GBPUSD Price Action: Break of Inside Bar trade setup. June 11, 2013.

 

There has been a breakout on the GBPUSD as the dollar continues to be faced with immense selling pressure against the Pound and Euro. The break of the inside Bar Trade Setup from the previous day is further indication that price could aim to reach the next resistance as indicated above.

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GBPUSD Price Action: Pin Bar Price Action Trade Setup. Against Market Open, June 2, 2013.

 

 The Cable has positioned itself for further bullishness as Price Closed as a Pin Bar off New Support. Expectations are for price to target higher prices pending its ability to break above near resistance as shown above.

My Recommendations: buy pair on a failed attempt to break or approach New Support.

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GBPUSD Price Action: Price Hits Key Support after Closing Price Reversal Trade Setup. May 28, 2013.

 

 The sell off on the GBPUSD following the Closing Price Reversal Trade setup closed just at about Key Support. There already seem to be a bullish Price Action Setup on the 1hour Time frame, so all short trades should be closed. New Short entries could be considered on the break of this Key Support. In the mean time, price could be pushed higher into Resistance Zone for a possible price Action Setup for the continuation of the more dominant bearish trend.

My Recommendation: New/Intermediately experienced Forex Traders Should stick to trading with the major trend only.

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GBPUSD Price Action: Inside Bar Price Action Setup, Hits support. May 22, 2013

 

One of the benefits of making trading decisions off the daily time frames is that all the minor and some times very volatile fluctuations inherent in the intra-day time frames would be none of your concern, evident in today's trading. Despite all the hush and flush, prices still respected the major trend. GBPUSD has hit support following its Inside Bar Price Action Trade Setup. I had recommendeed that Traders stayed short based on this setup and the result from just yesterdays entry would have been about 100pips.

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GBPUSD Price Action: Inside Bar Price Action Setup, pulls lower. May 21, 2013

 

 An Inside Bar Price Action Setup at the close of trading yesterday has sent the GBPUSD lower in today's trading. It is noticed that price made a few failed attempts to break above resistance thus the selloff. Price is expected to continue short into the next support zone at about 1.5040.

My Recommendation: Stay Short.

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GBPUSD Price Action: Pin Bar Price Action Setup, leads to break of near support. May 10, 2013

 

On May 6, which was the previous commentary I ran on the GBPUSD, I did mention that the pair was now showing significant bullish weakness, with expectations towards rejoining the bulls, at the instance of a significant price Action setup at Support. Incidentally, that support gave way at the close of trading Friday, and the bias on this pair now is bearish. Price Action sell signals would be sort on its failed attempt to approach or break through New Resistance.

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GBPUSD Price Action: Pin Bar Price Action Setup, moving lower. May 2, 2013

 

The bullish trend on the cable seem to have lost steam. Price lost ground slightly at the close of trading today, giving off, an Inside bar Price Action Setup at about key Resistance. If we consider the fact that the pair had previously shown bullish weakness as pointed out on the commentary of May 2, price could therefore target the near support as indicated on the chart above. 

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GBPUSD Price Action: Pin Bar Price Action Setup, moving lower. May 2, 2013

 

The Cable has shown reluctance to being sold off unlike it's Euro cousin, following the Pin Bar Price Action Setup discussed in yesterday's commentary. However, price remains around key resistance Zone, so we could still see some reasonable selloff by the end of the week. Supports are found as shown on the chart.

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GBPUSD Price Action: Pin Bar Price Action Setup, 1/05/2013

 

 The Cable has been on a very dominant bullish run but appears to be slowing at this time. Today's candle closed as a Pin Bar, but going by the strength of this trend, it would be safer to wait for rotations back into supports to join the more dominant bullish trend. However, if price continues higher, we will look to make sell entries pending price Action at resistance just above.

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GBPUSD Price Action: The Week Ahead 21st -26th April, 2013

 

The Pivot top price action setup gives us great reason to expect a resumption of the previous more dominant down trend on the pair. My bias on this pair for the week is bearish.

