GBPUSD Price Action: Outside bar Trade Setup, 29/03/2013

 

 I did point out in yesterday's commentary that there was a hidden support on the pair as the Trade room closed out its previous short trade on it. Price has moved higher today as expected and could target near term resistance at about 1.5260.

My Recommendation: Look out for Long entries on the intraday time frames.

GBPUSD Price Action: Further bears on Outside Bar Setup stalling. 28/03/2013

 

 GBPUSD appears to be stalling on possible further declines in-spite of its hitting a very significant resistance point at about 1.5206 and giving off an outside bar Trade Setup. The Trade Room was short based on the outside bar setup but quickly took profits before our TP had reached. We wait to see how price reacts now.

My Recommendation: Wait to see if we are bullish in the next trading day then go with the bulls.

USDCHF Price Action: Breakout 28/03/2013

 

The pair has broken out. Further inclines are expected however, rotation back into new support area would be ideal for new long entries pending good Price Action Setups on the 4hour time frame.Join me in the Trade room to see how I intend trading this pair.

My Recommendation: Wait for rotations into support to go long on this pair.

EURJPY Price Action: Bearish Fakey Trade Setup, 28/03/2013

The Fakey Trade Setup on this pair could send prices lower. Notice also that price closed slightly below support.

My Recommendation: I would wait a bit longer to make an entry based on this setup.

EURCHF Price Action: Counter Trend Pin bar Setup, 28/03/2013

The eurchf gave off a counter trend pin bar on its horizontal support, at the close of today's session. It is a very interesting scenario because just 2 days back, I had ran a commentary on the fakey with pin Trade setup on the pair and the Trade Room had gone short based on that setup. We will hold the short position entered earlier and see how traders react to this counter trend Pin bar Setup

My Recommendation: If you are short already, remain short

Crude Price Action: Pin Bar Trade Setup Fails, 27/03/2013

 

The Trade room was going to trade this setup and I actually did give a trade call on it, but did a quick reverse when I took another look at the 4hr chart pattern. (Which I use to filter out potentially good setups). Now that resistance is broken, long entries will be made if price manages to rotate lower into New Support at 94.82 pending good price Action Setups.

My recommendation: Wait for price to reach Support or Resistance 

USDJPY Price Action: Inside Bar Trade Setup, 27/03/2013

 

The inside bar trade setup indicates indecision, but at a support zone, it could be of more interest to buyers. Note that price had dropped from another price action trade setup (the outside bar), therefore, momentum is with the bears.I would be more interested in going short if price were to rotate higher into resistance but if the support at 94.08 manages to get broken, price could target the next support at 91.17

My Recommendation: Wait out this scenario. There will be more clear cut trading opportunities.