The EURCAD on the daily chart, formed a pin bar off the 21 and the 8 day emas which could see the pair maintain its recent bullish recovery. if price keeps up with the bullish drive, we may possible see price edge towards the resistance level as illustrated above.
Gold spot formed a false break setup on the daily chart today. if price is contained below the resistance level, we may possibly see a decline towards the support level illustrated above.
In our market commentary on the 4th December 2012, we pointed out a pin bar setup indicating that price would possibly move higher in coming days. in the above chart, we can see that the pair did move higher as expected and have now broken and closed above a major resistance level as illustrated above. if price keeps the bullish momentum, we could see it targeting the next resistance at 0.8470
The GBPAUD after a decent sell off last week, moved up a little and give yet another setup for a possible sell. On the daily chart today, the pair formed a pin bar candle off the 21 and 8 day emas. If price continues to trade below the pin bar candle, we may see a continuation of the dominant sell trend. if not, then we wait for another price action setup to rejoin the sell.
AUDUSD closed yesterday’s trading day with yet another failed attempt to break above the resistance zone. But with the previous inside bar candle formation, this failed break has set off a fakey price Action Trade setup. This setup could push the pair lower into support zone as indicated in the chart above.
previously in our market commentary on the AUDUSD, we pointed out that if price breaks above the horizontal resistance level, then we may see a bullish rally. However, After a failed attempt to break and close above the resistance level. price has been trading below the support level where it recently formed an inside bar/inside pin candle. traders are advice to wait and see how price reacts to this critical level so as to know the next step to take.
This is another one of the avalanche of setups available on the daily time frame of most of the major pairs within the week. The eurjpy failed to break above the critical resistance after giving off an inside bar and eventually a failed break. This setup is of particular sinificance as most traders would have gone long on the break of the inside bar. the failed attempt gives off a fakey trade setup which we have taken advantage of. A 1:2 risk reward on this pair should send us into near support zone and a possible 200pips profit.
This is a very fresh trade setup on the USDCAD. A pin bar forming at key support was spotted. members are in on this trade as we once again look to make a 1;2 risk reward on this trade.
This trade call was made in the members area immediately we spotted the dark cloud bearish pattern on the daily time frame. At the moment, its a few pips from achieving our set target of 60pips following our 1:2 risk reward target for each trade. Note that price is just about the support zone.
GBPUSD sold off modestly following the pin bar Price action setup spotted 5th December. Members have been in on this trade for 2 days now we seek a 1:2 risk reward. The Immediate Support Zone as indicated above, would also be watched for good price action setups to go long.