Pipcrawler

Pipcrawler

Every day, I try to find what I believe is the best-looking short-term currency trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky trying to figure out how to look at charts and draw lines. My goal is to help you understand the psychology behind price movements in the foreign exchange markets, so you can learn to analyze your own currency charts and trade on your very own.

Articles by Pipcrawler

Pick of the Day: USD/CAD

In the last few trading sessions, we’ve seen the USD/CAD rise in an impulse wave pattern. This rise is probably due to the dovish comments on future monetary policies from the Bank of Canada and rising strength in the US dollar due to geopolitical reasons. Will the trend continue? I think so, but it may …

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Pick of the Day: GBP/USD

Tomorrow morning we have the US Trade Balance report being released at 8:30 am EST. The consensus number is about -64.6 B, but we may see a larger deficit number after hearing that China’s export report was better than expected. So, here are a couple of trade ideas in case we see surprise numbers out …

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Trade Review: USD/JPY

Well, it looks like the downtrend in USD/JPY never resurfaced so there was no trade triggered. Actually, before the pick was released, the pair did touch the price level, so it was a good thing we didn’t get in that earlier move. So, it looks like traders will be on the sidelines with the Yen …

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Pick of the Day: USD/JPY

We’ve seen the Yen gain against many different currencies as traders anticipate that the Bank of Japan will finally raise interest rates from 0% to .25%. It seems that this is being priced into USD/JPY as we speak, but will the trend continue right up to the BoJ statement? Who knows? But from what I …

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Trade Review: GBP/USD

Our long trade recommendation was triggered early in the Euro session before US trading session opened up. At 8:30 am EST, the NFP report showed a number of 121K new jobs created in the month of June. It was weaker than expected which meant a rocket rise in GBP/USD. Pt1 and pt2 was easily hit …

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Pick of the Day: GBP/USD

It’s that time of the month again – US Non-farm Payroll report!!!! Oh yeah! Once a month we get to see this beast of a market mover, and hopefully we get to catch some pips. This month’s consensus for the June report has seen a wide range from 50K to 300K jobs added, and traders …

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Trade Review: GBP/USD

Numbers out of the UK came out as expected and we saw little movement in the market compared to the normal volatility that we usually see. This is also due to the fact that US non-farm payroll report is coming out tomorrow; so many traders are on the sidelines waiting for that report. No trade …

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Pick of the Day: GBP/USD

Tonight’s pick is on GBP/USD. As you can see from the chart we saw extreme dollar weakness after the dovish comments from the Fed, but failure to break the 1.8500 level. So, now we see a move to the short side, but will it continue?? Where to from here? Well, we have the Industrial and …

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Pick of the Day: GBP/USD

Tonight’s pick is on GBP/USD. As you can see from the chart we saw extreme dollar weakness after the dovish comments from the Fed, but failure to break the 1.8500 level. So, now we see a move to the short side, but will it continue?? Where to from here? Well, we have the Industrial and …

Read More

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