EURUSD 4 Hour Price Action: Update on 4hour Hidden Fakey trade setup. August 2, 2013

 

 I just wanted to point out how we get in and out of trades using just price Action and not relying on any of those lagging indicators. 

We had gone short based on the initial Hidden Fakey trade Setup discussed earlier today but as the bearish move stalled, we spotted a potentially significant bullish signal. and with the NFP just around the corner, I made a call to the trade room to liquidate the trade at break even.

The chart above tries to explain the reason I had to liquidate the trade.

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NZDUSD 4hr Price Action: Hidden Fakey with Pin Trade Setup. August 2, 2013

 

 Most traders spend a lot of time feeling perplexed during the news but we really do not need be. Its still a matter of buying or selling isnt it? The Spike of news releases usually don't linger for more than 30minutes after which traders can go about their normal business of buying and selling, analyzing the charts again. Price Action technique allows you to do just that, since all you are concerned with are a few price  Action patterns.

The NZDUSD has given off a significant price action trade setup just after the news release and in line with the recent bearish trend, we have a Hidden Fakey with Pin Price action Setup. The trade room is short now on this pair as we aim for about 1:2 risk reward.

EURUSD Price Action: 4 Hour Hidden Fakey Trade Setup, August 1, 2013

 

The Daily chart of the euro above indicates that eurusd has broken bearishly through trend-line,  therefore, the bias on the pair immediately shifts from bullish to bearish. Support Zone is seen from about 1.2981. All previous long entries should be liquidated while fresh short entries are sort. The 4hour chart below shows how the trade room took advantage of the 4 hour intraday price action.

 

  

The trade room took advantage of the Hidden Fakout Setup on the 4 hour time frame as price made a failed attempt to continue bullish following the Pin Bar that was spotted at about US open. The counter sell entry was made instead as price was stopped by the dynamic resistances. Stops are just above the Trigger candle while we at least expect a 1:2 risk/reward on this trade.

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EURJPY Price Action: Fakey Setup takes off. August 1, 2013

 

EURJPY has pulled higher, following the Fakey setup from the close of trade yesterday. Price had been held by the lower trend-line after a pullback as price hit the inner side of the ascending channel, which the pair is expected to trade within, in the coming weeks. The Trade room managed to make a long entry and our target will be the upper band of the channel.

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NZDUSD Price Action: Pin Bar at Support. July 31, 2013.

 

The recent pullback on the Kiwi has been halted at the demand Zone (0.7960) . A Pin bar price action Trade Setup at this zone is quite significant as buyers could further push the pair higher. Entry will be based on the intraday time frames pending significant price action inline with the expected bullish move. Targets will be at about the recent high.

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GBPUSD Price Action: Pivot Top/ Inside Bar Combo at Resistance. July 29, 2013

 

 GBPUSD still faces significant bearish rejection after price price closed Friday as an inside bar, following the previous Pivot Top Price Action Trade Setup discussed in my last Trade Commentary on the pair. Price could therefore, fall into its demand Zone, however, if the demand zone fails to hold price and we get a break instead, we would then be in for a change in trend.

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EURGBP Price Action: Inside Bar Price Action close to Resistance. Against Market open July 28, 2013

 

 The EURGBP closed last Friday with an inside bar price Action Setup. In the present bullish market, price should aim higher but must first close above the mother bar of the inside bar setup. If that is achieved, price should then head towards the recent daily high whereas a failed attempt to close above this mother bar could send prices crashing lower, since price is already very close to its Resistance Zone.

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