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Pound Completes Expected Push Down – Forex Commentary 4/7/16

April 07
00:41 2016

EUR/USD Gives First Push Up

We had a very nice first push to the upside in the EUR/USD. Therefore today we will be looking for the second push to the upside. In regards to cycle I always like a cycle that starts from a range. The reason I like a cycle that starts from a range is because it gives you something I call ‘context’. What I’m referring to is, what about information from the previous price action can help us with the current market cycle. The reason a range is so helpful is because you know there was no running cycle and therefore the first daily push and close outside the range is your first push more than likely. In regards to this specific first push, which is always preferred, is the fact that is started with a stop run of the lows. This stop run of the lows also produced a nice full take profit trade for us today as well. For today I will be looking for the second push to the upside and at this point I have only one lower manipulation point listed to get a valid stop run long. As always, cycle is NOT a reason to take an entry and we still need to see a valid stop run and confirmation from a pre-selected manipulation point to trigger a trade.

EUR/USD Chart - April 7th 2016

Pound Completes Third Push Down

In yesterday’s FX daily forecast, we were looking for the third push to the downside which we got. As I mentioned above, cycle is not a reason to enter the market and officially we did not have a valid stop run to catch the third push down. When a cycle comes to an end we go back to day trading with an open directional bias which is exactly what we are doing today. To start the day I have one upper and one lower manipulation point. If the second push on the EUR/USD does come together we may very well blow through our one upper level. If that is the case keep in mind that level would also be a valid location for a backside stop run reversal trade long.

GBP/USD Chart - April 7th 2016

Forex Market News For April 7th 2016

Strangely enough we have two days in a row with no scheduled data to be concerned about. There is a unscheduled Draghi speech that will happen at some point so be sure to watch the news outlets for any info on when that speech may be scheduled for as that is something you would obviously not want to be carrying a Euro trade into.

-Sterling

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About Author

Sterling Suhr

Sterling Suhr

Hey everyone, my name is Sterling Suhr. You and I more than likely have quite a bit in common when it comes to Forex trading. Like most, I started trading Forex and thought it would be rather easy.Everything I read said it would make you profitable so why wouldn't I believe it Forex trading was easy? The unfortunate part is that belief, and the hope that goes along with it pushed me into buying every scam Forex product there was. I've tried every EA, software, strategy, chart pattern, candle pattern, signal service, etc, all with negative results. The bottom line is mainstream Forex trading strategy will continue to fail retail traders. It wasn't until I realized this point did I begin to see success.On a personal note I currently reside in South Western Michigan. I personally love this part of the country and enjoy having a taste of all four seasons. I was recently married in May of 2012 and Chad has given me a stiff warning to not have children:) As a personal hobby I enjoy aviation and really anything to do with the outdoors.

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