GBPCHF PRICE ACTION: Pin Bar/Inside Pin Bar (Combo) Trade Setup. August 06, 2013

 

 On the 2nd of August, I ran a commentary on the GBPCHF, drawing our attention to the Closing Price Reversal Trade Setup on it, leaving room for bullish pullback expecations. The Setup has come-off as expected and has also given off a bearish Trade Setup at about our Resistance Zone. The Pin Bar/Inside Pin Combo is a bearish trade setup and could force sellers into action, however, price must first break and trade below the Key Support Zone at about 1.4200 to leave room for another leg of the bearish trend which is the more dominanr trend.

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USDJPY PRICE ACTION: Price Breaks Support, More bears to come. August 06, 2013

 

 The USDJPY broke and closed below Support at about 98.20, a key support zone. If price manages to stay below this zone, price will be expected to head even lower into other lower support areas. The next two support zones are indicated in the chart above.

My Recommendation: Sell entries should be sort on the intra-day time frames.

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USDCAD PRICE ACTION: Closing Price Reversal Trade Setup. August 06, 2013

 

 USDCAD faced bearish rejection as it hit resistance and was significantly sold off to trigger a Closing Price Reversal Bearish Trade Setup. If the momentum is sustained, price would attempt to reach support at about 1.0313.

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EURUSD PRICE ACTION: Closing Price Reversal Trade Setup. August 06, 2013

 

 EURUSD could push higher following the pairs reluctance to close below the Support Zone. A Closing Price Reversal from Friday's at its Support Zone also points to further bullishness. Traders could look to make intraday buy entries at about london open tomorrow pending price action. Another pointer to a possible bullish scenario, is the the higher high made by the pair in today's trading.

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EURJPY PRICE ACTION: The week Ahead. August 04 - 09, 2013

 

 Last week saw the re-entry of buyers into the eurjpy market. From the chart above, Ive tried to demonstrate why we should remain bullish even in the new week. After the false break of the intersection 8weeks ago, price has traded higher, though slowly. Experience in the market has thought me to respect these slow moving trending markets cos they are usually followed by an explosion in movement of price, as traders continue to load the market with volumes and volumes of orders. We are already in on this expected bullish rush as a result of the Hidden Fakey with Pin Price Action Setup depicted above, though with a conservative TP as indicated however, we still would be on the lookout for more bullish entries on the daily and intra-day time frames on this pair.

My Recommendation: Stay bullish

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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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