Pound Continues To Take A Beating – 1/13/16 FX Commentary
2nd Push Down For EUR/USD
The EUR/USD gave a very lack luster 2nd push to the downside and therefore I will be looking for the third push to the downside today. For those of who are members of Day Trading Forex Live or frequent readers of the daily forex commentary, you know the importance of level selection. For today we have very few points to consider and today I’m actually only using 1 upper manipulation point today. Regardless of market cycle we still need to have a valid stop run of our pre-selected manipulation point.
GBP/USD Breaks Fresh Lows
The GBP/USD has continued to be brutalized day after day for the last month. It has been nothing but lower lows after lower lows and that continued today quite aggressively. In regards to cycle we really don’t have a clear starting point and therefore I will trade with an open directional bias. Its important to remember that market cycle based on DTFL rules is NOT the same as what most people would call the trend. Therefore, the market may look directionally based but according to the rules we teach in the DTFL forex trading course it may not be satisfying out market cycle rules which is the case right now. Regardless of market cycle, our entries come from a valid stop run of a pre-selected manipulation point. For today, although we have only a few listed levels, they are quite quality manipulation points. To start we will have one upper and one lower manipulation point from which I would take any valid stop run.
Forex News For January 13th 2016
For today we have no scheduled data that I would be concerned about avoiding.