting a new video I just loaded. This video covers every valid trade that setup from the manipulation points that I choose in the members daily market review video. If you didn’t see the video review for all of the trades for May here is the link, 2015 May Trade Analysis & Results. May produced a profit of +20% based off of only 2% risk per trade. During the month of June we had a major reduction in the amount of trades. Even with far less trades we still ended up +12% for the month. All these numbers are based on just two pairs, the EUR/USD and GBP/USD. Here is the video as well as today FX commentary.
Please Expand To Full Screen And Click 720p HD In Video Settings
Continued Slide Down In the EUR/USD
The Euro continued to slide to the downside today, and really accelerated after the Fed FOMC meeting. Essentially all that was said was more kicking the can down the road. As I mentioned briefly yesterday, it looks like the market is thinking the current global downturn is enough to scare the Fed from hiking rates any time soon. The Fed didn’t say anything that was really new and the Dollar really strengthened following the statement.
Overall today I’m still open on direction. I do however believe that the higher probability is a continued move to the downside and the Pound is in agreement as well. Having said that our trades come from stop runs of valid manipulation points….NOT CYCLE. If the Euro takes off to the downside without providing any pullback then make sure to look for any backside of the level stop run reversal setup. Because I will be trading with a bit of a bias to the downside I will only be taking a long from what I feel are major lower manipulation points which you can see in the chart.
We did have one nice setup today in the EUR/USD. This trade was a stop run of one of our pre-selected points from yesterday. After the valid confirmation, the long was taken. The exit for the trade was a few minutes prior to the FOMC meeting and netted +20 pips overall. The Euro did spike up quite a bit more during the start of the speech but remember this could have gone the other way just as easily. Better safe than sorry when it comes to trade management. Members, make sure to watch the video review for a further breakdown as always.
GBP/USD Creates Huge Exhaustion Reversal
The GBP/USD created what I term as an exhaustion reversal. I wrote an article a few years back that has some great information on trading this type of reversal. You can click on the title of the article to check it out, Trading Forex Trend Reversals – End Of Day Forex System. When this type of strong complete retracement of the move earlier in the day occurs it really illustrates a complete lack of desire to take prices higher. In this case that belief is increase given the fact that it broke above previous major highs before creating the reversal, thus creating a very large stop run reversal of sorts. Today I definitely feel the higher probability direction is to the downside but its important to remember our entries do not come from our directional bias. Our entries come from choosing an exact manipulation point and then waiting for the market to make a valid stop run and confirmation off of that level. Therefore today I will still be listing manipulation points to both sides of the price and letting any setup from a pre-selected level determine the entry.
Forex News For July 30th 2015
US GDP Annualized Q/Q 8:30 AM Eastern: GDP can definitely create a sizeable move in the market. Anything over a .5 deviation +/- from the expected number will create a sizeable move. When you get a deviation approach a full 1 point off the expected number you can expect a potential follow through for the rest of the day. Tomorrows number is expected at 2.5
Want to learn the bank trading strategy, join our weekly live training room, talk to members in our forum, and have access to lifetime support? Learn more by clicking here.