Finally, something started to happen on the markets! That is why today’s Price Action setups review is so big – we prepared analysis for eight different currency pairs including AUD/JPY, AUD/USD, EUR/JPY, EUR/USD, GBP/AUD, GBP/CHF, NZD/JPY and USD/JPY.

Last days for people using PA technique have not been the greatest. Few fake signal with ended with stop losses. Luckily, one position – during its rebound – can neutralize even few former losses. This is a huge advantage of systems with high profit-to-risk ratio. Let’s start!

AUD/JPY:

Support has been tested almost to the pip and pin-bar candle appeared on the D1. On the lower TF there were signals too – H1 gave another pin-bar candle which gives a clear PA buy signal. Only 20 pips SL, which with 100 pips profit at this point, gives a really nice income. Currently, it is worth to wait for the downward correction, that may occur after reflection from the local resistance. You may even attempt opening short positions, due to decreasing momentum. It must be however, very clear sell signal.

Upward pin-bar on the daily chart can be trader in 3 different ways:

-Buying after breaking the maximum, stop loss below the minimum,

– Buying after breaking the maximum, stop loss below the 50% of candle’s abolition (better risk/reward ratio than in the first case – where the likelihood of losses is greater),

– Buy limit on 50% of candle’s abolition, stop loss below the minimum. Better risk/reward ratio than in the first case and safer SL than in the second one. There is still a risk of lack of correction – in that scenario we will be out of position and just observing the developing trend.

AUD/USD:

Aussie also gave a purchase signal near the support. Pin-bar candle formed and it could be played due to next one abolished more than 50% of the yesterday candle. It remain to wait for further corrections and open long positions analogous to previous currency pair.

EUR/JPY:

Another pair where clear rebound took place. Here however, the signaling is a bit worse, because support was violated and signal candle does not look as favorably as in abovementioned cases. However, it is worth to observe the behavior of Euro against Yen.

EUR/USD:

Eurodollar bounced yesterday from key resistance, but its breaking is getting more and more likely. The scenario for the EUR/USD is still the same – sell in the area of local resistance at 1.3730.

GBP/AUD:

An interesting situation here. Yesterday’s daily candle tested key resistance and rebounded. Today’s candle may be a sell signal or close within yesterday’s range and we will get inside bar setup.

GBP/CHF:

Pound to Swiss franc is approaching an important resistance level created by January 2014 high. Its breakthrough will result in getting to the highest levels since 2012. Then level re-test from the top will be an opportunity to open long position. But at the moment, it is worth to look for clear PA sell signals.

NZD/JPY:

Cross rebounded from point where we can detect local support. NZD/JPY is approaching resistance now and it is a good place to look for short positioning – which is consistent with the prevailing momentum.

USD/JPY:

America dollar against Japanese yen could be really confusing in couple last days, giving buy signal on the first support zone. After breaking it yesterday and stopping on the another one gave the correct signal. Traders without long positions can wait for the downward correction which will abolish the yesterday’s candle in 50%.

 

Error, group does not exist! Check your syntax! (ID: 3)