AUDJPY PRICE ACTION: The Week Ahead. August 04 - 09, 2013

 

 A fakey Price Action Setup, off the dynamic resistance 2 weeks ago which was preceded by the break of trendline 7weeks ago, has led to the break of the pairs weekly Support. The Price Action is quite clearly bearish as we expect sellers to continue to dominate in the new week. Therefore, we shall continue to seek bearish trade signals on the daily and intra-day time frames. 

My Recommendation: Stay Bearish

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GBPUSD PRICE ACTION: The Week Ahead. August 4-9, 2013

 

In my earlier days of Price Action Trading, I would have considered the weekly candle a Pin bar and would have gone into the new week with a bullish bias but that was then. Many times I had been wounded gravely by such biases but in-spite of such short comings, I still managed to remain profitable with just 50% of my Trades being profitable. That is the awesome power and advantage of trading the markets with just Price Action and no indicators. 

The last candle of the previous week, though looking like a Pin Bar, has a lower low and a lower high compared to the previous week which was actually a bullish candle. Price also did manage to pierce through the Supply Zone, which ought to have acted as the new support. The ema's also still have the 8 below the 21; another indication that the bears are still very much around. 

Attention within the new week will be focused on the Daily and intra-day time frames for possible price Action Sell Setups

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EURUSD PRICE ACTION: The Week Ahead, August 4 - 9, 2013

 

 The eurusd had shown appreciable bullish strength until price approached its intersection point towards the end of last week. In my daily analysis, I had pointed out that price had broken out of its trend-line, which was a sign to liquidate all previous bullish entries. I had in-fact given a sell trade signal, which was later cancelled in the trade room, to allow for the possible exhaustion of another emerging leg of a bullish alert. The daily chart of the new week will be of great focus to see if there will be any significant price action sell setups. But in the event that we get a break of the intersection instead, we then would be in possibly for an extended bullish run.

My Recommendation: Stay neutral

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NZDUSD PRICE ACTION: The week Ahead, August 4 - 9, 2013

 

 We carry a bearish bias into the coming the week after the pair faced rejection as it approached its weekly Resistance Zone (0.8100) So many factors combined to push prices lower; the 21ema, the horizontal resistance line and the overall weekly trend, which was still quite bearish. The outside Bar Price Action Trade setup that ensured at the close of the week, should trigger further sell-off on the pair within the new week or even this month, however, the intersection point (Support/trend-line) could put a halt in its present bearishness. Attention is focused now on the daily and intra-day time frames for more bearish price Action Setups.

My Recommendation: Stay bearish

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GBPCHF PRICE ACTION: Closing Price Reversal Trade Setup at Support Zone pulls Price Higher. August 02, 2013

 

 GBPCHF has pulled slightly higher, following its Closing Price Reversal Price Action Setup. Some might also call this setup an outside bar. The trend remains bearish unless price find its way above the Supply Zone as depicted on the chart. In the meantime, Price Action Sell setups would be sort in the event that this pullback fails to break above the Resistance Zone.

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EURUSD 4 Hour Price Action: Update on 4hour Hidden Fakey trade setup. August 2, 2013

 

 I just wanted to point out how we get in and out of trades using just price Action and not relying on any of those lagging indicators. 

We had gone short based on the initial Hidden Fakey trade Setup discussed earlier today but as the bearish move stalled, we spotted a potentially significant bullish signal. and with the NFP just around the corner, I made a call to the trade room to liquidate the trade at break even.

The chart above tries to explain the reason I had to liquidate the trade.

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NZDUSD 4hr Price Action: Hidden Fakey with Pin Trade Setup. August 2, 2013

 

 Most traders spend a lot of time feeling perplexed during the news but we really do not need be. Its still a matter of buying or selling isnt it? The Spike of news releases usually don't linger for more than 30minutes after which traders can go about their normal business of buying and selling, analyzing the charts again. Price Action technique allows you to do just that, since all you are concerned with are a few price  Action patterns.

The NZDUSD has given off a significant price action trade setup just after the news release and in line with the recent bearish trend, we have a Hidden Fakey with Pin Price action Setup. The trade room is short now on this pair as we aim for about 1:2 risk reward.