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 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. To help you understand my trading approach, please read about my trading framework.
Sellers took back control on AUD/USD & pushed the pair quickly in my favor. With the potential for risk-on catalysts to pop up anytime, I decided to adjust my trade to lock in a profit. Here’s a quick review!
After a choppy couple of months for USD/JPY, my short position finally closed for a profit at my adjusted stop as the Greenback rallied last week. Here’s a quick review and a few thoughts on USD/JPY going forward.