Price Action Setups Review - AUDUSD, EURAUD, EURJPY, GBPAUD, GBPCAD, NZDJPY, USDCAD October 26th, 2017 - Forex Trading For Profit

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Price Action Setups Review – AUDUSD, EURAUD, EURJPY, GBPAUD, GBPCAD, NZDJPY, USDCAD October 26th, 2017

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Today a bit more pairs, we really observe some very interesting movements on the market and in the near future we should open new trades:


On the Aussie there was a break of support and the price closed below it. This allows us to look for opportunities to enter on the 4-hour chart. The current candle can be an Outside Bar and if it closes roughly like it is shaping now, I will enter short by setting the sell limit order at 50% of its correction. The support is around 200 pips lower so this trade can be a really good position because the SL is less than 20 pips. Definitely worth to keep eye on it today!


Another pair with the Australian dollar broke an important level. Here we need a bigger correction to the previous resistance (now support) and then after some buy signal Price Action (Price Bar, Price Bar, Fakey, Inside Bar) from the H4 chart can be entered in longs.


Euro pair to Yen comes to an important resistance. As it is trapped in a consolidation we will be looking for opportunities to trade inside her, ie short. However, if the price breaks up from the range, only long positions will be proper.


Strong breakout also on the British pound to Australian Dollar. You can search for longs in the H4 chart. The candle that is currently formed can be a pinbar and at 50% of its correction I will set up a pending buy limit order. Of course you can enter after the candle is closed. Take Profit is far away because the closest local resistance is almost 300 pips higher, and the key level even higher about 400.


In turn, the Pound to Canadian Dollar pair failed to break through resistance and reflected from it. We will be able to play shorts if a good short signal appears on daily chart and Stop Loss will be at least 3-4 times smaller from Take Profit on nearest support level (currently about 200 pips from the price).


Pair has reached a very important level of support and so far this level is working. I see three possibilities here:

Reflection from support and buy signal from D1 with target at the nearest resistance.
Reflection and move to the resistance, then you can look for sell signals on H4.
Break down the support, re-test from the bottom of this level and search shorts on H4.

To try those Price Action setups I recommend the XM broker, which has 5 daily candles per week and it offers 30USD bonus to the account without a deposit and you can test it here: LINK


Extremely strong breakout on the US dollar to the Canadian dollar. Here I will wait for a downward correction and I will definitely want to join this dynamic upward trend.

Marcin Wenus

forex trading

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