EURUSD PRICE ACTION: Against Market Open, Failure Swing Low/Fakey Trade Setup. August 18, 2013

 

 Though trading on friday ended with what looked like a Pin bar, the momentum on the pair at the moment is still very bullish therefore, we will keep to the tradition of staying with the dominant trend, which is yet bullish on the EURUSD. Its important to note also that we still have the Fakey/Failure Swing Low (a bullish trade setup) yet to fully play out. We will therefore remain on the bulls until we get a clearer bearish setup on the pair.

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USDJPY PRICE ACTION: Against Market Open, Closing Price Reversal Price Action Setup, Auust 18, 2013

 

 The Closing Price Reversal on the pair looks good enough to initiate a sell-off on the pair with immediate supports at about the 96.00 level. This setup remains valid until we either hit the expected target or get a break of Friday's high.

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AUDJPY PRICE ACTION: Against Market Open. Closing Price Reversal Trade Setup. August 18, 2013

AUDJPY has a Closing price Reversal Trade Setup which could yet pull off early in the coming week. This setup is a bearish alert and remains valid unless we get a break of the supply zone at about 90.00. Price is expected to reach 87.00 if this setup pulls off.

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NZDJPY PRICE ACTION: Pin Bar at Resistance, Against Market Open August 18, 2013.

 

 NZDJPY reached its Supply Zone and has shown reluctance breaking bullishly through it. A Pin Bar formed at the close of trading on Thursday, gives reason to think bearish and if this setup pulls through, we could see price falling into the 77.00 level.

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Weekly Trade Room result: from August 11 to August 16, 2013.

InstaForex Companies Group

Account: 60607288		Name: APAFTT FX					Currency: USD		Leverage: 1:500		2013 August 18, 19:22
Closed Transactions:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P	Close Time	Price	Commission	Taxes	Swap	Profit
177801466	2013.08.12 00:40	buy limit	2.00	audjpy	87.60	86.25	89.80	2013.08.12 12:01	88.53	cancelled
177804261	2013.08.12 01:42	sell limit	2.00	eurcad	1.3790	1.3923	1.3667	2013.08.12 01:44	1.3714	cancelled
177855036	2013.08.12 12:00	buy	2.00	audjpy	88.53	88.79	89.89	2013.08.15 04:45	89.89	0.00	0.00	7.26	276.87
177880777	2013.08.12 16:19	sell	2.00	nzdusd	0.8024	0.8059	0.7960	2013.08.13 16:29	0.7960	0.00	0.00	-1.16	128.00
177855295	2013.08.12 18:59	buy	2.00	gbpchf	1.4316	1.4452	1.4686	2013.08.16 15:42	1.4452	0.00	0.00	2.57	294.59
177973461	2013.08.13 10:48	sell	2.00	nzdusd	0.7994	0.8025	0.7945	2013.08.13 16:31	0.7945	0.00	0.00	0.00	98.00
178013831	2013.08.13 15:33	buy	2.00	euraud	1.4565	1.4452	1.4758	2013.08.15 20:22	1.4598	0.00	0.00	-8.46	60.21
178082705	2013.08.14 12:01	sell	2.00	gold	1326.50	1343.67	1288.23	2013.08.14 14:11	1325.13	0.00	0.00	0.00	274.00
178170136	2013.08.14 16:02	buy	2.00	usdjpy	98.28	97.83	98.97	2013.08.15 02:38	97.83	0.00	0.00	0.18	-92.00
178198174	2013.08.15 05:10	sell	2.00	audnzd	1.1382	1.1446	1.1267	2013.08.16 00:16	1.1331	0.00	0.00	-1.21	82.35
178277675	2013.08.15 12:00	buy	2.00	eurusd	1.3291	1.3235	1.3393	2013.08.15 15:37	1.3235	0.00	0.00	0.00	-112.00
178375357	2013.08.15 20:01	buy limit	2.00	nzdusd	0.8047	0.0000	0.0000	2013.08.16 01:09	0.8072	cancelled
178423429	2013.08.16 01:03	buy	2.00	nzdusd	0.8073	0.8080	0.0000	2013.08.16 17:24	0.8080	0.00	0.00	0.00	14.00
178574486	2013.08.17 20:58	balance	trade result for 2013-06										347.19
										0.00	0.00	-0.82	1 024.02
Closed P/L:												1 023.20
Open Trades:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P		Price	Commission	Taxes	Swap	Profit
178420551	2013.08.16 03:53	sell	2.00	usdcad	1.0299	1.0374	1.0169		1.0340	0.00	0.00	0.29	-79.30
										0.00	0.00	0.29	-79.30
										Floating P/L:		-79.01
Working Orders:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P	Market Price
No transactions
Summary:
Deposit/Withdrawal:		347.19		Credit Facility:				0.00
Closed Trade P/L:		1 023.20		Floating P/L:				-79.01	Margin:			40.00
Balance:		9 385.33		Equity:				9 306.32	Free Margin:			9 266.32
Details:
Gross Profit:		1 227.02		Gross Loss:				203.82	Total Net Profit:			1 023.20
Profit Factor:		6.02		Expected Payoff:				102.32
Absolute Drawdown:		0.00		Maximal Drawdown:				112.00 (1.29%)	Relative Drawdown:			1.29% (112.00)
Total Trades:		10		Short Positions (won %):				4 (100.00%)	Long Positions (won %):			6 (66.67%)
Profit Trades (% of total):								8 (80.00%)	Loss trades (% of total):			2 (20.00%)
Largest		profit trade:						297.16	loss trade:			-112.00
Average		profit trade:						153.38	loss trade:			-101.91
Maximum		consecutive wins ($):						4 (444.05)	consecutive losses ($):			1 (-112.00)
Maximal		consecutive profit (count):						498.84 (3)	consecutive loss (count):			-112.00 (1)
Average		consecutive wins:						3	consecutive losses:			1

EURUSD PRICE ACTION: Fakey Price Action Trade Setup. August 15, 2013.

 

EURUSD found support as it traded into the projected demand zone, facing immense buying pressure as it did, taking out out all of the previous 3 days bearishness. This new bullish momentum should carry us into 1.3400 and a break could lead us as far as 1.3700.

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GBPCHF PRICE ACTION: Stranded Counter Trend Pin Bar at Resistance. August 15, 2013.

 

There was some profit taking in today's trading on the GBPCHF as price failed in its attempt to reach 1.4600, closing below 1.4500 for the second day running, the resulting Pin Bar, however, is what I term a stranded Pin Bar. Appearing too soon after the trend changes from bearish to bullish. It would be very un-wise to trade this pair as the lower time frames are yet to show any breakout. This sort of Price Action Trade Setup many times dont pull off as expected leaving many price action traders wondering why. These are things I teach in the advanced Price Action Class. For the bears to have a say in this market, we may need to find another candle, failing to reach the high of the previous day and and also closing below  1.4500. In the meantime, I recommend that traders ignore this setup.

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