AUDCHF Price Action: Pin Bar/ Pivot Top Trade Setup 19/03/2013

 

 I usually don't trade this pair but I was drawn to it by a few other commentaries I saw on it from different Analysts today. The pair has given off a combo price action setup at resistance (The Pivot Top/Pin Bar Price Action Setup). Many traders would have gone in on the trade earlier than now but experience has shown that the setup usually takes a while to pull-off given that there was a strong bullish trend prior to it. In a day or two, if price fails to break above the resistance just above, we then could be faced with a sell-off on the pair.

My recommendation: Sell at another failed break of resistance.

GBPJPY Price Action: Closing Price Reversal gaps down 19/03/2013

 

 In my last commentary on the pair, I posited that based on the setup given off at the close of trading on friday 15th March (The Closing Price Reversal Price Action Setup) that the pair now faced significant bearish pressure. However, many Traders didnt get the chance to ride down south today as a result of the huge gap given off as market opened. But during the trading day, we had a pullback closing this gap. If the pair fails to penetrate the resistance shown above once again in the coming day()s, we could be faced with a bigger selloff than experienced with the gap.

My Recommendation: Stay neutral while price stabilizes.

EURAUD Price Action: Pin Bar Trade Setup, 16/03/2013

 

The price action on this pair suggests that the bears are still in control. A pin bar, showing rejection of a previously broken support in an attempt to force a failed break should result in further sell-off of the pair. 

My Recommendation: Bears should prevail into the next support zone

EURJPY Price Action: Pin Bar Trade Setup, 16/03/2013

 

 We have an interesting Pin Bar Price Action Trade setup on this pair which looks simple enough to easily deliver a 1:2 Risk/Reward or even 1:3 Risk/Reward. Join me in the members area to see if and how we will be trading this setup.

My recommendation: Bears are favoured with stops above the recent highs.

GBPJPY Price Action: Closing Price Reversal 16/03/2013

 

 There has been a massive reaction/rejection at the 145.80 resistance point, sending price lower and closing below the previously broken resistance at about 143.90. This has lead to the formation of a closing Price Reversal Price Action Setup. Expectation is for price to fall lower into support zone at about 138.90. Traders may want to join my Trade room to see and join in the way we will be trading this setup and its likes.

My Recommendation: Bearish entries with stops above recent high

USDCHF Price Action: Closing Price Reversal send price lower 16/03/2013

 

 I did point out yesterday that this pair could have come to the end of its recent very bullish run, as a result of the Closing Price Reversal Price Action Trade Setup, from the close of the trading session the previous day. Even though it didn't appear trade-able to me, Traders did jump into this setup hence pushed price lower, breaking the trend-line and hitting but failing to break support.in the process. As a result, my expectation is for price to rotate higher in the coming days, and if price fails to break above the recent previous high, we would be faced with a massive sell-off of the pair.

My Recommendation: Wait out this scenario

USDCHF Price Action: Closing Price Reversal 15/03/2013

 

Some Traders will call this the piercing line but I prefer calling it the Closing Price Reversal Trade Setup. There is a huge indication that the recent very bullish trend has come to a halt. This setup as it appears is not tradeable, but if price does rotate lower, I will be looking to rejoin the bulls at about support zone as pointed out in the chart.

My Recommendation: Sitting and watching