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GBP/USD long trade based on a close above previous resistance. Entry made by candle pattern. Reasons for trade: – Strong Bullish engulfing candle close on the 4H, which closed aggressively above previous resistance. – Price found support off the 8 & 21EMA’s. – Strong momentum shown on the 1H charts which should carry a high probability trade. – Price action found support off the 50% fib level & old resistance level from daily chart. – Good angle and separation of the EMA’s confirming upward …

GBP/USD short trade based on the 4 hour closing candle: – 4H close below previous support at the 1.6290 zone. – 4H shooting star formation (almost a mini evening star) showing lack of momentum. – 1D has placed a lower high and double top, together with the 8EMA flatting off. – 1H showing a lower high and lower low, which indicates lack of buying momentum & rhythm.

NEWS TRADING +93 pips : Non farm payrolls trade explained (07/08/2009)

GBP/USD short trade with an early 4 hour entry: – Important long term monthly levels. – 1H price action found resistance off 50% retracement line – Candles showing lack of conviction to the upside. – Monthly 21EMA present

EUR/USD short trade based on the price action reaching top of channel. Risky trade, where I show you what to look for: – Series of 4H spinner closes showing trendline resistance, and lack of momentum to break price channel. – After the belt holding candle close at 16:00 (21/05/09) the small candles show a lack of momentum & emotion to the upside which you would expect with such a positive close. – Large MACD divergence on the 1D chart. – Price action is a large distance away from the 8EMA on …

GBP/USD short trade based on the 4 hour closing of strong belt holding engulfing candle: – Very Strong 4H close below previous support at the 1.6220 zone. – Large bearish engulfing candle which shows strong momtenum to the downside. – 4H arrgessive close outside of the large box range / consolidation period we have been in for just over a month. – 1D placed a bearish engulfing pattern off the new highs. – 1H showing a lower high and lower low, with good angle and seperation of the 8 / 21 …

GBP/USD trend continuation (Long) trade based on the 4 hour closing candle: – Belt holding 4H close above previous resistance at the 23.6 fib level 1.6468. – Price action found support off the 8EMAon 4H and closed aggressively above the 1H box range. – 1D shows the 8EMA had taken control with price finding support off the 21EMA. – Angle and separation developing nicely on the 8 & 21 EMA’s on 1H and 4H charts.

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Watch more free Elliott wave videos here: http://www.elliottwave.com/wave/yt113007 The standard explanation mainstream financial analysts and some forex trading “experts” use when talking about a market move is, “The market did that because of such-and-such news report.” But if you’ve been forex trading long enough, you know that all too often, the market’s reaction to the news is the opposite of what it’s “supposed” to be. Watch Elliott Wave International’s Senior Forex Trading Strategist, Jim Martens, as he explains that it’s not the news that matters when you’re trading forex — it’s the market’s reaction to the news that does — in this 10-minute forex trading video using the U.S. Dollar Index, Euro / Dollar and Dollar / Pound (cable) charts as examples.