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Wednesday, July 23, 2014

Price Action Setups: CHFJPY Gives Us a Lesson in Price Action


The market showed some life today, at least compared to that of yesterday. There are a few potential setups I’d like to highlight as well as the AUDCHF trade that we’ve been following. But first I want to talk about CHFJPY as the pair has given us a lesson in price action by showing three different signals back to back.

Last Friday the market gave us a bearish continuation bar off of resistance. Then an inside bar formed yesterday as the market consolidated. To top things off we got a bearish outside bar today as the market broke below yet another level.

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