GBPCHF Price Action: Pin Bar Price Action Setup. May 5, 2013

 

 GBPCHF closed the day with a failed attempt to break above its 2 months high; achieved just 8days ago. Price faced massive sell-off immediately after, leading to the formation of a bearish counter trend Pin Bar. This setup interests the trade room as we will be looking to sell at about the 50% retracement region to limit the potential risk in this trade. The near term support (shown above) should interest buyers in the event that price is pushed lower into that zone.

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EURAUD Price Action: Inside Pin Bar Price Action Setup complementing Closin Price Reversal Setup. May 6, 2013

 

Price has closed today's trading with an inside bar price Action Setup, complementing the initial Closing Price Reversal (Dark Cloud) which was spotted on the daily chart of Thursday. Expectations are for the pair to approach lower prices as we intend to rejoin the very bullish trend if price manages to rotate into Near Support

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GBPUSD Price Action: Pin Bar Price Action Setup, moving lower. May 2, 2013

 

The bullish trend on the cable seem to have lost steam. Price lost ground slightly at the close of trading today, giving off, an Inside bar Price Action Setup at about key Resistance. If we consider the fact that the pair had previously shown bullish weakness as pointed out on the commentary of May 2, price could therefore target the near support as indicated on the chart above. 

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USDCAD Price Action: Pin Bar Price Action Setup.

 

 The pair looks set to continue with its more recent bearish trend as the pair closed closed with a Bearish Pin Bar at the close of Trading on Friday May 05, 2013. Expectations are for price to trade lower in an attempt to reach the Key Support Zone as depicted on the chart above.

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USDJPY Price Action: Pivot Bottom Price Action Setup, pulls higher.

 

An Inside Pin Price Action Setup discussed on May 1, 2013 resulted in a Pivot bottom Price Action Setup which has now pulled higher. Price should aim to target resistance at 99.76. 

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GBPUSD Price Action: Pin Bar Price Action Setup, moving lower. May 2, 2013

 

The Cable has shown reluctance to being sold off unlike it's Euro cousin, following the Pin Bar Price Action Setup discussed in yesterday's commentary. However, price remains around key resistance Zone, so we could still see some reasonable selloff by the end of the week. Supports are found as shown on the chart.

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EURUSD Price Action: Pin Bar Price Action Setup explodes lower. May 2, 2013

 

 1.3200 zone has shown to be a strong rock holding down the euro. I did point that traders should keep an eye on price action around this zone. A pin Bar, formed at the close of trading yesterday has lead to a massive selloff of the pair. It could be argued that the ECB president was responsible for this move with his very Dovish Press Conference but Price Action had prepared us for this with that Pin bar.

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