Day Trading Forex Live – Advanced Forex Bank Trading Strategies

November 1, 2013 Analysis of EUR/USD, GBP/USD

November 01
03:03 2013

The big boys chose option number two yesterday with the EUR/USD slamming it into oblivion while holding the GBP/USD up with the EUR/GBP. This tells me they must have got wind that Europe is really the dirtiest kid on the block, at least for now anyway. there was the crazy good news from the Chicago PMI data during the US session but the move had already pushed a long way before so I have my doubts that was much of a factor. With the problems in Greece reemerging while kept low key as far as the main stream press goes I have a feeling the dirt across the pond is turning into mud.

This morning we have Asia continuing the move already pushing it down further by 50 pips already so there is definitely some conviction in this move. the next daily level that has a good chance of turning for a pullback is around 1.3484. What does concern me a bit is that this is Friday and they could turn anywhere in this daily chop level between current price and the lows at 1.3484. Since there is nothing clear on pushes with this large run down I will be keeping an open mind on direction. However considering the conviction and the rather efficient move down what makes most sense is the continuation down to 1.3485 before they turn. It will take quite a bit of conviction to break that on a Friday. The best level for the short is a pullback to yesterdays lows at 1.3575 but if this move extends when London opens the pullback will most likely be shorter and they could turn it at 1.3560. The trapping will need to be clear to take it there but if this conviction holds it has a good chance.

EU 1hr chart

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

As mentioned earlier the GBP/USD just stayed in the chop showing the move was more of Euro weakness than USD strength so we still may get the reversal here. The chop and fairly decent bottoming formation that was made during yesterday improves the odds for at least a pullback today with some Friday flows. Having said that it is the beginning of a new month and monthly flows trump weekly of course so keeping an open mind is the safes way to trade this pair today. After a day like yesterday its a good idea to keep an eye on the EUR/GBP and take notice of the daily support its coming into. As long as that holds the GU will join the EU in the tumble depending on how much conviction they have in Euro weakness. The best places to take entries will be the highs or lows yesterday but the 1.6042 level is valid for an aggressive short as long as we see the tell tail signs of them running the breakout traders to the Asia lows first. Or at least leaving the Asia box closer to the lows and playing them to the highs since the Asian range is of decent size.

GU 1hr chart

Forex News Today

The only scheduled new of any impact during the London session today is UK manufacturing PMI data of which I don’t expect much from since manufacturing in the UK is small. barring a big miss we probably wont see much.

Later the US has a Fed member Bullard speech and their ISM Manufacturing Index expected to fall a bit but still remain well above the 50 expansion level so my thoughts are it will take a large miss downward to create USD weakness. Otherwise a positive miss will do the opposite and potentially extend a move down on both EU and GU.

Max Loses His Rag Yet Again

Im sure you will enjoy this episode with Max Keiser as he talks about the oil industry and false notions of the US being the largest producer as of last month. Comical I tell you. One thing he don’t mention are the effects to the environment so I found the next video from three years ago showing what happens to wells when fracking is near by. Not to mention the chemicals left behind when their finished contaminating the water table. Enjoy.

Have a great weekend


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 !!


About Author

Chad Tell

Chad Tell

Hi all. I’m Chad Tell. I started trading Forex about 10 years ago of course spent the first few paying my dues and blowing accounts. I was finally enlightened to how the markets are manipulated on a daily basis and have successfully traded my own simplified Volume Spread Analysis for years. Eventually combining it with trading the smart money business model and the rest is history.I now live in the tropics with my wife of 4 years and our 2 wonderful children. I work in my pajamas quite often and occasionally on the beach. I am living the life I had always dreamed of as a kid. Working from home on my own terms. NO BOSS. (don’t tell my wife I said that lol) I have to admit I am blessed and I truly wish the same for you.

Related Articles


No Comments Yet!

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

Write a comment

Write a Comment

Sterling Suhr's Forex Bank Trading Course
Learn to trade & profit from market manipulation!! FREE weekly articles & videos!!
Get the latest content first.
We respect your privacy.