Bearish alert: USDCAD fires a Pinbar at dynamic resistance

USDCAD fired off a Pin bar as price laboured in vain to pull higher from its recent rally which now looks likely to continue and maybe develop into a trend but in the mean time, we have a Pin bar at the dynamic resistance as price continued to face rejection from the upside. Pprice is now expected to fall into the horizontal support at about 1.0867.

The four hour chart below shows how we intend to trade this setup.

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USDCAD False break/Cup Trade Setup

USDCAD made a break to the downside previosuly from its trade Setup on the 1st of march but the move southwards has stalled as the pair now presents a failed bearish break with a new Cup and Handle Trade setup indicating that price could head north.


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My Price action Trade Technique has been upgraded with the introduction of an equally simple but very effective Trade Setup called the CUP Trade Setup.

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Markets Price Action and Trade Setups: THE WEEK AHEAD March 17 - March 21 , 2014. USDCAD, NZDUSD, NZDJPY, GBPUSD, EURAUD,

EURAUD bounced off resistance and looks likely to bounce again, off the support as indicated above. A Pin bar at that zone would be the trigger.

GBPUSD triggered for more bullishness at the close of trading on Friday and this scenario should propel the pair higher in the new week.

NZDJPY is set to trade lower within this week as price hit resistance and gave off a outside bar in the process. 
 

NZDUSD has hit a critical point in its recent bullishness. Price could set-off lower early in the week.

USDCAD still hovers around its resistance zone as price hesitates to break through. Given this scenario, It is expected that the bears would have an upper hand at this zone.


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USDCAD Price Action: Closing Price Reversal gets further bullish confirmation

The beauty of trading Price Action in the way that I do is that you don't let emotions get in the way, you simply trade what the charts say and in-line with that, the USDCAD's Price Action points to the expectation of further bullishness. Traders do get a little confused and try to chase the market with every formed Price reversal-like Patterns but there is always an over-riding Price pattern. The Closing Price Reversal as indicated above is the over-riding Price Action Pattern in this chart and remains valid for more bulls unless its low is bridged.

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USDCAD PRICE ACTION:Fakey Trade Setup. August 15, 2013

 

USDCAD has faced significant bullish rejection within its supply zone. A Fakey is a failed attempt for price to move in an opposite direction to the established trend, which is what we have on the daily chart of the USDCAD. If this setup up pulls off, it would be expected that price will aim to reach 1.0200 and then 1.0100.

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USDCAD PRICE ACTION: Closing Price Reversal Trade Setup. August 06, 2013

 

 USDCAD faced bearish rejection as it hit resistance and was significantly sold off to trigger a Closing Price Reversal Bearish Trade Setup. If the momentum is sustained, price would attempt to reach support at about 1.0313.

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USDCAD Price Action: Pin Bar at Resistance. July 18, 2013

 

On July 14, I drew our attention to the break of support on the USDCAD, pointing out that my bias had turned bearish as we waited to see, a significant attempt by price to close above the New Resistance. This is yet to happen since sellers have always pushed price below the new resistance both times the bulls have made such attempts withing the week. Today's failed bullish attempt has led to the formation of a Pin bar Price Action Trade Setup. Price should as a result, commence its bearish run as long as the the minor support gives way and price is unable to bridge this weeks high.

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USDCAD Price Action: Inside Bar Trade Setup. Against Market Open, July 14, 2013.

 

USDCAD broke through its key support on Thursday July  11, 2013 and failed to close above it at the end of trading on friday, July 12. If price still fails to close above this Key support zone during early trading in the new week, we then should see further selloff of this pair toward the next Key support at about 1.0167.  Following this scenario, our bias shifts to bearish and attention would be more on the intraday timeframes for good price action sell setups to join the emerging bearish trend.

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USDCAD Price Action: Fakey Trade Setup. July 04, 2013.

