EURCAD Price Action: Pin Bar off dynamic resistance 07/03/2013

EURCAD faced resistance as it attempted to break above the dynamic resistances leading to its closing as a pin bar. This Price Action Trade Setup could send the pair higher, riding on the over-all bearish bias pointed out on this pair in our trade commentary of Feb. 23, 2013.

My recommendation: Sell pair at about 50% retracement of pin.

GBPUSD Price Action: Pin Bar Trade Setup pulls off 07/03/2013

In my trade commentary yesterday, I pointed this setup but I was quite hesitant taking the trade because of some other non-corresponding confluences. However, during the London session, a significant prize action was spotted on the 4 hour chart (10:00 GMT GBPUSD INSIDE BAR SETUP 06/03/2013) -an inside bar trade setup. A break of the low of the mother bar triggered a sell-off which some of the members of my signal groups took advantage of. This trade offered well over 1:2 risk to reward ratio and could get as far as 1:3 or 1:4

My recommendation: Stay bearish

GBPUSD: Pin Bar Trade Setup. 06/03/2013

 We have had a nice looking pin bar at the close of trading in the GBPUSD today however, I wont be moved into taking a trade just yet off this setup because of the lack of confluence around this setup. This might end up being a false signal as it isnt a high quality setup.

My recommendation: Stay neutral.

EURUSD: Inside Bar at support pushes price slightly higher. 06/03/2013

EURUSD pushed slightly higher from the inside bar trade setup at support, formed at the close of trading yesterday. I did point out yesterday, that it was necessary to wait this trade out and see if price can manage to rotate into resistance at about 1.3170.

My recommendation: Stay neutral

AUDUSD/NZDUSD: Closing Price Reversal and Pin Bar Trade Setups pulls off. 06/03/2013

The Pin Bar and Closing Price Reversal  trade setup noticed and discussed in yesterdays commentary have both pulled higher at the close of trading today. While NZDUSD has hit resistance, AUDUSD seems to still have room for some more upside movement. 

My recommendation: Wait for reaction at resistance

USDCHF: Hit Resistance after Fakey with Pin Setup 05/03/2013

On February 25th, I pointed out a significant bullish setup (Fakey with Pin) Which has come off quite well. All who took advantage of this recommendation would have netted quite a large pip volume in profit. At the moment, the pair seems to have hit resistance and if it manages to rotate lower, long entries should be sort at about the near term support (0.9370) as indicated on the chart above.

My recommendation: Wait and do nothing yet 

EURAUD: Pin Bar at Resistance 05/03/2013

A Pin Bar at the close of today's trading on this pair signals a bullish rejection. This setup becomes even more significant because of the confluence of events (A horizontal resistance as well as a dynamic resistance) Expectations are for the bears to key into this setup and send prices lower. Key support is found at 1.2507.

My Recommendation: Sell at about 1.2830