GBPUSD Price Action: Against Market Open August 11, 2013. Inside Bar Price Action Trade Setup

 

 GBPUSD looks set to rotate lower after the very bullish breakout candle on Wednesday. We should see or thereabout, a 50% retracement of that candle which could take the pair into the 1.5400 Psychological Support/8ema, and horizontal support level, where we expect the bulls to jump back in on the pair. A Price Action Buy Setup would confirm the expected bullish run at about that zone.

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EURUSD Price Action: Against Market Open, August 11, 2013. Inside Bar Price Action Trade Setup,

 

 The Euro finally made it to the 1.3400 psychological level but lost some of its bullish steam as it did. Traders took profits from their bullish entries and we ended up with an Inside Bar Price Action Sell Trade Setup. Though the trend remains bullish, price could let out some of the overbought pressure on the pair. Buy entries should resume at about the 1.3200 level. Therefore, Price action Buy Setups would be sort at about that zone.

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AUDJPY Price Action: Closing Price Reversal Trade Setup, August 8, 2013

 

AUDJPY has found some support after price hit the 87.15 support area. A closing price Reversal setup ensures as a result of the failed break of that zone. This is a counter trend sigal but looks good enouh to trigger a reversal on this pair.

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GBPUSD PRICE ACTION: Hidden Fakey Trade Setup. August 07, 2013

 

 GBPUSD has broken above its resistance at about 1.5430 after it faced intense bullish pressure as it approached Support. The break of this resistance clearly sets the pair on renewed bullishness. This setup is quite difficult if you already aren't in on the bulls, therefore. We would wait to see how price reacts to the resistance at about 1.5600.

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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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