NZDUSD Price Action: Breaks out, remains bullish. July 25, 2013

 

"Break of supply Zone, further bullish bias" This was the headline to the last commentary I ran on the Kiwi and price has equally remained bullish, inline with expectations after a minor retracement into the zone I had considered as its new support. While we anticipate even further bullishness on this pair, it won't be out of place to get rotations back into its demand zones as indicated in the chart above. Bullish trade setups would be sort at about those zones if indeed the pair rotates lower.

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GBPUSD Price Action: Pivot Top Price Action Trade Setup. July 24, 2013

 

 The very bullish run of the Cable now seem to want to take a breather, going by the price action sell setup spotted at the close of trading today. A Pivot Top Price Action Setup (as we have on its daily chart now) is a three candle pattern where  the high of the middle candle is higher than both the highs of the candles to its left and to its right. It signals a reversal to the downside might be setting up. In the anticipation of the expected retracement or reversal, the trade room made an early sell entry, with a SL of just about 30pips at the time. Expectations are for the pair to be priced lower as we approach the last couple trading days of the week and if this happens, we will be watching the demand zones as depicted in the chart above for possible buy signals.

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EURUSD Price Action: Euro hits Resistance (Supply Zone). July 23, 2013

 

In the last commentary I ran on the euro on July 18, I did mention that the pair was yet bullish, despite trading deep into its supply zone (Resistance). The outcome has been the continued dominance of the bulls over the bears, however, after the pair failed to trade significantly higher from the previous days high, I would recommend a scaling out of long entries. The bullish bias remain and re-entries could be sort on retracements back into its demand zone as indicated above.

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NZDUSD Price Action: Break of Supply Zone. Further bullish bias. July 23 2013.

 

The Kiwi has broken through its supply zone after a failed Fakey with Pin Price Action Setup. A few of my students felt they had to trade that setup but I had cautioned against it and gave an extensive lesson on why not to in my advanced price action class. The Pin bar that was supposed to be the trigger had closed above a significant zone, which meant sellers couldn't push the price far into an area that would have triggered off a sell on the pair. Subsequently, the bulls still took charge and pushed prices above the Supply Zone and above the high of the supposed trigger Pin bar candle, hitting many stops of those who may have gone short on it. Following this scenario, fresh bullish intraday setups would be sort at about the New support.

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EURUSD DAILY Price Action: Pulls higher after July 18 Pin Bar. July 21, 2013

The EURO is on a bullish run. Despite being deep within its supply zone, buyers still seem to have an upper hand in the market and if the pressure is sustained, price could push out from this zone and into even higher prices. The entire scenarion is supported with the presence of a Pin Bar after the close of market on Thursday, July 18.

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EURJPY Price Action: Pin bar Trade Setup pulls significantly higher. Against Market Open, July 21, 2013

 

 On July 11th, I drew our attention to the Pin Bar Trade Setup on the pair and did a follow up on July 15. The pair has indeed continued to make higher prices as it now approaches its supply zone. It would be interesting to see how price reacts within this zone. Buyers could begin to scale out their long positions.

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Weekly Trade Room result: Week ending July 19, 2013.

