News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
More View more
Real Time News
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here:
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here. #DailyFXGuides
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here:
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
Ichimoku Points to a Strong GBPUSD Set-Up off Cloud Bounce

Ichimoku Points to a Strong GBPUSD Set-Up off Cloud Bounce

Tyler Yell, CMT, Currency Strategist

Article Summary:GBPUSD has spent much of the month above the Ichimoku Cloud signaling a Bullish Market for the pair.If price action tips its hat at trend continuation then here are the levels you can focus on to trade.

If you trade Countertrend, you are gambling, and although you will often win and have fun, the math is against you, and you will slowly but surely go broke. Countertrend setups in strong trends almost always fail and become great With Trend setups..."

-Al Brooks, Trading Price Action Bar By Bar

Trading against the trend can be profitable. In fact, there are times when you catch a counter trend move that so big that you think you’re smarter than the market and that this is where the money is to be found. However, in the long run trading against the trend is often a losing game.

There Are Opportunities against the Trend, but Leave Them Alone

Ichimoku is a trading indicator that helps you see opportunities with the overall trend. That doesn’t mean that you won’t have losing trades and that doesn’t mean that Ichimoku guarantees profitability. It does mean though, that Ichimoku allows you to see counter trend trades as an opportunity for you to enter with the trend at a good price but not as a way to make a quick buck against the overall trend which has all the momentum. In other words, counter trend trading does offer opportunity but it should be seen as not worth the downside risks that come with it like the assumed trend resumption.

The Story of Speculative Sentiment Index

The Speculative Sentiment Index or SSI helps you see in a snapshot the number of traders who are trying to trade against the trend. Over the years, I’ve come to the conclusion that the majority of traders against the trend are often trading on hope rather than price action.

Learn Forex: Price Drops as Counter Trend Traders Get Hurt

Ichimoku Points to a Strong GBPUSD Set-Up off Cloud Bounce

Courtesy of

The graph above is taken from our SSI data. The proper way to read it takes some training to get comfortable with using SSI as a trading tool but it is worth it in my opinion. Above you see that going back to late May, traders were net long AUDUSD and have stayed net long AUDUSD as price as shown by the green line has dropped 1,000 pips plus. There were assuredly a few counter trend traders that made money by buying AUDUSD at certain points along the way but the message is clear that the opportunity is with the trend and not against it.

Weekly Ichimoku Trade: GBPUSD Buy Entry Based on Price & Lagging Line Trading Above the Cloud

Ichimoku Points to a Strong GBPUSD Set-Up off Cloud Bounce

Entry to Buy: 1.5625

Stop: 1.5525 (recent price support on long wick near bottom of the cloud)

-Long wicks provide a key price action signal that you can learn more about below.

Limit: 1.5785 (conservative with trend target near June high)

If this is your first reading of the Ichimoku report, here is a definitive guide on the versatile indicator:

-Full Candle Bodies above the Kumo Cloud

-The trigger line (black) is above the base line (light blue) or is crossing below

-Lagging line is above price action from 26 periods ago (Bright green line)

-Kumo ahead of price is bullish and rising (blue cloud = bullish Kumo)

Ichimoku is a dynamic tool that can prevent you from needlessly trading against the trend. Even though trading against the trend can be exciting and even profitable on occasions, it should not be seen as the bread and butter for newer forex traders. On the chart above, the GBPUSD trend trade is looking for a move off recent support and if the trend continues we can benefit from a great buy trade at a good price in relation to our risk levels.

Happy Trading!

---Written by Tyler Yell, Trading Instructor

To be added to Tyler’s e-mail distribution list, please click here

Take this free 20 minute “Price Action - Candlesticks” course presented by DailyFX Education. In the course, you will learn about the basics of price action and how to use the clues the market is providing to place trades.

Register HERE to start your FOREX learning now!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.