USDCAD PRICE ACTION:Fakey Trade Setup. August 15, 2013

 

USDCAD has faced significant bullish rejection within its supply zone. A Fakey is a failed attempt for price to move in an opposite direction to the established trend, which is what we have on the daily chart of the USDCAD. If this setup up pulls off, it would be expected that price will aim to reach 1.0200 and then 1.0100.

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GBPCHF Trade Update. August 15, 2013

GBPUSD PRICE ACTION: outside Bar Trade Setup, August 14, 2013

GBPUSD seems to be resuming it's bullish drive after lower prices were rejected as GBPUSD hit its 8ema. More bulls are expected in the coming day and entries would be sort on the intra-day time frames.

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EURAUD PRICE ACTION: 1-2-3 Price Pattern. Bulls are re-loadin. August 14, 2013

 

 The expected bearish move on the EURAUD  has stalled, following the 123 bottom trade setup just above the supply zone of the pair. I was carrying a bearish bias on this pair until now. However to see any extensive bullishness, the pair has got to break the high of the 123 pattern. The 123 pattern as indicated above is critical price pattern that could precede a change in trend.

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GBPCHF PRICE ACTION: Trades within supply zone, Psychological level broken. More bulls expected. August 13, 2013

 

 The bulls are now very much in the driving seat on this pair after price pulled higher flying into our projected supply zone. I want to draw our attention to the Stranded fakey Setup from yesterday;s trading. Many Price Action Traders had gone short based on it but it was a lone ranger and was a failed setup even before it formed. The bias had already changed from bearish to bullish as I had pointed out earlier and seeking for any contrary setup was trying to stop a train in full speed.

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GOLD PRICE ACTION: Inside Bar Trade Setup. August 13, 2013.

 

Gold has failed in its bid to breakout long, closing below its Psychological level of 1325. I had indicated that the bias could only change from bearish to bullish if price were able to close above breakout line. It didnt manage to do that. The Inside Setup we now have is a good indication for the the bears to fall back in and probably send prices lower back into its demand zone.

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AUDUSD PRICE ACTION: Closing Price Reversal Trade Setup. August 13, 2013

 

The Aussie raced high and quite quickly all through the previous week after a Pin bar price Action Trade Setup. It however met a brick wall as traders bought deep into its supply zone. A closing Price Reversal Trade Setup, ensured, after price made a failed attempt to break through the 0.9200 Psychological level to the upside. Subsequently, the pair is gradually losing it bullish strength. However, it still has reasonable potential at resuming it bullishness from about the 0.9000 level. 

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