 

A Fakey has been spotted on the daily time frame of the USDCAD at the close of trading today. The Fakey Setup is a false break setup. A situation where price makes a false attempt to breakout of a consolidation as is seen in the chart above. I had anticipated this fakey therefore made an early entry at about 1.0538 with target at 1.0438. This trade should offer about 100pips if my tp is met.

USDCAD Price Action: Pin Bar Trade Setup. June 27, 2013.

 

USDCAD has been in very bullish mood lately, even breaking though it recent highs. However, the past 4 trading days has seen the pair offset some of its excess bullish pressure, rotating back into its previously broken resistance which now acts as support. A Pin bar forms on a failed attempt to break back into the previous resistance but is rejected. This new Support should propel prices further high in the coming days.

USDCAD Price Action: Fakey With Pin Trade Setup, pulls off. June 6, 2013.

 

 The Fakey with Pin Bar Trade Setup discussed yesterday on the USDCAD has pulled off, taking out the projected TP of the Trade Room. The selloff also managed to close beyond the Support which leaves room for further bearishness. Price may now target the next support as shown above.

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USDCAD Price Action: Fakey With Pin Trade Setup, June 5, 2013.

 

 USDCAD made a futile attempt at closing above the previous days inside bar price Action Setup. A Fakey with Pin Price Action Setup ensures which could send prices lower into support as shown above. Price  Action buy setups would be anticipated at that point however, a break would send prices lower.

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USDCAD Price Action: Pin Bar Price Action Setup.

 

 The pair looks set to continue with its more recent bearish trend as the pair closed closed with a Bearish Pin Bar at the close of Trading on Friday May 05, 2013. Expectations are for price to trade lower in an attempt to reach the Key Support Zone as depicted on the chart above.

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USDCAD Price Action: Fakey with Pin Price Action Setup, pulls off. 25/04/2013

 

 Following the Fakey with Pin Price Action Setup discussed on the 22nd April, Price has tumbled lower after another couple of Pin Bars. Price should attempt to reach Support as shown above.

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USDCAD Price Action: Fakey with Pin Price Action Setup, 22/04/2013

The Loonie was sold off as it attempted to cross through 1.0285 (a very Significant Resistance) with price eventually closing below last fridays closing price, forming a Pin Bar in the process. The pair had been expected to push higher as a result of the previous 2 Pin Bars. This present Fakey with Pin Trade Setup could push prices lower into Minor support at about 1.0210. 

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

 

 The weekly ended with a Pivot bottom price Action Setup. This points to re-newed bullishness but there has to be a break of the resistance just above at about 1.0284 for that to happen. On the contrary, if this resistance fails to give way, we shall have a resumption of a down trend.

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USDCAD Price Action: The Week Ahead, 14/04/2013-19/04/2013

 

USDCAD retraced Slightly after hitting Key Weekly Support, Though, no Price Action Setup is seen on the weekly chart, our attention will be more on the daily.

 

The Daily Chart does show the formation of an Inside Bar. This stands for indecision. However, Since price is currently on Support, We will be more inclined to buying the pair but there is no clear setup to go with on this pair since the weekly chart is not in line with it yet.

USDCAD Price Action: Inside Bar Price Action pulls Lower. 10/04/2013

 Price has pulled lower following the Price Action Inside Pin Bar Trade Setup discussed April 8th. The Trade Room is short on this pair and expecting to make our usuall 1:2 Risk Reward from it.

My Recommendation: Stay Bearish.

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USDCAD Price Action: Inside Pin Bar Trade Setup, 08/04/2013

 

The last 2 trading days has seen price fail to close beyond the horizontal and dynamic resistances, with today's failure, leading to the formation of an Inside Bar Price Action Trade Setup. This scenario could lead price dropping lower into the near by support zone at about 1.0100. 

My Recommendation: Sell pair, with stops above recent highs.

USDCAD Price Action: Fakey With Pin Setup, 22/03/2013

 

A Fakey With Pin Price Action Setup at the close of trading today could send prices higher in the coming days. This Setup confluences with the horizontal and dynamic supports, therefore is rated quite high. 

My recommendation: Buy pair with stops below recent low.