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Second Push Down On EUR/USD Complete – Market Commentary 4/14/2016

April 14
01:44 2016

EUR/USD Gives Second Push Down

Yesterday we were looking for the second push to the downside and that is exactly what we got. For those of you who are member I would encourage you to check out the daily market preview video for more information on the backside short option. There was a lot of chat in the members chat box today about this trade and I clarified why it was unfortunately not valid. It missed being valid by 1 pip before giving a full take profit push down. For today we will look for the third push to the downside. When you have an extended second push sometimes the market will stall before the third push. As such we might see a deeper retracement today before getting the third push today or tomorrow. As far as listed manipulation points from which to get this third push down, we have one upper level.

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EUR/USD Chart - April 14th 2016

GBP/USD Slides On USD Strength

The Pound had a open directional bias yesterday and it will remain open for today as well. We had two trades from our lower level. The first trade hit roughly +37 pips of profit before coming back to break even. The next trade resulted is a -12 pip loss which is -1% according to the standard 2% stop loss per 25 pips. Today was very unfortunate as the EUR/USD just missed a full +4% take profit and the GBP/USD did as well. That would have been a very nice +8% swing. As previously mentioned the directional bias remains open and we have 2 upper and 2 lower manipulation points from which I would take any valid stop run.

GBP/USD Chart - April 14th 2016

Forex Market News For April 14th 2016

MPC Official Bank Rate Vote 7:00 AM Eastern: For today we have an expected rate vote of 0-0-9 with the first vote being for those who want to hike, second those who want to cut, and third those who want to leave rates unchanged. Any change in this number will give a very aggressive response in the price.

US CPI 8:30 AM Eastern: For this month CPI is expected at .2% for CPI and Core CPI. This is capable of a 15+ pip spike but the continued follow through in the direction of the release is questionable. I’ve covered this many times in our live forex trading room but I’d be happy to walk through this in the trading room tomorrow.

-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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