CADJPY PRICE ACTION: Stranded Bullish Engulfing Trade Setup

 Just like with the EURAUD on the 23rd September, CADJPY has given off a counter Trend Trade Setup after a new (emerging) trend is confirmed. The trade room had gone short as seen above based on the bears confirming candle formation before we had this Bullish Engulfing bar, therefore, the new  Trade Setup would be ignored unless a counter bear rejection Trade formation is spotted on the 4 hours time frame. Expectations are for price to aim towards 93.00 Psychological resistance however 50% of open positions would be closed as price drops 50% towards projected TP.

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USDCHF PRICE ACTION: USDCHF looking to make a bearish breakout

USDCHF has been on an extensive bearishness for the past two weeks and despite the fact that it has hit a very significant Psychological Support, Price Action at about that zone points to further bearishness on the pair. This expectation is supported by the pairs 4hour bullish rejection confirmation.

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GBPAUD PRICE ACTION: Bullish confirmation Pin Bar Trade Setup.

We have waited patiently for five days, after price gave off a Pin Bar Trade Setup when it hit its Psychological support at 1.6900, giving off a Pin bar Trade Setup. This setup has been followed by a decent bullish run and has resulted in more bullish confirmation, after the 4 hour time frame showed significant bearish rejection. Subsequently, the Trade Room went long with a minimal expectation for price to hit the 1.7400 Psychological resistance.

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EURCAD PRICE ACTION: Pin Bar Trade Setup gets bullish confirmation.

The EURCAD has had two bullish trend confirmations after price went into consolidation as it hit Psychological Support of 1.3700. A breakout of the consolidation as pointed out in the figure above was a first trigger to some bullishness. yesterday's Pin bar Trade Setup and its 4 hour bearish rejection confirmation became another bullish confirmation. It is important to note that I always wait to get these 4hour trade setup confirmations before my entries are made.


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USDZAR PRICE ACTION: Bearish Closing price Reversal Trade Setup Pulls higher, bullish trend confirmed

In recent times, I have made adjustments to how I determine a valid Trade Setup, entries, Stops and exits. In-fact a whole lot has changed abut how I trade the market. However, the modifications are only an improvement on the basic price Action Trading Techniques commonly available but now, entries and exits are made with much more precision.

The USDZAR Bearish Closing Price Reversal Trade Setup Trade which occured 5days ago needed a few more candles to confirm that traders were actually interested in going long from the setup. The confirmation was seen at about the London Open today, when price bounced off the its critical level on the 4hr time frame. This trade is expected to carry on into the 10.5000 Psychological Resistance zone but the Trade Room would usually close 50% of its open positions as price moves half way to our projected exit point leaving the rest of the trade to run on a 300pips trailing stop.


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USDJPY PRICE ACTION: Bears Confirmation, Closing Price Reversal Trade Setup pulls lower

A Bullish Closing Price Reversal noticed on Friday 20th September, complementing an initial one from about the 100.00 Psychological resistance zone on the 11th of September, which has been followed by a 4hr trend confirmation, is expected to push prices lower, possibly into Psychological Support at about 97.00. Though we will keep an eye on 98.00 where 50% of open position would probably be closed.

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EURAUD PRICE ACTION: Outside Bar Trade Setup

EURAUD fired off an outside bar at the close of trading on Thursday , September 19, 2013. It was followed by a bullish validating candle the next day, however, today, price opened with a GAP up but traded bearishly all through the day, firing off a counter Outside Bar Trade Setup. This is very interesting since we were already long based on the initial Outside bar Trade Setup from Thursday. The decision on this nerve wrecking scenario is to remain bullish until the new setup is validated with at-least another lower low and lower high candle, therefore, this new Setup would be ignored as we look at the possibility of price reaching 1.46.

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USDJPY PRICE ACTION: Yen Remains Bullish.

In our previous commentary on the yen on 6th September, we discussed the bullish breakout on the daily chart of this pair which was preceded by a couple inside bar Trade Setups. Price however faced hesitation and dropped lower following the NFP release of last week but price has again resumed its more dominant bullish trend after yet another inside bar Trade Setup at the close of trading on Monday. The pair remains bullish and could yet attempt to reach its 101.00 Psychological Zone. Only a break below 99.00 would initiate any reasonable sell off.

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EURUSD PRICE ACTION: Inside Bar Trade Setup

The Euro has given off an Inside Bar Price Action Trade Setup after price faced support at the 1.3100 Psychological Support. A Closing Price Reversal Trade Setup had set the tone for the recent continuation of the more dominant bullish trend of the pair. The Inside bar should thus act as further catalyst for buying pressure, in line with the expected bullish trend continuation.

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EURGBP PRICE ACTION: Pivot Bottom Trade Setup.

