The Live Trade Set Up for the Week are based on Pure Price Action using Support, Resistance, Trendline, Channels and five Candle Reversal /Continuation Patterns which includes Pinbar, Outside Bar, Railway Track, Inside Bar and Doji (Spinning Top).

Below screenshot are the Candle Patterns that be seen in dynamic swing high and swing low. There is no swing high and swing low that below Candle Patterns cannot be seen.

http://screencast.com/t/vMqJ3oVr

The Live Trade Set Up for this week –August 12 to 16 will be based on the following pairs;

AUDJPY.

EURNZD

AUDCAD

EURAUD

AUDJPY WEEKLY CHART

The price of AUDJPY formed a Bullish Pinbar Set Up at the Support. When the price hit the Weekly Support last two Weeks it closed with a bearish candle that tested the support but never gave a reversal candle pattern. Whenever price hit Support/Resistance, Trendline and Channel wait for a price reaction to produce candle reversal pattern or a continuation pattern. On AUDJPY pair, the price reacted last week at the Weekly Support at the close of Friday, August 09, 2013 to form a Bullish Pinbar. This Week the pair will move in a bullish direction.

The screenshot below shows the Support and Resistance lines drawn neatly and the Bullish Pinbar candle reversal pattern

http://screencast.com/t/o8mKJjuZBz

HOW TO TRADE THE AUDJPY WEEKLY SET UP

Whenever the set up is ready place a Sell Stop five Pips above the close of the Pinbar. This is what we call Conservative Approach. Alternative, the position can be placed at the close of the Pinbar using Instant Execution.

When the set up is established in the Weekly time frame,quickly zoom to the lower time frame to look out for a bullish set up for the trigger. Now let us zoom to the lower time frame which is Daily chart since the set up was in Weekly time frame.

Below screenshot is the AUDJPY Daily chart showing were the bullish set up to confirm the set up in Weekly time frame.

http://screencast.com/t/MKmvBKBlpGnQ

Apart from using Daily as the entry point, you can equally zoom to H1, H4 and 15 Minutes for the trigger. Trend usually starts from lower time frames.

EURNZD WEEKLY CHART

Last two weeks the price hit the weekly Resistance but closed bullish. The Resistance lines have been drawn waiting for price reaction for a continuation or reversal patterns. Last Week Friday being the close of Weekly Candle the price reacted at the resistance to form a bearish candle.When last two weeks candle and last week candle are combined together they form what we called Bearish Inside Bar. This is an indication that the pair will move in a bearish direction till when the next Support can stop it. Below screenshot shows the Price Action set up for EURNZD weekly chart

http://screencast.com/t/Xo1500R7lxa1


AUDCAD WEEKLY CHART

The price hit the Weekly Support then formed a Bullish Inside Bar. It indicates that the pair is bullish. Use the same method I explained for the entrance of AUDJPY for AUDCAD too.Below screenshot shows the Price Action set up for AUDCAD weekly chart

http://screencast.com/t/hpPGdwVzX

EURAUD WEEKLY CHART

The price hit the Weekly Resistance then formed a Bullish Inside Bar. It indicates that the pair is bearish. Use the same method I explained for AUDJPY entry for EURAUD. Below screenshot shows the Price Action set up for EURAUD weekly chart

http://screencast.com/t/GopBdEiIMn0Y

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