It's all about risk-on and risk-off sentiment trading currencies and why they move from overbought to oversold and back again, all of which is revealed in the key relationships which are all explained in The Complete Forex Trading Program and of which forex sits at the heart. It is the gateway through which
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Many forex traders struggle to understand how and why the currency markets behave in the way they do, but in fact, it is not hard to understand once you start to think of it in terms of one where the flow is constantly from level to level and back again, rising, falling and then rising once more. This is why we always say it is a market of mean reversion where levels and flow are key. Levels dictate reversal points or pause points, whilst flow is dedicated by sentiment and whether it is universal across the complex.
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Currency futures and index futures really delivered in the US sessions ahead of the key FOMC release later in the day with the US dollar rising strongly and indices falling in Globex. On Tradestation GLobal using 9.5 and the Interactive Brokers feed this was all too evident across currency futures with a sea of red on Radarscreen.
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As we approach the year-end, for forex traders this represents a great time of year with plenty of volatility as volume falls in the run up to the holiday season. But this delivers plenty of excellent trading opportunities and the starting point as always is the currency strength indicator which helps to identify when a currency is overbought to oversold and hence guides you to the opportunities immediately. From there, it's off to the charts, and check out the volume associated with any moves as you look for primary to primary trend reversals.
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Trading currency futures and stocks using volume price analysis and supported by the Quantum Trading tools and indicators.
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This was a red-letter day in every respect with positive news about a vaccine for COVID driving the markets into a frenzy as risk on dominated for much of the day. Leading the way were the yen currency pairs in the yen matrix, surging higher in all timeframes and mirroring the price action in equity markets. And of course, all confirmed through the prism of volume price analysis.
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