Daily FX Training | Learn Forex with the Dynamic Traders: Missed The Overnight Trade

Good morning dynamic traders. As you know from previous forex analysis, I have been waiting for a set up on the AUDJPY for a short and last night we had it. For those that have been trading for a while you will know trading does not always go to plan and last night was one of those times.

I had placed an order to go short based on my trading model at just over the 96 figure and this morning the AUDJPY has travelled down over 150 pips at the time of writing this. Unfortunately my position did trigger and was missed by only 1 pip. When I checked the chart this morning I was very pleased to see the decline on the AUDJPY cross until that is I opened up my trading platform and saw my position had not been tagged.

So, looking at the AUDJPY the trendline has now been broken and the price is likely to go to the 94.00 mark. If it continues beyond that then 93.00 zone is likely to be the next target.

If any of the forex traders I trained reading this are in this trade then I suggest you should look to manage the trade.

AUDJPY forex chart from Advanced Get.

The Euro has found little strength and although bounced, it is clear the money that has been in this so far is the dumb money. The smart money have not started buying this pair yet. If the smart money get involved with this then 1.5000 - 1.5200 zone could be their target.

My forex analysis on August 13th which you can read here suggested the GBPUSD could find support at the 1.85 zone and sure enough it did. The support has produced a minor bounce from a larger perspective and a big bounce from an intra day perspective. If the bounce continues then near term resistance will be at the 1.8750 level.

Today's Dynamic Trader Toolkit pivot points are below.