GBPJPY Price Action: Fakey with Pin Trade Setup 13/03/2013

 

The pair as analyzed at the start of the week is in a very dominant bullish run. Today's setup (A fakey with Pin off dynamic support) has the potential to send prices higher, but just above, at about 144.30, is a significant resistance. If price manages to break above it, it should then aim 147.90.

My Recommendation: I would rather go long on this setup.

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

 

For the second time in 2days, we have a pin bar at the close of the days trading. GBPUSD has been on a free fall and it just has to pullback at some point but there had been several failed pin bar trade setups recently including that of yesterday. Today's Pin bar should push prices higher. while this is a counter trend trade, it does seem to have a good Risk/Reward ratio.

My recommendation: Long with stops just below the pin bar

GBPUSD Price Action: Pin Bar Trade Setup 12/03/2013

 

 This is a kind of setup I would call a lone ranger. Its a low quality setup and the reasons are as follows: 

1. Its a setup against the major trend

2. There are no confluence of events at about the point this setup has occurred

However, this also doesn't mean that we may not witness a pull back as a result of this setup but bearish price action setups at rotations back into resistance would give better risk to reward.

My recommendation: Wait to see how traders react to this setup in the coming days.

EURJPY Price Action: pushes higher from Inside Bars 12/03/2013

 

The pair remains in buoyant mood despite closing the week with a slight rejection (A pin Bar). I got a lot of mails from members of my group asking to know if it was reasonable to go short based on the Pin bar from Friday's close and My simple answer was no. First because there wasn't really any confluencing events at the point of the appearance of the Pin bar and Secondly because I prefer going with the more dominant trend. My Price Action Trading Course teaches a lot of things like this, preventing us from pulling the trigger prematurely on dead end setups.

My Recommendation: Wait for Price Action at Resistance 126.96 or there about.

EURGBP Price Action: Price pushes higher after fakey with pin at Confluence 12/03/2013

 

I didn't get the chance to post this setup in real time but managed to send out a Trade call on it, both in my Premium Trade Room and the Free Signal Trade Room last week. We did manage to make a decent 1:2 Risk Reward on this pair and prices still look to aim higher judging from the pin bar spotted at the close of trading 08/03. Expectations are for price to target previous high or there about.

My Recommendation: If you aren't in on the bulls still, don't bank on any bears yet.

USDCAD Price Action: Inside bar at Resistance pushes price lower 12/03/2013

 

An inside bar was spotted on this pair on Friday and I did indicate that I would be going short on the pair. I am currrently about 35 pips green from my entry and I expect further bears, however, my attention remains drawn to the fakey with pin price Action Setup from the close of trading on Friday08/03/2013.

My Recommendation: I will stay bearish until about support as indicated above.

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

We are starting the week with an interesting Advanced Price Action trade setup on the metal: The Pivot Bottom Price Action Trade Setup. When we couple this with the fact that the setup has occurred at about horizontal Support, we could be in on some bullishness in the coming week or weeks.

 

 The setups on the daily chart of silver are among my favorites: A Fakey With Pin bullish confirmation of a previous Pin Bar/Pivot Bottom Bullish setup. When I couple this with the weekly setup above, it gets further interesting. Expectation are for the bulls to kick in and push the pair higher.

My Recommendation: Go Long on this pair with stops below the recent lows.