USDCAD Price Action: Pin Bar at Resistance. July 18, 2013

 

On July 14, I drew our attention to the break of support on the USDCAD, pointing out that my bias had turned bearish as we waited to see, a significant attempt by price to close above the New Resistance. This is yet to happen since sellers have always pushed price below the new resistance both times the bulls have made such attempts withing the week. Today's failed bullish attempt has led to the formation of a Pin bar Price Action Trade Setup. Price should as a result, commence its bearish run as long as the the minor support gives way and price is unable to bridge this weeks high.

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AUDUSD Price Action: . Inside Bar Trade Setup Breaks North, July 17, 2013

 

 The Aussie seem to have found support after price broke out north from the Inside Bar Trade Setup at Key Support Zone. It is expected therefore that the bulls would kick in fully and attempt to push price higher into the next Key Supply Zone at about 0.9560. However, if this setup fails, price would make a quick dash back into the Key Support Zone and possibly lower.

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EURUSD Price Action: Pulls higher after Fakey with Pin Trade Setup pulls higher. July 16, 2013

EURUSD has continued to trade higher following the Fakey with Pin Price Action Trade Setup, with the pair succesfully shaking off its previous bearish undertone after it hit its Key Support (Demand Zone). The trade room managed to get in on a trade off the one hour time frame as its PA presented an oppurtunity to go long which was in tandem with the daily Setup. Price could now target its Key resistance (Supply Zone) if it manages to break the previous week's high.

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EURJPY Price Action: Pin bar Trade Setup pulls higher. July 15, 2013

 

 My trade commentary on this pair on 11th July spotted a Pin Bar Trade Setup on the pair, it also talked about the ascending trend-line as well as the pair being within its demand zone. The setup has eventually lead this pair higher but it now trades within its (Resistance) supply Zone. The overall trend still remains bullish unless we get significant Bearish Price Action Trade Setup at this zone, with subsequent confirmations at the lower time frames.

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GBPJPY Price Action: Pin bar Trade Setup Pulls higher. July 15, 2013

 

I had brought the attention of my blog followers to the double Pin Bar on this pair in my trade commentary of the 12th of July, indicating that it suggested that the bulls were more in control of the market at that point. However, I got some emails and comments from some of my blog readers, contesting the efficacy of the trade setup. It is important to note that not all trade setups will lead eventually to profits, some will fail but we must endeavour to always trade what we see and not what we feel. 

My bias remains bullish and bullish entries still could be sort on the intra-day Time frames.

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USDCAD Price Action: Inside Bar Trade Setup. Against Market Open, July 14, 2013.

 

USDCAD broke through its key support on Thursday July  11, 2013 and failed to close above it at the end of trading on friday, July 12. If price still fails to close above this Key support zone during early trading in the new week, we then should see further selloff of this pair toward the next Key support at about 1.0167.  Following this scenario, our bias shifts to bearish and attention would be more on the intraday timeframes for good price action sell setups to join the emerging bearish trend.

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Weekly Trade Room result: Week ending July 12, 2013.

InstaForex Companies Group

Account: 60607288		Name: APAFTT FX					Currency: USD		Leverage: 1:500		2013 July 14, 10:53
Closed Transactions:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P	Close Time	Price	Commission	Taxes	Swap	Profit
173192559	2013.07.08 15:52	buy	2.00	eurjpy	129.85	129.87	132.60	2013.07.09 17:02	129.87	0.00	0.00	0.16	3.95
173384172	2013.07.09 12:47	sell	2.00	eurcad	1.3580	1.3621	1.3488	2013.07.09 17:55	1.3488	0.00	0.00	0.00	174.49
173465023	2013.07.09 19:26	sell	2.00	usdcad	1.0528	1.0611	1.0420	2013.07.11 01:47	1.0420	0.00	0.00	1.14	207.29
173534902	2013.07.10 08:11	sell	2.00	nzdjpy	79.02	78.92	77.02	2013.07.11 04:30	78.92	0.00	0.00	-2.35	20.13
173659263	2013.07.10 21:08	sell	2.00	usdzar	10.0276	10.0874	9.7738	2013.07.11 08:32	9.8965	0.00	0.00	3.27	264.94
173855396	2013.07.11 08:41	sell	2.00	audjpy	91.58	92.23	90.12	2013.07.11 23:30	90.87	0.00	0.00	0.00	143.64
173910030	2013.07.11 12:08	buy limit	2.00	eurnzd	1.6523	1.6361	1.6861	2013.07.11 22:15	1.6734	cancelled
173910181	2013.07.11 12:09	buy limit	2.00	gbpaud	1.6326	1.6215	1.6678	2013.07.11 22:15	1.6568	cancelled
173957121	2013.07.11 16:06	sell	2.00	gbpjpy	149.63	150.46	148.79	2013.07.11 21:59	150.46	0.00	0.00	0.00	-167.56
174053839	2013.07.11 23:58	buy limit	2.00	nzdusd	0.7825	0.7750	0.7957	2013.07.12 00:41	0.7847	cancelled
174124008	2013.07.12 12:02	sell limit	2.00	eurgbp	0.8620	0.8643	0.8488	2013.07.12 12:08	0.8614	cancelled
174244698	2013.07.14 01:52	balance	trade result for 2013-05										351.89
										0.00	0.00	2.22	646.88
Closed P/L:												649.10
Open Trades:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P		Price	Commission	Taxes	Swap	Profit
174124729	2013.07.12 12:08	sell	2.00	eurgbp	0.8614	0.8670	0.8488		0.8653	0.00	0.00	-0.33	-117.88
174057849	2013.07.12 00:31	buy	2.00	eurjpy	129.70	127.93	132.60		129.62	0.00	0.00	0.16	-16.13
174099649	2013.07.12 09:43	sell	2.00	usdjpy	99.01	100.64	97.44		99.23	0.00	0.00	-0.06	-44.34
										0.00	0.00	-0.23	-178.35
										Floating P/L:		-178.58
Working Orders:
Ticket	Open Time	Type	Size	Item	Price	S / L	T / P	Market Price
No transactions
Summary:
Deposit/Withdrawal:		351.89		Credit Facility:				0.00
Closed Trade P/L:		649.10		Floating P/L:				-178.58	Margin:			144.56
Balance:		7 533.75		Equity:				7 355.17	Free Margin:			7 210.61
Details:
Gross Profit:		816.66		Gross Loss:				167.56	Total Net Profit:			649.10
Profit Factor:		4.87		Expected Payoff:				92.73
Absolute Drawdown:		0.00		Maximal Drawdown:				167.56 (2.33%)	Relative Drawdown:			2.33% (167.56)
Total Trades:		7		Short Positions (won %):				6 (83.33%)	Long Positions (won %):			1 (100.00%)
Profit Trades (% of total):								6 (85.71%)	Loss trades (% of total):			1 (14.29%)
Largest		profit trade:						268.21	loss trade:			-167.56
Average		profit trade:						136.11	loss trade:			-167.56
Maximum		consecutive wins ($):						5 (673.02)	consecutive losses ($):			1 (-167.56)
Maximal		consecutive profit (count):						673.02 (5)	consecutive loss (count):			-167.56 (1)
Average		consecutive wins:						3	consecutive losses:			1