AUDUSD Price Action: Pin Bar Trade Setup, April 20, 2013.

 

I recommended selling this pair at the time I analyzed the Closing price Reversal Setup on April 17th and my bias on it remains unchanged still. In-fact the Pin Bar Trade Setup on it now should entice more sellers into sending prices lower.

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AUDUSD Price Action: Closing Price Reversal Trade Setup, April 18, 2013.

 

 I recommended selling this pair yesterday following the nature of its Closing Price Reversal Trade Setup. My bias on this pair remains unchanged.

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AUDUSD Price Action: Closing Price Reversal Trade Setup, April 17, 2013.

 

AUDUSD nose dived after hitting Key Resistance at about 1.0580, racing past Support at 1.0365 and now closing below another support at 1.0300. It does appear that the bears are still very much in control therefore price should approach the next support around 1.0220 in the coming days. The Closing Price Reversal price Action Trade Setup also is in support of more bears.

My Recommendation: Sell pair with stops above the Closing price Reversal candle.

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AUDUSD Price Action: Continues bullish surge after Closing Price Reversal, 12/04/2013

 

 The AUDUSD has continued to surge higher after the bullish Closing Price Reversal Setup, discussed in my trade Commentary on the 08/04/2013. It remains to be seen if the resistance just above at 1.0578 can put a halt to this massive bullish move.

My Recommendation: Buy pair on intraday time frames and pullbacks.

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AUDUSD Price Action: Closing Price Reversal pulls off, 09/04/2013

 

I have had a lot of people call or email me to ask how I plot my horizontal lines or if I have an automatic plotter or something like that but Ive always given them the same answer; "NO"  The more you look at the charts and plot these lines, the better you will get.

The Closing Price Reversal Price Action Setup discussed yesterday has pulled off, piercing resistance at 1.0484. This is an indication of even higher prices, however, we could be faced with slight rotations back into dynamic and minor intraday supports.

AUDUSD Price Action: Closing Price Reversal Trade Setup, 08/04/2013

 

 AUDUSD closed above key support zones (between 1.0370 & 1.0407) after price failed to close below these zones. A Closing price Reversal Price Action Setup ensures subsequently. If this setup is sustained, price would attempt to reach the next resistance zone at about 1.0485.

My Recommendation: One more trading day's wait is necessary.

AUDUSD Price Action: Pin Bar Trade Setup, pulls off 05/04/2013

 

The pair has pulled off significantly from the Pin bar Price action setup discussed yesterday. I was going to be cautious on placing a sell entry based on this setup but price now seems to have given out its intended direction and if the support just below (1.0400) is broken, then the pair could look to make lows into 1.0300.

My Recommendation: Sell cautiously with stops above recent highs.

AUDUSD Price Action: Pin Bar Trade Setup, 04/04/2013

 

Our previous Fakey with Pin bar Trade setup on this pair seems to have run to a conclusion. Higher prices were rejected as price attempted to break above resistance at about 1.0485. A Pin bar trade setup ensures as a result, which could send prices back down into support.

My Recommendation: A day's wait is necessary to ascertain the true nature of this setup.

AUDUSD Price Action: Fakey with Pin Trade Setup, pulls off 03/04/2013

 This Fakey With Pin Trade Setup was traded in the Trade Room yesterday and has come off reasonably. Price however is still expected to head higher into Resistance at about 1.0484. A break should lead us even higher.

My Recommendation: If you aren't long yet on this setup, better to wait for price Action at resistance.

AUDUSD Price Action: Inside Bar Trade Setup, 30/03/2013

 

The inside bar trade setup on the AUDUSD after a small rotation back into support (1.0407) could mean price setting up for a new round of buying pressure. 

My Recommendation: I will advice for another trading days wait to get a clearer view on this setup.