EURUSD PRICE ACTION: Fakey Price Action Trade Setup. August 15, 2013.

 

EURUSD found support as it traded into the projected demand zone, facing immense buying pressure as it did, taking out out all of the previous 3 days bearishness. This new bullish momentum should carry us into 1.3400 and a break could lead us as far as 1.3700.

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GBPCHF PRICE ACTION: Stranded Counter Trend Pin Bar at Resistance. August 15, 2013.

 

There was some profit taking in today's trading on the GBPCHF as price failed in its attempt to reach 1.4600, closing below 1.4500 for the second day running, the resulting Pin Bar, however, is what I term a stranded Pin Bar. Appearing too soon after the trend changes from bearish to bullish. It would be very un-wise to trade this pair as the lower time frames are yet to show any breakout. This sort of Price Action Trade Setup many times dont pull off as expected leaving many price action traders wondering why. These are things I teach in the advanced Price Action Class. For the bears to have a say in this market, we may need to find another candle, failing to reach the high of the previous day and and also closing below  1.4500. In the meantime, I recommend that traders ignore this setup.

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USDCAD PRICE ACTION:Fakey Trade Setup. August 15, 2013

 

USDCAD has faced significant bullish rejection within its supply zone. A Fakey is a failed attempt for price to move in an opposite direction to the established trend, which is what we have on the daily chart of the USDCAD. If this setup up pulls off, it would be expected that price will aim to reach 1.0200 and then 1.0100.

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GBPCHF Trade Update. August 15, 2013

GBPUSD PRICE ACTION: outside Bar Trade Setup, August 14, 2013

GBPUSD seems to be resuming it's bullish drive after lower prices were rejected as GBPUSD hit its 8ema. More bulls are expected in the coming day and entries would be sort on the intra-day time frames.

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EURAUD PRICE ACTION: 1-2-3 Price Pattern. Bulls are re-loadin. August 14, 2013

 

 The expected bearish move on the EURAUD  has stalled, following the 123 bottom trade setup just above the supply zone of the pair. I was carrying a bearish bias on this pair until now. However to see any extensive bullishness, the pair has got to break the high of the 123 pattern. The 123 pattern as indicated above is critical price pattern that could precede a change in trend.

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GBPCHF PRICE ACTION: Trades within supply zone, Psychological level broken. More bulls expected. August 13, 2013

 

 The bulls are now very much in the driving seat on this pair after price pulled higher flying into our projected supply zone. I want to draw our attention to the Stranded fakey Setup from yesterday;s trading. Many Price Action Traders had gone short based on it but it was a lone ranger and was a failed setup even before it formed. The bias had already changed from bearish to bullish as I had pointed out earlier and seeking for any contrary setup was trying to stop a train in full speed.

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