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
Wall Street
More View more
Real Time News
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:
  • The S&P 500, Dow Jones and crude oil prices have recently made critical advances to the upside. Is retail positioning supporting the case for further upside momentum?
  • An improving economic backdrop is bolstering crude oil prices and in turn, the Canadian Dollar. Still, the risk-sensitive Australian Dollar continues to move higher. Get your market update from @FxWestwater here:
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - #Gold #XAUUSD $GOLD $GLD
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX:
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.64% Germany 30: 0.04% US 500: 0.00% Wall Street: 0.00% France 40: -0.02% View the performance of all markets via
  • GBP/USD continues to fail around the 1.3400 level and is unlikely to make a confirmed break higher ahead of any trade talk confirmation. Get your $GBPUSD technical analysis from @nickcawley1 here:
Scalping This Weeks Forex Trends

Scalping This Weeks Forex Trends

2013-05-29 19:00:00
Walker England, Forex Trading Instructor

Article Summary: Identifying a currency pair for scalping is an important skill for short term traders to master. Today we will identify one of this week’s opportunities in the Forex market.

Each week currency scalpers must decide which pairs are best suited for trading. Today we will review how to make this determination using y using both trend and momentum based analysis. Lets begin with this weeks example on the AUDUSD.

When deciding on a pair for trading, first scalpers are tasked with finding a strong market trend. Below we can see the AUDUSD making a quick descent declining over 1054 pips. Currently the pair is making a fresh montly low at .9527. As the market continues to make lower lows, this provides prime opportunites for short scalpers to then institue their term trading trading strategies.

Learn Forex –AUDUSD Daily Chart

Scalping_This_Weeks_Forex_Trends_body_Picture_1.png, Scalping This Weeks Forex Trends

(Created using FXCM’s Marketscope 2.0 charts)

The next step that should be taken is to identify short term market momentum. This step is necessary to avoid moments where a currency pair is moving against its primary trend. To identify the optimal trading scenario, traders should look for a series of lower lows and lower highs in a downtrend for at least one full trading week. This can be found as shown using the method below.

The blocking method for identifying short term momentum is intended to divide a trading week in half to ensure short term momentum is in line with a longer trend. We can see the AUDUSD being blocked off below by identifying the previous Wednesdays and Sundays on our chart. The key to a this analysis falls in a currency pair making a lower low and lower highs which is in line with our existing downtrend. In the event that price breaks the previous high, which currently stands at .9695, traders would contend that short term momentum is turning and should look for other trading opportunities.

Learn Forex –AUDUSD Building Blocks

Scalping_This_Weeks_Forex_Trends_body_Picture_3.png, Scalping This Weeks Forex Trends

(Created using FXCM’s Marketscope 2.0 charts)

Now that both trend and momentum have been identified, traders can then look to implement the scalping strategy of their choosing. It is important to remember that even though this analysis has vetted a pair for trading, the trend may turn at any given point in time. Knowing this all scalpers should always set stop orders on each new open position.

---Written by Walker England, Trading Instructor

To contact Walker, Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list,CLICK HEREand enter in your email information

Looking for more information on risk management? Take our free risk management course and learn more about adding Risk/Reward levels to an existing strategy.Register HEREto start learning!

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