There are few daily price structures in play, but with nearly every one having been broken lately, the real money is in just following along with the trends.
Many pairs have had very strong trending moves recently—EURUSD, NZDUSD, AUDUSD, USDCAD, and many more.
I will be focusing on trading the shorter-term patterns and price structures, starting with the hourly and then dropping down.
As I write this, US non-farm payrolls is due out soon. That is a market-moving event, so I will be looking to get in after that.
Short-term price structures are more easily broken. So if the uptrend in the EURUSD turns lower, that needs to be respected.
Especially heading into Friday, I don't have any swing trades currently, so today will likely be a day where I focus on taking some day trades to capture these big moves and then head into the weekend flat.
Day trading was discussed in Day Trading with Price Action or Price Structures. Day trading doesn't necessarily mean you are making loads of trades each day, although it can. Day trading can be taking one trade based on an hourly or 15-minute chart price structure and then letting it ride out.
When markets are strongly trending, it is also a good time to turn on a Renko chart strategy and just let the trades run...for those that prefer that option over the shorter-term trades (although the Renko strategy can very active too, depending on the settings).
Daily Price Structures
The EURCAD has been respecting its daily price structure. It rallied to the top yesterday and then reversed back to the downside during the European session today.
The GBPUSD is also near the top if its daily price structure. It is one of the last remaining pairs that hasn't broken out against the USD (USDCHF is in a similar position). And right now, it is looking like it might be breaking out. Will monitor for false breakouts.
By Cory Mitchell, CMT @corymitc
Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.
Assume I have positions, all the time, in many pairs. Or, that I will be taking multiple positions as they develop.
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Most Forex Pairs are Running, Capture The Short-term Trends - TheStreet
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