GBPUSD Price Action: Inside Bar Price Action Setup, 09/04/2013

 

 Following the Break of resistance discussed here 07/04/2013, An inside Bar Trade setup emered at the close of Trading yesterday. An inside bar in an uptrend after a confirmed break would usually lead to higher prices and we do see here that price moved higher today. Expectations are still for even higher prices with resistances at 1.5500. 1.5620 as immediate targets.

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AUDUSD Price Action: Closing Price Reversal pulls off, 09/04/2013

 

I have had a lot of people call or email me to ask how I plot my horizontal lines or if I have an automatic plotter or something like that but Ive always given them the same answer; "NO"  The more you look at the charts and plot these lines, the better you will get.

The Closing Price Reversal Price Action Setup discussed yesterday has pulled off, piercing resistance at 1.0484. This is an indication of even higher prices, however, we could be faced with slight rotations back into dynamic and minor intraday supports.

NZDUSD Price Action: Pin Bar/Inside Pin Bar Combo Setup, hits Resistance. 09/04/2013

 

This Pin Bar/Inside Combo Setup was discussed in yesterday's commentary and the pair has eventually hit resistance as expected, netting the Trade Room 112pips in the process. This goes to show the immense power available to trading the markets with just price Action.

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AUDUSD Price Action: Closing Price Reversal Trade Setup, 08/04/2013

 

 AUDUSD closed above key support zones (between 1.0370 & 1.0407) after price failed to close below these zones. A Closing price Reversal Price Action Setup ensures subsequently. If this setup is sustained, price would attempt to reach the next resistance zone at about 1.0485.

My Recommendation: One more trading day's wait is necessary.

USDCAD Price Action: Inside Pin Bar Trade Setup, 08/04/2013

 

The last 2 trading days has seen price fail to close beyond the horizontal and dynamic resistances, with today's failure, leading to the formation of an Inside Bar Price Action Trade Setup. This scenario could lead price dropping lower into the near by support zone at about 1.0100. 

My Recommendation: Sell pair, with stops above recent highs.

NZDUSD Price Action: Pin Bar/Inside Pin Bar Combo Setup, pulls off. 08/04/2013

 

A pair of Pin Bar/Inside Pin Bar combo Price Action Setups on the NZDUSD daily chart, has pulled higher, breaking through and closing above resistance at 0.8445. Price should attempt to peel off, continuing bullish, into the next resistance at about 0.8530.

My Recommendation: Stay bullish

AUDCHF Price Action: The week Ahead, 07/04/2013 - 12/04/2013

 

 The Fakey Setup on the AUDCHF from the close of trade last week has come off quite good on the pair with this week closing as a bearish outside bar. Expectations are for even lower prices in the coming weeks.

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We can see that following the daily Pin Bar Trade setup discussed on the 04/04/2013 and its subsequent break of Support on the 05/04/2013, price has fallen significantly lower into Key support. Rotations back into intraday/daily resistances could now follow in the early part of the week.

My recommendation: Sell pair on roatations back into Daily/Intraday resistances.