EURGBP Price Action: Fakey with Pin Price Action Trade Setup. Against Market Open May 26, 2013

 

 A Fakey with Pin Bar Price Action Setup is spotted at the close of Trading on Friday May 24, 2013. This showed a  false break of Key resistance following an initial Pin Bar Price Action Trade Setup at the close of Trading on Wednesday May 22, 2013. However, there is a minor support just below the fakey which must be cleared for any significant bearishness. Support is seen at about 0.8450.

My Recommendation: Sell pair at about 0.8570 with stops above the Fakey Pin Bar.

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EURUSD Price Action: Pin Bar Price Action Trade Setup. Against Market Open May 26, 2013

 

The EURO again faced bearish pressure as it hit the 1.3000 Key Resistance Zone. A Pin Bar ensures as a result and expectations are for price to sell into Support at about 1.2840, while a break of that resistance would completely alter the bias on the pair from bearish to bullish. 

My Recommendation: Sell the pair at about 1.2950 with stops above 1.3000.

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Crude Price Action: Pin Bar Price Action Trade Setup. May 23, 2013.

 

Crude faced significant bullish pressure as it hit support at the close of the US session today. A Pin Bar ensures which signals for further bullishness. Long entries are advised at about the 50% retracement region of this Pin Bar and price is expected to target the recent highs as long as the Pin bar low is not breached.

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EURJPY Price Action: Pin Bar Price Action Trade Setup. May 23, 2013.

 

The yuppy sold into into support and was subsequently faced with quick profits taking. This resulted in the formation of a Pin Bar Price Action setup. The major trend on this pair is bullish and the Pin bar has occurred right at the confluence zone. This looks like a decent bullish signal which could send prices higher in the next few trading sessions.

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NZDUSD Price Action: Closing Price Reversal Setup, Hits TP (Support). May 22, 2013.

 

 This was a give away from my commentary yesterday. The Trade room came out with a healthy 1:2 risk/reward of about 100pips. The Closing Price Reversal Setup has hit Support, it remains to be seen if the support would give way. 

My Recommendation: Stay out and observe its price action at support.

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GBPUSD Price Action: Inside Bar Price Action Setup, Hits support. May 22, 2013

 

One of the benefits of making trading decisions off the daily time frames is that all the minor and some times very volatile fluctuations inherent in the intra-day time frames would be none of your concern, evident in today's trading. Despite all the hush and flush, prices still respected the major trend. GBPUSD has hit support following its Inside Bar Price Action Trade Setup. I had recommendeed that Traders stayed short based on this setup and the result from just yesterdays entry would have been about 100pips.

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GBPUSD Price Action: Inside Bar Price Action Setup, pulls lower. May 21, 2013

 

 An Inside Bar Price Action Setup at the close of trading yesterday has sent the GBPUSD lower in today's trading. It is noticed that price made a few failed attempts to break above resistance thus the selloff. Price is expected to continue short into the next support zone at about 1.5040.

My Recommendation: Stay Short.

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