AUDUSD Price Action: Pin Bar Trade Setup, pulls off 05/04/2013

 

The pair has pulled off significantly from the Pin bar Price action setup discussed yesterday. I was going to be cautious on placing a sell entry based on this setup but price now seems to have given out its intended direction and if the support just below (1.0400) is broken, then the pair could look to make lows into 1.0300.

My Recommendation: Sell cautiously with stops above recent highs.

AUDCHF Price Action: Pin Trade Setup, pulls off. 05/04/2013

 In yesterday's commentary, I pointed out that it was safe to sell this pair with stops above recent highs based on the Pin Bar Trade Setup spotted on it. The trade has pulled off significantly. I expect even lower prices in the coming days selling price rotations back into the new resistance as indicated in the chart. Notice that I have my horizontal lines re-drawn, this is a major aspect of my Advanced Price Action Course.

My Recommendation: Stay bearish

EURCHF Price Action: Closing Price Reversal Trade Setup, 04/04/2013

 

 This Closing Price Reversal Trade setup (could also be called an outside bar) squeezed in, as price made a failed attempt to break above resistance at about 1.2168. A counter Pin bar had shown up at the close of the previous day's trading which has now failed, since price succeeded in piercing its low. Lower prices are expected in the coming days.

My recommendation: Sell pair cautiously with stops above the outside bar.

AUDCHF Price Action: Pin Trade Setup, 04/04/2013

 

A Pin Bar has surprisingly sprung up on the daily chart of this pair which looks valid enough to send prices lower. Supports are found at 0.9815 and 0.9706.

My Recommendation: Sell pair with stops above recent highs.

AUDUSD Price Action: Pin Bar Trade Setup, 04/04/2013

 

Our previous Fakey with Pin bar Trade setup on this pair seems to have run to a conclusion. Higher prices were rejected as price attempted to break above resistance at about 1.0485. A Pin bar trade setup ensures as a result, which could send prices back down into support.

My Recommendation: A day's wait is necessary to ascertain the true nature of this setup.

Crude Price Action: Crude hits support 04/04/2013

 

At the start of the day's trading session,Two Pin bars were spotted off the dynamic support, seeming to imply that lower prices were being rejected, however, a counter entry was made in the Trade Room instead. I gave a call to sell the pair instead based on some other factors like the poor risk/reward ratio. The Trade cam out with a 200pips profit for our trouble eventually. Setups like this are what I concentrate on teaching in my advanced Price Action Course.

AUDUSD Price Action: Fakey with Pin Trade Setup, pulls off 03/04/2013

 This Fakey With Pin Trade Setup was traded in the Trade Room yesterday and has come off reasonably. Price however is still expected to head higher into Resistance at about 1.0484. A break should lead us even higher.

My Recommendation: If you aren't long yet on this setup, better to wait for price Action at resistance.