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
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
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
USD/JPY
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
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3FsnNdo7VK https://t.co/lC69rPbkcJ
  • $AUDUSD just weakened slightly following disappointing Chinese industrial production and retail sales data What is the Aussie facing over the next 24 hours and heading into next week? #AUD https://www.dailyfx.com/forex/market_alert/2020/08/14/Australian-Dollar-Outlook-Eyes-SP-500-Retail-Sales-After-Chinese-Data.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/b9pmxMkp8o
  • 🇨🇳 Unemployment Rate (JUL) Actual: 5.7% Previous: 5.7% https://www.dailyfx.com/economic-calendar#2020-08-14
  • 🇨🇳 Fixed Asset Investment (YTD) YoY (JUL) Actual: -1.6% Expected: -1.6% Previous: -3.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • 🇨🇳 Industrial Production YoY (JUL) Actual: 4.8% Expected: 5.1% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-08-14
  • 🇨🇳 Retail Sales YoY (JUL) Actual: -1.1% Expected: 0.1% Previous: -1.8% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Heads Up:🇨🇳 Unemployment Rate (JUL) due at 02:00 GMT (15min) Previous: 5.7% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Heads Up:🇨🇳 Fixed Asset Investment (YTD) YoY (JUL) due at 02:00 GMT (15min) Expected: -1.6% Previous: -3.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Heads Up:🇨🇳 Industrial Production YoY (JUL) due at 02:00 GMT (15min) Expected: 5.1% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Heads Up:🇨🇳 Retail Sales YoY (JUL) due at 02:00 GMT (15min) Expected: 0.1% Previous: -1.8% https://www.dailyfx.com/economic-calendar#2020-08-14
Learn Forex: Scalping Short Term Forex Momentum

Learn Forex: Scalping Short Term Forex Momentum

2013-01-02 19:00:00
Walker England, Forex Trading Instructor
Share:

Article Summary: The EURJPY has advanced 999 pips from the December low. As trading opens for 2013, short term market momentum can be used to identify fresh Forex scalping opportunities.

Trading short term trends in the Forex market relies heavily on identifying momentum. Regardless of the scalping strategy we ultimately end up trading, it is always important to determine if we are looking to buy or sell a currency pair prior to proceeding with our technical analysis on shorter term time charts. Today we will review the ongoing EURJPY trend and see if there is an opportunity for continued upside momentum.

The EURJPY has continued to be an excellent choice for scalpers since we last discussed its movements on December 5th. Looking back on the 4Hour chart below, the EURJPY has advanced in price as much as 999 pips from its December 2012 lows. With price now breaking higher highs to start 2013 trading, we will turn to our Building Blocks to find the key points in momentum for scalping opportunities.

Learn Forex – EURJPY 4Hour Trend

Learn_Forex_Scalping_Short_Term_Forex_Momentum_body_Picture_2.png, Learn Forex: Scalping Short Term Forex Momentum

(Created using FXCM’s Marketscope 2.0 charts)

EURJPY Building Blocks

Pictured below we can see our current Building Blocks for the EURJPY updated through todays pricing on a 30 minute graph. The analysis for Block 1 began on Wednesday December 26th. From this point the market made a seemingly one way move, advancing as much as 293 from its Block 1 low at 111.75 114.68. From this point the market slowly advanced confirming market momentum to the upside by printing a Block 1 high at 107.65.

As we have previously discussed, strong trends must have price in both Building Blocks heading in the same direction. Our analysis reveals that the standing low on the EURJPY resides inside of Block 2 at 113.10, which is considerably higher than the low found in Block 1. With both a higher high and a lower high being printed, Block 2 is indicative of strong continued upside momentum.

Learn Forex – EURJPY Building Blocks

Learn_Forex_Scalping_Short_Term_Forex_Momentum_body_Picture_1.png, Learn Forex: Scalping Short Term Forex Momentum

(Created using FXCM’s Marketscope 2.0 charts)

With both building blocks in the graph above painted blue and price pointing higher, the short term trend for the EURJPY remains upward. With the current direction of momentum identified scalpers will look to buy the EURJPY on future market advances. Alternative scenarios include a breakout under the Block 2 support, residing at its low at 113.10. A move below this point would conclude the EURJPYs current bull run,while temporarily changing the trading bias on the EURJPY.

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com . Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list, send an email with the subject line “Distribution List” to instructor@dailyfx.com .

Been trading FX but wanting to learn more? Been trading other markets, but not sure where to start you forex analysis? Register and take this Trader Quiz where upon completion you will be provided with a curriculum of resources geared towards your learning experience.

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

DISCLOSURES

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.