GBPJPY Weekly/Daily Price Action: The week ahead 11/03/2013 - 15/03/2013

 

Last week, I was so busy working on this new blog and had little time to look properly at the charts, failing to note a very significant price action setup on GBPJPY weekly. Apart from being a pin bar at the dynamic support, it also exhibited an equally significant price action bullish setup known as the Bullish 2 Bar Reversal. We can see that price has continued in its more dominant bullish run after these setups. In the coming weeks hopefully, I will try to put up some write ups on some of these setups. However, in the mean time, These are part of what I try to teach in the Advanced Price Action Course.

 

 Price have managed to reach our expected target from the Pivot Bottom Pin Bar Bullish confirmation setup spotted on the 2nd of March. A Pin Bar at resistance should interest sellers but Ive got my doubts because of the more dominant bullish trend on the pair, pointed out in the weekly chart above. However, I will keep my eyes on the 4 hour intra day time frame to see if the premium signal members can  get a chance to short the pair.

My Recommendation: Unless you are an advanced price action trader, don't trade this setup.

EURUSD Weekly/Daily Price Action: The week ahead 11/03/2013 - 15/03/2013

 

The euro continues to face significant bearish pressure, given that we have had a consistent sell-off for the past 5weeks and with this week still closing slightly below the close of last week and also ending as a pin bar off the dynamic and horizontal resistances, more bears should be expected in the coming weeks.

 

 The daily chart shows that the euro still frets about support. I pointed out a bullish double bottom/outside bar setup on it last Thursday but advised that we stay neutral and wait for a bullish confirmation on the daily or 4hour intra-day time-frame. So far, that hasn't happened, instead, priced pierced the previous double bottom low, an indication that the bears are still very much in control.

My Recommendation: Wait for stability and a good price action setup on the daily chart. 

EURUSD Price Action: Double bottom / Outside Bar Trade Setup 08/03/2013

The EURUSD has found support, obvious from the Price Action double bottom and outside Bar Trade setup on the daily chart. If this support holds like I expect it to, we could then be in for a change of trend in the coming days. 

My recommendation: Stay neutral and wait for another bullish confirmation on the daily or 4hour chart. 

GBPJPY Price Action: Pivot Bottom Pin Bar Bullish confirmation pulls off. 08/03/2013

The GBPJPY pulled higher after the Pin Bar Price Action bullish confirmation of the Pivot Bottom Price Action Trade Setup of the 2nd of March. It is expected that price should approach Resistance as shown above.

My Recommendation: Stay bullish

USDJPY Price Action: Break of Resistance 08/03/2013

The Bullish Trend on this pair has been massive in recent times and still doesn't look like abating as price clearly broke through resistance today. We should see higher prices in the coming weeks.

My Recommendation: No bears in sight, stay bullish.

USDCAD Price Action: Inside Bar at Resistance 08/03/2013

The pair seem to have found significant Resistance at about 1.0320. A falling star candle pattern which has now been followed up by an inside bar at the close of today's trading could trigger some bearishness in the pair. Therefore rotations back into support zone at about 1.0212 could be expected, from where Price Action bullish setups could show up.

My Recommendation: I will be going short on this pair but be careful with your stops

AUDUSD/NZDUSD Price Action: Pin Bar Trade set up 07/03/2013

Both currency pairs closed the day with very significant bullish rejections forming pin bars, as they attempted to break above previous resistance zones cutting short the bullish pullback. This is no surprise as I've been consistent with this pair and pointed this out in yesterday's trade commentary.

My recommendation: Stay short with targets about the near term supports as indicated on the charts