Crude Price Action: Fakey With Pin Bar Setup. May 10, 2013

 

A lot of people have written to commend what I do but I feel I should be thanking them for having the time to read my posts as well as commenting on them, while some have sent me emails or IM's instead. I say this because their criticisms and compliments have both had the same effect on me, spurring to get better at what I do. I am happy that the hardwork continues to pay off.

Crude seemed to play out a script as written and directed by Chris Ahize. From its commentary on May 8, I had expected a quick dash back into Key Support and a possible price Action Buy Signal at that zone. We now have a Fakey Setup at its confluence zone. The Potential risk on this setup is quite large and would recommend buying the pair from its 50% retracement region with stops below the Fakey Pin Bar.

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NZDUSD Price Action: Hits Key Support. May 10, 2013

 

The Kiwi has been very active lately. In the commentary of the 8th of May, I did point that the pair had hit support and showed a false break of it. This lead to a quick dash back into Key resistance from where sellers sent prices fast back to support. Fridays trading offered more bearishness as priced raced into the next Key support at about 0.8280. My expectation would be for rotations back into New Resistance from where Price Action Setups to rejoin the bears should be expected.

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GBPUSD Price Action: Pin Bar Price Action Setup, leads to break of near support. May 10, 2013

 

On May 6, which was the previous commentary I ran on the GBPUSD, I did mention that the pair was now showing significant bullish weakness, with expectations towards rejoining the bulls, at the instance of a significant price Action setup at Support. Incidentally, that support gave way at the close of trading Friday, and the bias on this pair now is bearish. Price Action sell signals would be sort on its failed attempt to approach or break through New Resistance.

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EURUSD Price Action: Breaks Key Support after Fakey Trade Setup. May 10, 2013

 

In my last commentary on the EURO, I pointed out a Fakey setup as well as the fact that price was sitting on support at the close of trading for the day. The scenario is now hugely different as the support gave way at the close of trading Friday. If this break is sustained, price will make a dash at 1.2840, the next key support.

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Crude Price Action: Crude in Critical Resistance Region. May 9, 2013

 

 Crude now trades within critical resistance region. While the Trend does seem to be validly bullish after the break of the daily 123 formation, Rotation back into support is still expected to offer clear Price Action buy signals to join the bulls. In the meantime, a Pin Bar as well as an inside Pin Bar on the daily chart could help trigger this bearish pullback.

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EURUSD Price Action: Pulls Lower following a Fakey Trade Setup. May 9, 2013

 

The euro got sold off after a fakey setup. The Fakey was as a result of price failure to close above the previous inside bars, leading to a false break and with the coupling effect of the resistance above which it could also just manage to touch, the bears took hold and sent it back down into support zone. I had mentioned that the pair looked to be constrained within a range in my previous commentary on it.

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USDJPY Price Action: Pin Bar Setup leads to break out. May 9, 2013

 

The yen broke above its 3 weeks old resistance after the Pin Bar Price Action Setup from the previous day's trading. The Trade Room managed to bank some profit based on this setup and we will look to rejoin the renewed bullishness pending price action if we get minor rotation back into new support.

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