Learn How to Trade Forex Price Action

justin bennett-greyscale

Do You Ever Wonder How Professional Forex Traders Pull Consistent Profits from the Forex Market? Well, this is your chance to find out. How would you like to learn how to trade Forex price action directly from me? Get access to my entire price action course, see all of the daily setups and get feedback directly from me. … [Read more...]

CADJPY Rally Loses Steam Ahead of GDP Report

CADJPY key support and resistance levels on the daily time frame

CADJPY recently hit us with a surprise rally that was good for 170 pips over two sessions. While I was expecting a bounce at the 94.50 support level, I doubt anyone expected to see the pair back to 96.12 so soon. Despite this move, I maintained my overall bearish bias along with my short position from 98.00. And in fact during yesterday's … [Read more...]

USDCAD Recovers Following FOMC Statement

USDCAD bullish rejection bar on the daily chart

First things first, this is one of those setups where a full risk disclosure is necessary. As mentioned during yesterday's session, the remainder of this week is set to deliver a full docket of event risk. First is US GDP tomorrow followed by Canada GDP on Friday. Therefore a pair like USDCAD is expected to be extremely volatile and should only be … [Read more...]

Two Pre-FOMC Trade Ideas with Huge Potential

EURJPY head and shoulders pattern

A look at the docket for the remainder of the week promises that the final 72 hours will be a stark contrast to that of the first 48 hours in terms of volatility. On Wednesday we have the FOMC meeting, an event that is always good for an increase in volatility, followed by US GDP on Thursday and Canada GDP on Friday. Needless to say, it's going … [Read more...]

CADJPY Extends Losses to 94.50

CADJPY key levels on the daily chart

The CADJPY decline has reached a level that was previously mentioned on July 15th after the Bank of Canada cut the benchmark interest rate from 0.75% to 0.50%. Since the time of that writing the pair is down 120 pips and looks ready to extend losses by another 150 pips. However before that idea can be considered plausible the bears need to … [Read more...]

NZDJPY – Timing the Next Leg Down

NZDJPY head and shoulders pattern on the weekly chart

I have been bearish on NZDJPY since the start of the new year. The multi-year high made in December of last year was telling, to put it lightly, that the two-year rally was likely coming to an end. How did I determine that? Let's just say I'm glad Fibonacci studied what he did. But after a 1,000 pip decline since April, we would expect some … [Read more...]

Keep an Eye on GBPNZD Next Week

GBPNZD trend line resistance on the 4 hour chart

GBPNZD has had one heck of a run since the April lows. For a pair to gain more than 4,000 pips in a three month period is an impressive feat, even for the likes of GBPNZD. That's all well and good, but the real question becomes, does the "buy the dip" mentality still carry any weight? If we use simple technical analysis to validate the … [Read more...]

EURJPY on the Cusp of a Much Larger Decline?

EURJPY potential head and shoulders on the daily chart

There's no arguing the fact that the Euro has been resilient since mid March despite the constant flow of dismal news surrounding Greece. But how long can the currency hold out? For the answer we turn to simple price action and a pair that has been on my radar since the first week of July - EURJPY. Why EURJPY and not EURUSD? Put simply, the … [Read more...]