EURUSD Price Action: Range Bound Market. May 29, 2013

 

 My last Trade commentary on the euro was a complete give away and anyone who went with it completely, would have had a basket full of pips at this time. After the Pin Bar Price Action Setup, price moved lower and hit Key support but was unable to break through it. Subsequently, price moved back into resistance and it also seems reluctant to break away yet again. Price is therefore in a range of about 100pips and savvy price Action traders would have come out with about 200pips from the sell off and subsequent demand. I was in on so many trades and barely traded the euro in all of the rush but Ive managed to make a new entry at about Key resistance and my target still would be the key support.

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GBPUSD Price Action: Price Hits Key Support after Closing Price Reversal Trade Setup. May 28, 2013.

 

 The sell off on the GBPUSD following the Closing Price Reversal Trade setup closed just at about Key Support. There already seem to be a bullish Price Action Setup on the 1hour Time frame, so all short trades should be closed. New Short entries could be considered on the break of this Key Support. In the mean time, price could be pushed higher into Resistance Zone for a possible price Action Setup for the continuation of the more dominant bearish trend.

My Recommendation: New/Intermediately experienced Forex Traders Should stick to trading with the major trend only.

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USDCHF Price Action: Inside Bar Price Action Setup pushes price higher. May 28, 2013.

 

 USDCHF pulled higher from its inside Bar Price Action Setup, with the pair still having room to trade higher. Price Action long entries should be sort on the lower time frames to join the bulls if you aren't long on it already.

My Recommendation: Long pair on retracement into Support as shown above if price fails in an attempt to break lower support.

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AUDUSD Price Action: Pin Bar (Closing Price Reversal) Trade Setup. May 27, 2013.

 

 AUDUSD closed just above Support at the close of trading today and since we already had a Previous Pin Bar (Closing Price Reversal)  Price Action Setup, price is expected to rotate higher into resistance Zone at about 0.9755. 

My Recommendation: buy pair, with stops below current Pin Bar

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EURJPY Price Action: Inside Bar Price Action Trade Setup. Against Market Open May 26, 2013

 

The EURJPY closed as an Inside Bar on Friday with immediate Support and Resistance at about130.60 and 132.05 respectively. The setting is that of indecision and could see price hitting both support and resistance before breaking out. Short term Trade decisions can be made on the intraday time frames.

My Recommendations: buy pair with care as it retests support with quick profits taken or sell pair as it hits resistance also with quick profits taken.

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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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