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. See our updated Privacy Policy here.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Low
High
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
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
Low
High
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
More View more
Real Time News
  • Bitcoin slightly off its intraday highs, currently trading back below $40,000 #Bitcoin $BTCUSD https://t.co/MYISOU8c9B
  • The US 10Y beginning to retrace some of last week's rally, slowly crawling back towards 1.50% https://t.co/P2a5fHQUlq
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.03% Silver: -0.22% Gold: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XxGZAbPEdL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 74.73%, while traders in France 40 are at opposite extremes with 78.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7XIu5r1o2l
  • #Euro Forecast: $EURUSD Falters at Yearly Open Resistance- #FOMC Levels - https://t.co/uWukTncIRg https://t.co/dn84mhHxQx
  • The gold monthly opening-range is set just below confluence resistance – breakout to offer guidance. Get your $XAUUSD market update from @MBForex here:https://t.co/19rCMiLlxG https://t.co/uFGK8q14KG
  • WTI Crude Oil Breakout (Update) https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/06/14/wti-crude-oil-breakout-update.html $oil #oott https://t.co/UGOItnUhgd
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.03% France 40: -0.10% US 500: -0.23% FTSE 100: -0.23% Wall Street: -0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/th5Y4GcBcR
  • I don't think this has any easier a path to developing into momentum ahead of the Fed decision as bullish efforts elsewhere, but the $DJI Dow is tentatively breaking lower and the Nasdaq-to-Dow ratio usually showing spec reach is rising: https://t.co/eN8xb6JOhW
  • WTI crude oil has room to rally further. Around the 77 mark lies substantial long-term resistance. Get your market update from @PaulRobinsonFX here:https://t.co/J0qpmLG6wF https://t.co/M2sThc69rK
Finding a Trade is a Two-Step Process

Finding a Trade is a Two-Step Process

Thomas Long, Course Instructor

Since their approach did not change, they will come to us in the DailyFX Course for some sort of answer.  The reason is usually the same in that they forget to first identify the mood of the market before finding their trade.  What I mean by that is to first identify the direction of the trend on the daily chart and then find your trade.  If the daily trend is up, then only look for buys and if the daily trend is down, then only look for sells.  If the daily chart shows a range bound market, then look to buy above support and sell below resistance.  If you are not sure of the trend, then the play is to move onto another currency pair where the trend seems obvious.   I see many traders buying the pullbacks on a currency pair that is in a strong uptrend and enjoy tremendous success.  Then when the trend stalls out or changes, they continue to buy those pullbacks and lose all of their previous gains.  Being on the right side of a trending move can result in some great trades while trading against the trend can lead to many quick losses.  A good way to see if this may be one of your problems is to run a report on your FX Trading Station to see all of the trades you have made.  Then take a look at the daily chart and note where you entered into the trade.  Now ask yourself how your results would have been if you had only traded in the markets where you could confidently identify the direction of the trend on the daily chart.  Below are two current examples of strong trending markets. 

two step

two step 2

The AUD/USD has been moving up for most of 2009 while the USD/CHF has been moving down.  These trends are obvious and because of that offer some good trading opportunities.  We want to look for buys in the AUD/USD since it is trending up and look for sells in the USD/CHF since it is trending down.  You may find that adding this simple first step of identifying and trading with the daily trend increases your chance of success.

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

DISCLOSURES