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Pound Continues To Take A Beating – 1/13/16 FX Commentary

January 13
00:45 2016

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.

EUR/USD Chart - January 13th 2016

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.

GBP/USD Chart - January 13th 2016

Forex News For January 13th 2016

For today we have no scheduled data that I would be concerned about avoiding.



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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