USDCAD Price Action: Fakey with Pin Trade Setup, fails 15/03/2013

 

USDCAD broke lower, closing below the low of the fakey with pinbar trade setup I had taken into consideration. I lost about 45pips in this trade and the reasons are obvious: The inside bar trade setup at resistance pointed out in my earlier analysis of the 08/03/2013 had enough bearish pressure to send this pair this low. We now wait to see if we will get a break of this support or a resumption of the more dominant bullish trend. Price Action at this point is very crucial.

My Recommendation: Stay neutral and wait for Price Action reaction at this support.

USDCAD Price Action: Fakey with Pin Trade Setup, pulling off 14/03/2013

 

Price pulled off higher from about  the 50% retracement of the Fakey with Pin Price Action Setup on the pair. It would possibly reach for higher prices in the coming days but I still have my eyes on the resistance zone mapped out above. A bullish call has been made in the trade room and we look to target a 1:2 risk reward on this setup. Many people did send me emails and inquiring about the pin bar that formed at the close of trading yesterday but I had one simple answer. It was a dead end Pin bar.

My Recommendation: Stay bullish

USDCAD Price Action: Fakey with Pin 13/03/2013

 

I had been short based on the Inside Bar Trade setup as shown above but started having doubts when the fakey with pin trade setup appeareed on the charts 2 days back. My short entry is now closed and I wait to see if I can get in on the bulls based on this setup which remains valid as long as the low of the Pin Bar is not pierced.

My Recommendation: Lets wait out this trade

USDCAD Price Action: Inside bar at Resistance pushes price lower 12/03/2013

 

An inside bar was spotted on this pair on Friday and I did indicate that I would be going short on the pair. I am currrently about 35 pips green from my entry and I expect further bears, however, my attention remains drawn to the fakey with pin price Action Setup from the close of trading on Friday08/03/2013.

My Recommendation: I will stay bearish until about support as indicated above.

USDCAD Price Action: Inside Bar at Resistance 08/03/2013

The pair seem to have found significant Resistance at about 1.0320. A falling star candle pattern which has now been followed up by an inside bar at the close of today's trading could trigger some bearishness in the pair. Therefore rotations back into support zone at about 1.0212 could be expected, from where Price Action bullish setups could show up.

My Recommendation: I will be going short on this pair but be careful with your stops

USDCAD Daily: Closing Price Reversal 04/03/2013

Though the overall trend on the pair is bullish, the pair has approached significant resistance at 1.0320. The candle formation at the close of the day (Closing Price Bearish Reversal) also confirms the expected pullback on the pair.

My recommendation: Sell pair from 1.0300

USDCAD Pivot Top Reversal Setup

USDCAD appears to have found support with a very interesting Pivot Top reversal setup. Expectations are for a significant pullback into support zone at about 1.0100 where bulls could kick back into the market.