A Pivot Bottom Price Action Trade Setup as seen on the daily chart of the EURGBP, is a bullish reversal Trade Setup and could send prices higher in the coming days. It is important to note that an intra-day breakout bullish confirmation had occurred within today's trading therefore, price should attempt to reach higher. Psychological resistances at 0.8500 and 0.8600 would be reasonable take profit zones.




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GBPJPY PRICE ACTION: Pivot Top Trade Setup

Fridays saw a very significant sell-off on the GBPJPY following the pairs inability to break above 156.00 Psychological Resistance, closing eventually below 155.00 psychological level. This scenario changes bias on the pair from bullish to bearish and also, the Pivot Top price Action Trade Setup is a Bearish Trade Setup. Entries would be sort on the 4 hour time frame to join this emerging bearish trend.

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USDJPY PRICE ACTION: Price shoots above Psychological Resistance

On August 31, I drew our attention to the Inside Bar Price Action Setup that had occurred on the daily chart of the USDJPY after price seemed to hit a bottom following the Closing Price reversal trade Setup. In my follow up analysis on September 3, I indicated that the trade room had gone long and was expecting price to reach the 100 Psychological resistance. It has now broken that resistance and the Trade Rooms TP. price could now aim to reach the 101 Psychological resistance zone. The trend remains bullish yet.

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Trade Call: Buying NZDCAD Based on break of psychological resistance Update

The Trade Call from yesterday on the NZDCAD has pulled higher significantly though its yet to hit  our expected TP level, the trade is well over 80pips green at the moment. If our target is reached, the trade will close out on about 180pips. The trade initially drew some concerns from a few of my students in the Mentor group based on the candle close formation after the breakout candle, which seemed like a bullish rejection but the break was still in play and it is normal that a minor retracement follows a valid breakout.

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Crude Oil Price Action: Pin Bar/Inside Bar Bullish Combo

Though I do not trade the news nor give much attention to it, but the possibility of a US military strike on Syria seemed inching one step closer to reality when a key US Senate panel approved a draft resolution allowing a 60-day military action in Syria that would be put to vote on Wednesday. Our chart also appears to be in-tune with that expectation following a Pin bar/Inside Bar Bullish Price Action Combo Setup on the daily time frame. If this Setup pulls off, expectation would for price to atleast hit the 111.00 Psychological resistance zone, as shown in the chart above.


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Trade Call: Buying NZDCAD Based on break of psychological resistance

This is an example of how I make entries as shown here in the buy Trade Call (buy Limit NZDCAD at 0.8205 SL 0.8107 TP 0.8393) posted to members of my Trade Room. Our expectation is for price to make an attempt to reach 0.8400 psychological resistance zone. This trade was made based on the bullish break noticed on the 4 hour time frame, also evident in the 123 bottom break on the daily time frame after the formation of a Pin bar on August 28.

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USDJPY PRICE ACTION: Closing Price Reversal / Inside Bar Combo, Pulls higher.

I drew attention to the combo Closing Price Reversal and Inside Bar Trade Setup on the USDJPY in my analysis of the pair, August 31. Price has since moved higher and looks set to hit the 100 Psychological level. A break would send prices further long into the 101 region. The Trade Room is long on this pair and our TP would be met at the touch of the 100 region.

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AUDUSD PRICE ACTION: Pin Bar/Inside Bar Combo off Psychological support pulls higher.

We had a valid bullish setup on the Aussie after a Pin Bar Price Action Trade Setup was followed by an inside bar before the close of trading last week and with today's price moving slightly higher, it resulted in a bullish breakout on the 4 hour time frame validating the combo setup. Despite the fact that the major trend is yet bearish, price is expected to at-least make a dash towards Psychological resistance at about 0.9100 from where it is expected that the bears would get back in on the pair. But if it breaks instead, that would leave the door open for 0.9200.

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USDJPY PRICE ACTION: Inside Bar Trade Setup.

Friday's session of the USDJPY closed as an inside bar and above its psychological resistance turned support of 98.00. The inside bar trade setup comes just after the Closing Price Reversal, spotted at the close of the US session on Wednesday August 29th. These are strong bullish Price patterns and we should see price aim towards 99-100-101 Psychological levels.

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GBPJPY PRICE ACTION: Closing Price Reversal Trade Setup pulls higher, August 29, 2013.

GBPJPY today, has pulled higher after the pair gave off a Closing Price Reversal (CPR) Trade Setup at the close of trading yesterday. It is expected still that the pair would aim to reach the 154-155 psychological resistance zones therefore, we will remain bullish on this pair yet.

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NZDUSD UPDATE: Bearish Pin Bar Trade Setup August 29, 2013

The Kiwi has been on a free fall since we discussed its Pin bar Price Action Trade Setup on August 19. It seemed to have hit a halt after yesterday's Pin bar but it should be noted that the pin bar Closed below the Psychological resistance hence, price was quickly rejected as it approached the dynamic resistance. The trade room quickly went short as soon as the day closed with price expected to reach for the next psychological support at 0.7700.

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