GBPUSD Price Action: Pin Bar Trade Setup pulls off. 13/03/2013

 

When I decided to trade this Pin Bar Setup of the 13/03/2013, I got a lot of mails. Traders wanted to know why I was very confident in taking this trade and I simply responded Price Action. So far, I am out of this trade with a nice and easy completion of the 1:2 risk reward ratio. I will wait to see how price reacts to the resistance zone just above.

My recommendation: Stay out and watch

USDCAD Price Action: Fakey with Pin Trade Setup, fails 15/03/2013

 

USDCAD broke lower, closing below the low of the fakey with pinbar trade setup I had taken into consideration. I lost about 45pips in this trade and the reasons are obvious: The inside bar trade setup at resistance pointed out in my earlier analysis of the 08/03/2013 had enough bearish pressure to send this pair this low. We now wait to see if we will get a break of this support or a resumption of the more dominant bullish trend. Price Action at this point is very crucial.

My Recommendation: Stay neutral and wait for Price Action reaction at this support.

GBPJPY Price Action: Inside Pin Bar Couples the Fakey with Pin Trade Setup, pulls off. 15/03/2013

 

In my trade commentary of the GBPJPY yesterday, We had a combo of bullish setups (inside Pin bar coupled with a fakey with pin) and based on that, I advised that we stay bullish while protecting profits as we approached resistance as shown above. Price has succeeded is clearing this resistance at the close of the trading day. Expectations are for price to target the next key resistance at about 147.90. At the moment, our entry approaches our usual 1:2 risk reward ratio.

My Recommendation: Stay bullish

USDJPY Price Action: Fakey with Pin Bar Trade Setup 14/03/2013

 

 The Fakey with Pin trade setup has knocked twice on the bullish door of this pair. This price Action Setup could trigger the bulls into some buying frenzy.

My Recommendation: Ill looking to buy this pair still

EURJPY Price Action: Seeking Support at about the dynamic Resistance 14/03/2013

 

The pair is obviously on a strong bullish run but seems to be in search of a suitable support base with which to pull off into some nice bullish moves. The dynamic supports just below could offer the needed push.

My recommendation: Wait and see reaction at dynamic support.

GBPJPY Price Action: Inside Pin Bar Couples the Fakey with Pin Trade Setup 14/03/2013

 

The pair moved slightly higher today but price is still contained within that of yesterday's (inside bar). The fact that the inside bar is a pin bar offers us more reason to stay bullish on this pair.

My Recommendation: Stay bullish but watch-out for any failed attempt at breaking resistance

USDCAD Price Action: Fakey with Pin Trade Setup, pulling off 14/03/2013

 

Price pulled off higher from about  the 50% retracement of the Fakey with Pin Price Action Setup on the pair. It would possibly reach for higher prices in the coming days but I still have my eyes on the resistance zone mapped out above. A bullish call has been made in the trade room and we look to target a 1:2 risk reward on this setup. Many people did send me emails and inquiring about the pin bar that formed at the close of trading yesterday but I had one simple answer. It was a dead end Pin bar.

My Recommendation: Stay bullish