The GBP/USD exploded higher yesterday following the bullish pin bar that we discussed in our market commentary on Tuesday. Today we get a counter-trend bearish pin bar from key resistance so now would probably be a good time to consider taking profit or moving stop-losses to break-even to avoid being caught out by a sell-off. This signal, though, is by no means a sell signal as the trend is still well and truly to the upside.…Continue
Added by Lewis Barber on April 17, 2014 at 9:21pm — No Comments
This pair dropped a large bullish pin bar today from the key support level down at 1.6660. We may get a dip back to intra-day support near 1.6700 before this market pushes higher again - it may well retest key resistance up at 1.6820 over the rest of this week if it can pick up some momentum.…Continue
Added by Lewis Barber on April 15, 2014 at 10:15pm — No Comments
The GBP/USD produced a small bullish pin bar today as it rejected dynamic support. Tomorrow we may see a pop higher towards key resistance at 1.6800 and a continuation of the current uptrend.
Added by Lewis Barber on April 14, 2014 at 8:56pm — No Comments
What ProAct Forex Target Traders See: We are currently sitting @ 1.3883. We are looking for a continued move to the 1.3968 area and maybe a higher move to the R5 Resistance @ 1.4016. The average daily true range (ATR) for the pair currently is 72 pips.…Continue
Added by Scott Barkley on April 12, 2014 at 1:22pm — No Comments
This market has made lower highs over the last few days producing two counter-trend pin bars. We may see a deeper retracement back to support near 94.00 over the next few days.
Added by Lewis Barber on April 10, 2014 at 10:00pm — No Comments
The S&P 500 rallied higher today following the price action pin bar / false-break we discussed in our forex market commentary yesterday. From here we may see a retest of key resistance near 1900, which would be a logical level to look for bearish price action signals forming at the top of this trading range.…Continue
Added by Lewis Barber on April 9, 2014 at 10:02pm — No Comments
The GBP/USD exploded higher today following the price action false-break that we discussed in our weekly commentary. This market is so strong now we would not be surprised to see it break above 1.6800 in the coming days / weeks. We will remain cautious though, as a false-break of 1.6800 on the daily timeframe would be a bearish development given how significant this resistance level is.…Continue
Added by Lewis Barber on April 8, 2014 at 9:24pm — No Comments
The DAX 30 Index (and FTSE 100) tanked it massively lower today following the bearish price action pin bars we discussed in our market commentary yesterday. There is still a lot of room left for more selling in this market before running into support and we expect to see a significant move lower from current levels this week.…Continue
Added by Lewis Barber on April 7, 2014 at 9:43pm — No Comments
The GBP/USD dipped lower on Friday but managed to close back above key support at 1.6565. This level coincides more or less with the 50% level of the last move higher and so there is a lot of confluence here too. We would not be surprised to see this market continue to push higher into the start of next week contesting that level near 1.6700 and then up past that we have resistance near 1.6800 which may be…Continue
Added by Lewis Barber on April 6, 2014 at 9:43pm — No Comments
What ProAct Forex Target Traders See: We are currently sitting @ 1.3703. We are looking for a continued move to the 1.3636 ish area (Day chart bottom) and then a bounce back to the 1.3700. The average daily true range (ATR) for the pair currently is 72 pips.…Continue
Added by Scott Barkley on April 5, 2014 at 2:10pm — No Comments
The EUR/JPY rejected the top of it's trading range over the last two days. We would not be surprised to see this market sell-off over the coming days and retest key support down near 140.00.
This pair has been chopping about over the last couple…Continue
Added by Lewis Barber on April 3, 2014 at 9:22pm — No Comments
Today we got a price action inside bar setup from dynamic support on this pair. The trend is strong to the upside so the highest probability outcome remains an upside breakout from here. There is some news out from Australia in the next few hours so that will hopefully move this pair one way or the other.…Continue
Added by Lewis Barber on April 2, 2014 at 9:10pm — No Comments
This pair consolidated above dynamic support today, the highest probability move remains an upside break from here. We would have liked to see a nicer price action signal to trigger a trade so will keep an eye out on the 4-hour timeframe for any entry signals over the next 24 hours.
Added by Lewis Barber on April 1, 2014 at 9:04pm — No Comments
We have revised our support level on this market to 1.6600 - it is a round number and you can clearly see it has acted as support in the past. We may see a small retracement before price pushes higher to retest key resistance up near 1.6800 over the next few days.
Added by Lewis Barber on March 31, 2014 at 8:36pm — No Comments
The strength in this market shows that AUD is bullish across the board. Price pushed above 94.00 key resistance last week and we will be looking out for a price action buy signal after a retracement next week.
This pair finally exploded…Continue
Added by Lewis Barber on March 30, 2014 at 8:57pm — No Comments
What ProAct Forex Target Traders See: We are currently sitting @ 1.3756. We are looking for a continued correction to the 1.3650 ish area and then a bounce back to the 1.4000. The average daily true range (ATR) for the pair currently is 77 pips.…Continue
Added by Scott Barkley on March 30, 2014 at 7:15pm — No Comments
Added by Saud Shah on March 30, 2014 at 2:40pm — No Comments
This market continued pushing higher again today. It's times like this where we need to wait and not get carried away with euphoria nased on the fact the market has been strong. Price is now sitting above resistance and there is no more resistance for a long time. We will now wait for a good price action signal from the EMAs to join the strength in this market.…Continue
Added by Lewis Barber on March 27, 2014 at 11:32pm — No Comments
The GBP/USD is sitting right below key resistance now and we would not be surprised to see a price action false-break occur here tomorrow / Friday so watch this space...
The Gold market kept…Continue
Added by Lewis Barber on March 26, 2014 at 10:00pm — No Comments
This pair produced quite a large price action pin bar today as price closed back above 1.3800. There isn't really enough room to take a long trade here, but I do believe we will see a pop higher back up to retest key resistance. This could provide a logical place to look for a short trade as this market is definitely starting to look more bearish now.…Continue
Added by Lewis Barber on March 25, 2014 at 11:06pm — No Comments