EURJPY Price Action: Bearish Fakey Trade Setup, 28/03/2013

The Fakey Trade Setup on this pair could send prices lower. Notice also that price closed slightly below support.

My Recommendation: I would wait a bit longer to make an entry based on this setup.

EURJPY Price Action: Outside Bar Trade Setup pulls off, 27/03/2013

 

The outside bar trade setup discussed on the pair in my Price Action Commentary on the 22nd March 2013 has come off quite good. The Trade room was able to bow out with a nice reward of about 250pips from our entry (I decided to show a chart carrying the trade rooms entry point). At the moment, price is at support and has given off an inside bar trade setup. I would advice that traders wait to see th reaction of the market at this zone before jumping into new trades.

My Recommendation: Stay neutral.

EURJPY Price Action: The week Ahead 24/03/2013 - 29/03/2013

 

We have a nice looking bearish outlook on the weekly chart of the EURJPY. The Pin Bar on it from the close  of markets last week suggests so. While immediate support is found at about 120.67, Price will attempt to break down into key support at 115.99 if its able to clear 120.67 decisively.

EURJPY Price Action: Outside Bar Trade Setup, 22/03/2013

 

 The eurjpy successfully covered the gap experienced at market open on Monday but was quickly rejected as it approached Friday's low. Price closes as an outside bar and the expectation is for further decline in the comming days. Join me in my trade room to see how I intend to trade this pair and the like.

My Recommendation: Sell pair with SL above recent highs.

EURJPY Price Action: Pin Bar Trade Setup gaps down 19/03/2013

 

The setup on this pair was simply perfect to go with the bears but unfortunately, we had a huge gap and many traders didnt have the chance to milk it. Many would have noted that I almost called it a bread and butter setup from the way I sounded about it in my last commentary on Friday 16th March. I expect the pair to trade lower in the comming days.

My Recommendation: Look for entries to sell the pair on intra-day time frames.

EURJPY Price Action: Pin Bar Trade Setup, 16/03/2013

 

 We have an interesting Pin Bar Price Action Trade setup on this pair which looks simple enough to easily deliver a 1:2 Risk/Reward or even 1:3 Risk/Reward. Join me in the members area to see if and how we will be trading this setup.

My recommendation: Bears are favoured with stops above the recent highs.

EURJPY Price Action: Seeking Support at about the dynamic Resistance 14/03/2013

 

The pair is obviously on a strong bullish run but seems to be in search of a suitable support base with which to pull off into some nice bullish moves. The dynamic supports just below could offer the needed push.

My recommendation: Wait and see reaction at dynamic support.

EURJPY Price Action: pushes higher from Inside Bars 12/03/2013

 

The pair remains in buoyant mood despite closing the week with a slight rejection (A pin Bar). I got a lot of mails from members of my group asking to know if it was reasonable to go short based on the Pin bar from Friday's close and My simple answer was no. First because there wasn't really any confluencing events at the point of the appearance of the Pin bar and Secondly because I prefer going with the more dominant trend. My Price Action Trading Course teaches a lot of things like this, preventing us from pulling the trigger prematurely on dead end setups.

My Recommendation: Wait for Price Action at Resistance 126.96 or there about.