InstaForex Companies Group

Account: 60607288		Name: APAFTT FX					Currency: USD		Leverage: 1:500		2013 July 21, 07:02
Closed Transactions:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P	Close Time	Price	Commission	Taxes	Swap	Profit
174057849	2013.07.12 00:31	buy	2.00	eurjpy	129.70	127.93	132.60	2013.07.16 20:18	130.27	0.00	0.00	0.32	114.99
174099649	2013.07.12 09:43	sell	2.00	usdjpy	99.01	100.64	97.44	2013.07.18 17:24	100.64	0.00	0.00	-0.36	-323.93
174124729	2013.07.12 12:08	sell	2.00	eurgbp	0.8614	0.8670	0.8488	2013.07.16 11:18	0.8670	0.00	0.00	-0.66	-168.87
174244698	2013.07.14 01:52	balance	trade result for 2013-05										351.89
174520788	2013.07.16 13:00	sell	2.00	eurusd	1.3077	0.0000	0.0000	2013.07.16 13:00	1.3079	0.00	0.00	0.00	-4.00
174521097	2013.07.16 13:01	buy	2.00	eurusd	1.3081	1.2993	1.3175	2013.07.17 14:52	1.3130	0.00	0.00	0.20	98.00
174610243	2013.07.16 20:00	sell	2.00	gbpjpy	149.89	151.06	148.74	2013.07.17 11:30	151.06	0.00	0.00	-0.26	-234.54
174731432	2013.07.17 13:39	sell	2.00	usdcad	1.0390	1.0440	1.0173	2013.07.17 18:29	1.0440	0.00	0.00	0.00	-95.79
174714092	2013.07.17 15:38	buy	2.00	usdzar	9.8706	9.7676	10.0251	2013.07.18 17:25	9.8924	0.00	0.00	-6.80	44.07
174915423	2013.07.18 09:04	sell	2.00	euraud	1.4275	1.4306	1.4224	2013.07.18 09:39	1.4306	0.00	0.00	0.00	-56.86
174939738	2013.07.18 12:01	buy	2.00	audusd	0.9173	0.9035	0.9295	2013.07.19 14:13	0.9225	0.00	0.00	1.36	104.00
174943509	2013.07.18 12:42	sell	2.00	eurnzd	1.6643	1.6762	1.6321	2013.07.19 14:13	1.6447	0.00	0.00	1.11	313.01
175089288	2013.07.19 09:21	sell	2.00	usdzar	9.9157	9.9541	9.8531	2013.07.19 14:06	9.8531	0.00	0.00	0.00	127.07
175099894	2013.07.19 10:40	sell limit	2.00	eurchf	1.2380	0.0000	0.0000	2013.07.19 12:07	1.2371	cancelled
175099827	2013.07.19 12:00	sell	2.00	gbpchf	1.4377	1.4402	1.4375	2013.07.19 14:44	1.4375	0.00	0.00	0.00	4.25
										0.00	0.00	-5.09	-78.60
Closed P/L:												-83.69
Open Trades:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P		Price	Commission	Taxes	Swap	Profit
175099625	2013.07.19 11:54	sell	2.00	gbpcad	1.5821	1.5879	1.5648		1.5835	0.00	0.00	0.17	-27.00
175086173	2013.07.19 09:28	sell	2.00	usdcad	1.0377	1.0441	1.0206		1.0370	0.00	0.00	0.29	13.50
175151179	2013.07.19 16:33	sell	2.00	usdzar	9.8695	9.9551	9.3416		9.8814	0.00	0.00	1.10	-24.09
										0.00	0.00	1.56	-37.59
										Floating P/L:		-36.03
Working Orders:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P	Market Price
175117426	2013.07.19 12:34	buy limit	2.00	eurusd	1.3080	0.0000	0.0000		1.3144
Summary:
Deposit/Withdrawal:		351.89		Credit Facility:				0.00
Closed Trade P/L:		-83.69		Floating P/L:				-36.03	Margin:			141.00
Balance:		7 450.06		Equity:				7 414.03	Free Margin:			7 273.03
Details:
Gross Profit:		801.58		Gross Loss:				885.27	Total Net Profit:			-83.69
Profit Factor:		0.91		Expected Payoff:				-6.44
Absolute Drawdown:		671.76		Maximal Drawdown:				671.76 (8.92%)	Relative Drawdown:			8.92% (671.76)
Total Trades:		13		Short Positions (won %):				9 (33.33%)	Long Positions (won %):			4 (100.00%)
Profit Trades (% of total):								7 (53.85%)	Loss trades (% of total):			6 (46.15%)
Largest		profit trade:						314.12	loss trade:			-324.29
Average		profit trade:						114.51	loss trade:			-147.55
Maximum		consecutive wins ($):						5 (588.07)	consecutive losses ($):			3 (-476.94)
Maximal		consecutive profit (count):						588.07 (5)	consecutive loss (count):			-476.94 (3)
Average		consecutive wins:						2	consecutive losses:			2