GBPJPY Price Action: Pin Bar Price Action Setup, May 14, 2013

 

 The Geppy did rotate lower as expected, following the Closing price Reversal Trade Setup discussed in yesterday's commentary. However, I did advice we look out for buy setups at about support if price managed to rotate lower. We now have a Pin Bar Price Action Setup at the close of today's trading. The trend is still very bullish and expectations are for price to be pushed higher as a result of this setup.

My Recommendation: A long entry is favoured.

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Gold Price Action: Inside Bar Price Action Setup, May 13, 2013

 

The last time I ran a commentary on Gold (April 24), I talked about the possibility of price resuming it bearish run from about its present zone, when price gave off an inside bar at the close of trading for that day. But the bulls managed to push the Metal further long but it now appears that the bulls have finally given up on this push. Notice the inside bar which also managed to close below support. This is a bearish signal and if price fails to break back throuh that support which should now act as resistance, we would witness another round of selling off of the metal.

My Recommendation: Sell on a failed attempt to break through the just broken support.

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GBPJPY Price Action: Closing Price Reversal Price Action Setup, May 13, 2013

 

The Geppy ends with a Closing Price Reversal Price Action Setup: An indication that the pair is in the running for some bearish rotations, possibly into the supports zone. Price Action Buy Setups should be sort on its approach into the Support or at its key support as shown above, if this setup plays out. 

My recommendation: Wait for price to move into support zone and seek for Bullish Price Action Setups. 

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NZDUSD Price Action: Breaks Key Weekly Support. May 12 - May 17, 2013.

 

 The New Key resistance woulld be the key action area determining where the trend could be headed in the comming weeks. If we get a daily price action setup at about the key weekly resistance, that would be the trigger to going short for the rest of the week or month.

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AUDUSD Price Action: Break of weekly Key Support. May 12 - May 17, 2013.

 

The AUSSIE broke through Key Weekly Support at the close of trading last week. This could leave the doors open for an approach to the weekly Support around 0.9720. Daily Price Action Setup would be anticipated at about the key weekly resistance to  trigger this sell-off.

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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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