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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
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
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • A short-term ascending channel is under threat after Bitcoin’s first attempt to break through a stubborn resistance zone failed. Get your market update from @nickcawley1 here: https://t.co/RbnADE05iu https://t.co/HcrqaKg5F3
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/qHyg1KpVKH
  • And the Monday Asia trading session has officially begun. A pair to have on your watch list to kick off early trade: $AUDUSD post head-and-shoulders' neckline (and 200-DMA) breakdown https://t.co/iuYqEN5xpv
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/DIP9cgoSUt
  • Here are the top scheduled event risks on my calendar for the coming week. Global PMIs, a few rate decisions, the Fed's bank stress test results, the Fed's favorite inflation indicator and a run of Fed speak among much more: https://t.co/3jIl4PvHiA
  • I know it is a cognitive bias, but it seems that every time I take a day off, there are significant market moves. Dow's tumbled into a 5th straight session Friday with 10-day correlation to Nasdaq most extreme negative in 4 years https://t.co/V3U6IOAEXz
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST (12:30GMT) on DailyFX!! - lots to discuss on the back of last week's #Fed Fireworks! https://t.co/lxd5fZnn4H
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/l0j9vLrMIp
  • Markets Week Ahead: Gold, Dow, Pound-Dollar, BoE Rate Decision, Fed Risk, PMIs Check out my recap of last week and preview of upcoming event risk, plus all the latest forecasts from the @DailyFX team below. Link to Analysis - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/06/20/Markets-Week-Ahead-Gold-Dow-Pound-Dollar-BoE-Rate-Decision-Fed-Risk-PMIs.html $GLD $DJI $GBPUSD #Trading
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/hbZPJmoOHe
Higher Probability Entries Using Candlesticks

Higher Probability Entries Using Candlesticks

Richard Krivo, Trading Instructor

In our live webinar sessions each day we emphasize taking trades in the direction of the Daily trend as they will be the trades with a higher probability of success.

Simply because a trader sees a trading signal to take a trade against the trend, does not mean they should take it. Ideally, in an uptrend traders should only be looking for signals to buy the pair.

A good example of this is shown on the 4 hour chart of the NZDUSD pair below…

Higher_Probability_Entries_Using_Candlesticks_body_chart_7_20_11.png, Higher Probability Entries Using Candlesticks

A Shooting Star candle, as seen above, at the top of a bullish move signals a reversal in price action…in other words, a move to the downside. When checking the Daily chart of this pair, however, there is a strong uptrend that is in place. Hence, a trader would ignore this “counter trend” signal.

The blue Bullish Engulfing candle on the chart, however, signals taking a buy position. In this instance the trader would take the trade since it signals a higher probability trade…one in the direction of the overall trend.

Once the Bullish Engulfing candle closes, the trader would enter the trade at the open of the next candle with a stop below the lower wick of Bullish Engulfing Candle.

If you are a live client and want to learn more about Candlestick interpretation, click HERE for access to our Trading Course. When prompted for a username and password, put in your live account login credentials and scroll down to the section on Candlesticks.

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

DISCLOSURES