GBPJPY Price Action: Pin Bar Price Action within Demand Zone. July 06, 2013

 

 GBPJPY got sold off after an initial break above its Key demand Zone. However, it faced a quick bearish rejection as buyers got interested in the pair once it came yet again withing that zone, closing the day eventually as a Pin Bar (A very significant Price Action Bullish Trade Setup). Expectations are for price to target higher prices in the coming week with immediate target towards Near Resistance and the long term target could see price reaching far into 155.70 zone.

EURCHF PRICE ACTION: Price fails to break above Resistance: July 5, 2013

 

EURCHF seems confined within a range, as the pairs attempt to break above Resistance, stalled. There is huge possibility for a sell-off from this zone but entry would be sort within the intra-day time frames pending price action Trade Setups. 

USDCAD Price Action: Fakey Trade Setup. July 04, 2013.

 

A Fakey has been spotted on the daily time frame of the USDCAD at the close of trading today. The Fakey Setup is a false break setup. A situation where price makes a false attempt to breakout of a consolidation as is seen in the chart above. I had anticipated this fakey therefore made an early entry at about 1.0538 with target at 1.0438. This trade should offer about 100pips if my tp is met.

GBPUSD Price Action: GBPUSD breaks support as price closes below Inside Bar Trade Setup, July 03, 2013.

 

The Cable broke south of its inside bar formed at the closed of trading yesterday, inline with the dominant bearish trend. This scenario should usher in another round of selloff but only if the momentum is sustained. It is important to note that despite the bearish break, the pair is within its demand zone, an area that would interest many buyers. I would another day's wait to ascertain if the break is valid.

GBPCHF Price Action: Pin Bar Price Action Setup. July 2, 2013

 

 GBPCHF made a futile attempt to close above immediate resistance but was rejected and faced a sell-off subsequently from the combined effort of the horizontal and dynamic resistances, leading to the formation of a Pin Bar. This Price Action Setup should interest sellers , therefore price could tumble lower in the coming days. Immediate support is seen at about 1.4315.

EURUSD Price Action: Fakey with Pin Trade Setup, June 30, 2013

 

 The EURUSD has given a trend continuation Fakey Setup after price failed in its attempt to rotate higher following the inside bar trade setup from Thursday's close. The failed bulling retracement has lead to the formation of a Fakey with Pin Trade Setup which should send prices even lower in the coming week.

EURCHF PRICE ACTION: Closing Price Reversal Setup: June 30, 2013

 

 On June 26th, I discussed the Counter Trend Fakey Setup on the pair which came off quite well, but has now failed to close above the 21ema dynamic resistance, facing a very significant selloff in its attempt, leading to the formation of  a closing price Reversal Setup. This is a bearish signal and could send prices lower.