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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Mixed
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
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/EIC9YqfTec
  • Anybody else think that casting directors in movies are some of the most underrated people when it comes to giving a film/series credit?
  • No https://t.co/EoBltaP17k
  • Crude #oilprices may face heightened liquidation pressure as the cycle-sensitive #commodity finds itself under the pressure of resilient resistance and a vulnerable, multi-week rising channel. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/cGPX4qcOH1 https://t.co/0U4JMJVFuf
  • The @ecb will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the #Euro a lift. Get your currencies market update from @MartinSEssex here: https://t.co/I4PbmJNG1z https://t.co/hu6Ld1KdDB
  • $GBPUSD doesn’t have the cleanest set of technical indications, but #USD may give indications if it can break its trading range via the $DXY. Get your currencies market update from @PaulRobinsonFX here: https://t.co/PrC9wAaXvU https://t.co/vHYHflwqR3
  • The ongoing contraction in US production may keep #oilprices afloat in June as crude output falls to its lowest level since October 2018. Get your crude #oil market update from @DavidJSong https://t.co/jj1bMLX0DF https://t.co/O9NOqbfHkb
  • watching the #SpaceX launch🍿
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
  • The medium-term #gold outlook still seems favorable as the #Fed, #ECB and more keep rates around 0. Immediate event risk ahead includes the #RBA and #BoC interest rate decisions, US jobs data and Brexit. Get your gold market update from @ddubrovskyFX here: https://t.co/ABXy78LmUn https://t.co/rCALcGaKOL
The Midweek Trend Review

The Midweek Trend Review

2013-08-07 19:00:00
Walker England, Forex Trading Instructor
Share:

Article Summary:Forex traders should take the time to review price action changes throughout the week. Today we will learn how to find this week’s market momentum for Forex scalpers.

Wednesday is the half-way point for this week’s Forex trading. As traders reflect on trading to date, the mid-point can be a great time to reassess current trends and review any new market developments. Reviewing trading data can be an imperative skill for scalpers to help ensure that future positions are in the direction of current market momentum for the remainder of the week.

So how can we begin our mid-week review?

Learn Forex – USDJPY Momentum

The_Midweek_Trend_Review_body_Picture_2.png, The Midweek Trend Review

Above you will notice that a USDJPY 30 minute chart is segmented into multiple pricing blocks. This is done by drawing a verticle line on each Sunday and Wednessday on the graph. By taking this step we have now segmented our trading weel into blocks again Wednessday representing our half way point. Once these points are designated, short term Forex traders can then apply basic trend analysis skills to determine market direction.

From this point, the key is to this analysis is to see if your designated chart is making new highs or new lows for each segment. To ease in this analysis, price blocks that make new highs are marked in blue. Where as a pricing block with lower lows will be marked in red. If you find two blocks headed in the same direction, this can symbolize a strong trending currency. However, if you see a change in the color of your trading blocks, this may symbolize a change in market direction. As depicted above, we can see the shift in the USDJPY chart. During these periods traders should remain flexible and look for new trends to develop. With this in mind, now lets look at how these pricing blocks can influence future trading decisions.

Learn Forex – USDJPY Support & Resistance

The_Midweek_Trend_Review_body_Picture_1.png, The Midweek Trend Review

Using this analysis can also be helpful to making decisions on current price action. Past highs and lows for a pricing block can become excellent points of support and resistance. In a strong downtrend like the USDJPY, price should continue to break levels of support while staying above lines of resistance. In an instance where a new high is made in a downtrend, this would mean at least a temporary change in momentum. A t this point traders should reassess the trend and begin building their next pricing block on the graph.

---Written by Walker England, Trading Instructor

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

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

New to the FX market? Learn to trade like a professional with DailyFX!

Signup for this free “Trade Like a Professional” certificate course to help you get up to speed on Forex market basics. You can master the material all while earning your completion certificate.

Register HERE to start your Forex learning now!

http://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2012/06/19/How_to_Build_a_Strat_Part_3.html

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

DISCLOSURES

News & Analysis at your fingertips.