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GBPUSD Price Action: Closing Price Reversal Trade Setup, April 20, 2013.

 

At my previous commentary on the pair, I advised being a bit more patient to ascertain its true direction. Now, GBPUSD has made a failed attempt at going long, following the inside Bar Trade Setup of the 18th April. A Fakey with Pin Price Action Trade setup ensures which closes below the previous support which should now act as resistance in sending the pair lower.

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GBPUSD Price Action: Inside Bar Trade Setup, April 18, 2013.

 

 I advised going short on this pair if we could get a reasonable bearish push on the pair before London open yesterday, which eventually didn't happen. Instead, price moved and closed above the support line. Traders seem undecided on the next direction of this pair.

My Recommendation: Waiting one day to allow market decide on its direction.

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

 

 GBPUSD has broken support at around 1.5260 after a failed attempt to target higher prices. If this break is sustained, price will attempt to reach lower prices. Hidden support is still at about 1.5030.

My Recommendation: I would support shorting this pair if we can get lower prices before the London Session.

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GBPUSD Price Action: Inside Bar Price Action Setup, 09/04/2013

 

 Following the Break of resistance discussed here 07/04/2013, An inside Bar Trade setup emered at the close of Trading yesterday. An inside bar in an uptrend after a confirmed break would usually lead to higher prices and we do see here that price moved higher today. Expectations are still for even higher prices with resistances at 1.5500. 1.5620 as immediate targets.

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GBPUSD Price Action: The week Ahead, 07/04/2013 - 12/04/2013

 

 The weekly Chart of the GBPUSD has seen the break of Key resistance at about 1.5273 as a result of great bullish pressure, therefore, it is expected that the pair would push higher in the coming weeks.

 

The daily Time frame shows the break of the same resistance in more detailed form. Price had hovered around it for 2weeks and with this current break, higher prices should be expected with possibly slight pullbacks into support.

My Recommendation: Buy pair on pull backs into Support at about 1.5250 with stops below the closing price reversal candle.

GBPUSD Price Action: Bullish Two Bar Reversal Trade Setup, 03/04/2013

GBPUSD seems to have finally succumbed to the bearish pressure from the resistance just above at about 1.5260 as price was convincingly rejected at about that zone at the close of the day's trading. A Bullish Two Bar Reversal Price Action Setup ensures as a result and if this setup pulls off, price could head towards support at about 1.4830.

My Recommendation: One more trading day's close would be necessary to ascertain the true value of this setup.

GBPUSD Price Action: The week Ahead, 1/04/2013 - 5/04/2013

 

GBPUSD trades close to weekly resistance and could face bearish pressure however, the Pin Bar Price Action Setup the week closed in, shows more of the bullish pressure. A break of resistance would see price attempt to target the next resistance at 1.5626.

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GBPUSD Price Action: Outside bar Trade Setup, 29/03/2013

 

 I did point out in yesterday's commentary that there was a hidden support on the pair as the Trade room closed out its previous short trade on it. Price has moved higher today as expected and could target near term resistance at about 1.5260.

My Recommendation: Look out for Long entries on the intraday time frames.

GBPUSD Price Action: Further bears on Outside Bar Setup stalling. 28/03/2013

 

 GBPUSD appears to be stalling on possible further declines in-spite of its hitting a very significant resistance point at about 1.5206 and giving off an outside bar Trade Setup. The Trade Room was short based on the outside bar setup but quickly took profits before our TP had reached. We wait to see how price reacts now.

My Recommendation: Wait to see if we are bullish in the next trading day then go with the bulls.

GBPUSD Price Action: Breakout 23/03/2013

 

When I first spotted and decided to trade the Counter trend Pin Bar Price Action Setup on this pair on the 13/03/2013, little did I know that the pair was up for a breakout. I had also traded the Pinbar setup on it on the 20th of March, which did hit SL, leading to the break of resistance (1.5176). This Scenario turns the table. The previous resistance should now act as the new support as we await a reasonable price action to join in on the emerging trend.

My Recommendation: Buy pair at confirmation of Support.