EURUSD PRICE ACTION: The Week Ahead, August 4 - 9, 2013

 

 The eurusd had shown appreciable bullish strength until price approached its intersection point towards the end of last week. In my daily analysis, I had pointed out that price had broken out of its trend-line, which was a sign to liquidate all previous bullish entries. I had in-fact given a sell trade signal, which was later cancelled in the trade room, to allow for the possible exhaustion of another emerging leg of a bullish alert. The daily chart of the new week will be of great focus to see if there will be any significant price action sell setups. But in the event that we get a break of the intersection instead, we then would be in possibly for an extended bullish run.

My Recommendation: Stay neutral

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NZDUSD PRICE ACTION: The week Ahead, August 4 - 9, 2013

 

 We carry a bearish bias into the coming the week after the pair faced rejection as it approached its weekly Resistance Zone (0.8100) So many factors combined to push prices lower; the 21ema, the horizontal resistance line and the overall weekly trend, which was still quite bearish. The outside Bar Price Action Trade setup that ensured at the close of the week, should trigger further sell-off on the pair within the new week or even this month, however, the intersection point (Support/trend-line) could put a halt in its present bearishness. Attention is focused now on the daily and intra-day time frames for more bearish price Action Setups.

My Recommendation: Stay bearish

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GBPCHF PRICE ACTION: Closing Price Reversal Trade Setup at Support Zone pulls Price Higher. August 02, 2013

 

 GBPCHF has pulled slightly higher, following its Closing Price Reversal Price Action Setup. Some might also call this setup an outside bar. The trend remains bearish unless price find its way above the Supply Zone as depicted on the chart. In the meantime, Price Action Sell setups would be sort in the event that this pullback fails to break above the Resistance Zone.

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EURUSD 4 Hour Price Action: Update on 4hour Hidden Fakey trade setup. August 2, 2013

 

 I just wanted to point out how we get in and out of trades using just price Action and not relying on any of those lagging indicators. 

We had gone short based on the initial Hidden Fakey trade Setup discussed earlier today but as the bearish move stalled, we spotted a potentially significant bullish signal. and with the NFP just around the corner, I made a call to the trade room to liquidate the trade at break even.

The chart above tries to explain the reason I had to liquidate the trade.

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NZDUSD 4hr Price Action: Hidden Fakey with Pin Trade Setup. August 2, 2013

 

 Most traders spend a lot of time feeling perplexed during the news but we really do not need be. Its still a matter of buying or selling isnt it? The Spike of news releases usually don't linger for more than 30minutes after which traders can go about their normal business of buying and selling, analyzing the charts again. Price Action technique allows you to do just that, since all you are concerned with are a few price  Action patterns.

The NZDUSD has given off a significant price action trade setup just after the news release and in line with the recent bearish trend, we have a Hidden Fakey with Pin Price action Setup. The trade room is short now on this pair as we aim for about 1:2 risk reward.

EURUSD Price Action: 4 Hour Hidden Fakey Trade Setup, August 1, 2013

 

The Daily chart of the euro above indicates that eurusd has broken bearishly through trend-line,  therefore, the bias on the pair immediately shifts from bullish to bearish. Support Zone is seen from about 1.2981. All previous long entries should be liquidated while fresh short entries are sort. The 4hour chart below shows how the trade room took advantage of the 4 hour intraday price action.

 

  

The trade room took advantage of the Hidden Fakout Setup on the 4 hour time frame as price made a failed attempt to continue bullish following the Pin Bar that was spotted at about US open. The counter sell entry was made instead as price was stopped by the dynamic resistances. Stops are just above the Trigger candle while we at least expect a 1:2 risk/reward on this trade.

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EURJPY Price Action: Fakey Setup takes off. August 1, 2013

 

EURJPY has pulled higher, following the Fakey setup from the close of trade yesterday. Price had been held by the lower trend-line after a pullback as price hit the inner side of the ascending channel, which the pair is expected to trade within, in the coming weeks. The Trade room managed to make a long entry and our target will be the upper band of the channel.

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