Daily Price Action Setups
A lot of great price action today in the Forex market. There are several setups to talk about so let's dive right in...
NZDUSD finally broke down today, closing below the .8520 level. We've been watching this one for a while now.
From here I think we could see the market retrace to test the underside of this level as resistance before continuing lower. In fact this is the only way I'll play this kind of break. Be sure to check out the 4 hour chart of NZDUSD below for more on this.
NZDUSD 4 hour chart. I'm not a huge fan of Fibonacci retracements, but I do sometimes use them to add further confluence to a trade setup. Notice how the 50% fib level lines up perfectly with the .8520 level we've been watching. The swing high at 1.8578 was used to draw the fib.
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Daily Price Action is all about teaching Forex price action strategies that involve no indicators or EAs of any kind. The site is dedicated to teaching Forex traders how to read price action so they can learn to trade Forex the right way. Daily Price Action offers free trading education, videos, useful articles and an exclusive member's only Forex trading community.
This thread will include daily price action setups as identified by key levels in the market.