Price Action Trade Setups: Weekly Market Recap September 23 - September 27, 2013

We started this weeks Trade Setup with the posting of the Bullish Closing Price Reversal Trade Setup of the USDJPY (shown again above). The trade is still moving towards the projected Zone as shown in the 2nd figure above.

This trade has so far moved up to about 300pips from the Trade rooms entry though, its currently on about 200pips, the trade remains open and is expected to reach the projected zone as shown above. I posted the initial trade setup of this move on the 25th September.

EURCAD (above) was also one of the pairs which had its trade setup posted within the week and price has also continued to moved long in the anticipated direction from the Trade Setup as posted September 25.

GBPAUD was one of those easy setups in many respect. Apart from the 123 bottom and the Pin Bar Trade Setup, We eventually also had a bullish confirmation Pin bar. This Setup is expected to deliver a minimum of 250pips but ideally, the trade room would aim for about 500pips from it.

I brought our attention to the Inside Bars consolidation of the USDCHF on 27th September, informing my blog followers and readers of an impending bearish breakout. Now we have had the breakout, with the Trade room taking about 40pips from the initial move. We still have 50% of our trade open on this trade with a trailing of 40pips triggering.

 Most Price Action traders had gone long based on the bullish engulfing bar from the close of trading on Friday 26th September but unfortunately, their stops would have been hit as price continued southwards following the Trade Setup explanations I offered in my Trade commentary on the 27th September.





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CADJPY PRICE ACTION: Stranded Bullish Engulfing Trade Setup

 Just like with the EURAUD on the 23rd September, CADJPY has given off a counter Trend Trade Setup after a new (emerging) trend is confirmed. The trade room had gone short as seen above based on the bears confirming candle formation before we had this Bullish Engulfing bar, therefore, the new  Trade Setup would be ignored unless a counter bear rejection Trade formation is spotted on the 4 hours time frame. Expectations are for price to aim towards 93.00 Psychological resistance however 50% of open positions would be closed as price drops 50% towards projected TP.

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USDCHF PRICE ACTION: USDCHF looking to make a bearish breakout

USDCHF has been on an extensive bearishness for the past two weeks and despite the fact that it has hit a very significant Psychological Support, Price Action at about that zone points to further bearishness on the pair. This expectation is supported by the pairs 4hour bullish rejection confirmation.

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GBPAUD PRICE ACTION: Bullish confirmation Pin Bar Trade Setup.

We have waited patiently for five days, after price gave off a Pin Bar Trade Setup when it hit its Psychological support at 1.6900, giving off a Pin bar Trade Setup. This setup has been followed by a decent bullish run and has resulted in more bullish confirmation, after the 4 hour time frame showed significant bearish rejection. Subsequently, the Trade Room went long with a minimal expectation for price to hit the 1.7400 Psychological resistance.

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EURCAD PRICE ACTION: Pin Bar Trade Setup gets bullish confirmation.

The EURCAD has had two bullish trend confirmations after price went into consolidation as it hit Psychological Support of 1.3700. A breakout of the consolidation as pointed out in the figure above was a first trigger to some bullishness. yesterday's Pin bar Trade Setup and its 4 hour bearish rejection confirmation became another bullish confirmation. It is important to note that I always wait to get these 4hour trade setup confirmations before my entries are made.


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USDZAR PRICE ACTION: Bearish Closing price Reversal Trade Setup Pulls higher, bullish trend confirmed

In recent times, I have made adjustments to how I determine a valid Trade Setup, entries, Stops and exits. In-fact a whole lot has changed abut how I trade the market. However, the modifications are only an improvement on the basic price Action Trading Techniques commonly available but now, entries and exits are made with much more precision.

The USDZAR Bearish Closing Price Reversal Trade Setup Trade which occured 5days ago needed a few more candles to confirm that traders were actually interested in going long from the setup. The confirmation was seen at about the London Open today, when price bounced off the its critical level on the 4hr time frame. This trade is expected to carry on into the 10.5000 Psychological Resistance zone but the Trade Room would usually close 50% of its open positions as price moves half way to our projected exit point leaving the rest of the trade to run on a 300pips trailing stop.


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USDJPY PRICE ACTION: Bears Confirmation, Closing Price Reversal Trade Setup pulls lower

A Bullish Closing Price Reversal noticed on Friday 20th September, complementing an initial one from about the 100.00 Psychological resistance zone on the 11th of September, which has been followed by a 4hr trend confirmation, is expected to push prices lower, possibly into Psychological Support at about 97.00. Though we will keep an eye on 98.00 where 50% of open position would probably be closed.

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