Silver Price Action: Fakey with Pin Setup, 21/03/2013

 

I did point out in the weekly chart that the metal seem to have bottomed out and that good bullish entries were to be sort after, pending nice price Action Setups. We have one today, following the close of the trading session. The Fakey with Pin Price Action Bullish setup could trigger the metal into the much awaited bullish frenzy. 

My Recommendation: Buy the pair with stops below recent lows.

GBPUSD Price Action: Pin Bar Trade Setup 20/03/2013

 

We traded the Pin Bar Price Action trade setup on this pair on the 13th and made a nice 1:2 risk to reward on it. Now we are faced with bullish rejection at the previous horizontal resistance as well as the dynamic resistance. A pin bar formed at the close of trading on 15th March as well as these other slightly bearish candles give further credence that the bears could jump in and send prices lower.

My Recommendation: Bears are favoured.

GBPCHF Price Action: Inside Pin Bar 20/03/2013

 

 The pair broke above resistance which it could now use as a support to trade higher in the coming days buttressed by the inside pin bar Price Action Trade Setup at the close of trading today. This trade looks good enough to deliver a risk reward ratio of 1:2. Join us in the Trade Room to see how we will be trading this setup.

My Recommendation: Bulls are favoured.

AUDUSD/NZDUSD Price Action: Inside Bar Trade Setup 20/03/2013

 

AUDUSD (above) closed the day with an inside bar after price had broken through Resistance at about 1.0366. This is an indication of indecision in the market. Given this setup, we could see a minor pull back into support at about 1.0273 where new buy entries could be made pending price action.

 

The NZDUSD faces bearish pressure as it hits dynamic resistance. The inside bar price Action Setup is a sign of indecision but because of the previous bearish trend on this pair, traders could push prices lower in the coming days. Support is seen at 0.8160

Crude Price Action: Fakey with Pin Trade Setup, 19/03/2013

 

We've got a bullish Price Action Setup on crude. The Fakey with pin Price Action Setup, which also managed to break resistance, could send prices higher in the coming days. Join us in the Trade Room to see if and how we intend to trade this setup.

EURJPY Price Action: Pin Bar Trade Setup gaps down 19/03/2013

 

The setup on this pair was simply perfect to go with the bears but unfortunately, we had a huge gap and many traders didnt have the chance to milk it. Many would have noted that I almost called it a bread and butter setup from the way I sounded about it in my last commentary on Friday 16th March. I expect the pair to trade lower in the comming days.

My Recommendation: Look for entries to sell the pair on intra-day time frames.

AUDCHF Price Action: Pin Bar/ Pivot Top Trade Setup 19/03/2013

 

 I usually don't trade this pair but I was drawn to it by a few other commentaries I saw on it from different Analysts today. The pair has given off a combo price action setup at resistance (The Pivot Top/Pin Bar Price Action Setup). Many traders would have gone in on the trade earlier than now but experience has shown that the setup usually takes a while to pull-off given that there was a strong bullish trend prior to it. In a day or two, if price fails to break above the resistance just above, we then could be faced with a sell-off on the pair.

My recommendation: Sell at another failed break of resistance.