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Price Action, Pro, And Ichi Trading with 2ndskiesforex

  • #241
  • Feb 22, 2013 6:14am Feb 22, 2013 6:14am
Quoting Chris Capre
Hello Traders,

Quite an interesting day for trading with some really quality setups.

One that is interesting to me is the pin bar setup on the Aussie that formed on the daily. This pair launched higher in early Asian trading, but may offer a pullback into the pin bar range. The pin bar formed at the 1.0230 support forming a double bottom, so this bounce may have some legs.

Attachment

Upside...

AU trading at near resistance level at the moment. Pin bar worked well.
  • #242
  • Feb 22, 2013 6:27am Feb 22, 2013 6:27am
Quoting WilliamDa
AU trading at near resistance level at the moment. Pin bar worked well.
That it did. Target achieved.

Now the question is will Aussie actually make an upside run.
1.0350 is up next for it to clear to do that
  • #243
  • Feb 24, 2013 3:50pm Feb 24, 2013 3:50pm
Hello Traders,

Some really interesting price action to start this week. I'm focusing on several pairs/setups, but two that intrigue me are the EURUSD and the GBPUSD.

EURUSD
Consistently being sold with small pullbacks over the last two weeks, the pair has continually conceded support levels and made a series of LH's (lower highs) with the selling getting pretty aggressive last week. I'll look to sell rotations up towards 1.3345 or 1.3425 targeting 1.3150. Notice the bearish engulfing bar at the 20ema which started the heavy selling this last week.

Attached Image (click to enlarge)
Click to Enlarge Name: bearish engulfing bar impulsive price action 2ndskiesforex feb 24th.jpg Size: 103 KB


GBPUSD
Getting hammered for the last 30 days, which are also 30 daily closes below the 20ema, the pair on thursday formed a counter-trend pin bar. This was definitely not a pin bar to buy, and anyone espousing this really does not understand the trends, volatility or pin bars.

With the UK losing its AAA credit rating, I expect medium term selling to resume, so will look for corrective pullbacks into 1.5315 and 1.5415 to rejoin the trend until I see evidence of a reversal.

Attached Image (click to enlarge)
Click to Enlarge Name: failed pin bar price action trading GBPUSD $GBP 2ndskiesforex feb 24th.jpg Size: 85 KB
  • #244
  • Feb 25, 2013 10:40pm Feb 25, 2013 10:40pm
Hello Traders,

Today was like the good ol' days where the JPY pairs moved several hundred pips in a day. Ahh, refreshing to say the least.

But ironically the big mover today was not the beast (GBPJPY), but its cousin EURJPY which got hammered losing over 600 pips from top to bottom today after posting a large bearish engulfing bar - thus its hard not to talk about it.

Attached Image (click to enlarge)
Click to Enlarge Name: bearish engulfing bar pin bar eurjpy price action 2ndskiesforex feb 25th.jpg Size: 120 KB


Its natural for a pullback after such an extreme move, but look to sell any rallies towards 122.54 or 122.83 targeting the lows today at 119, for an eventual break towards 117.58 and perhaps much lower. Because of the massive selling today, it is highly likely long term bulls have booked partial or most of their profits from the recent uptrend, so selling should resume after a short pause.

FYI - days like today are days where you can make a lot of money, especially in moves and trends like today with many with-trend breakout pullback setups, so make sure to capture these plays and stay with trend as much as possible.

Kind Regards,
Chris Capre
  • #245
  • Feb 26, 2013 7:53pm Feb 26, 2013 7:53pm
Hello Traders,

While the JPY pairs continue to break down and put more pressure on the downside, I want to talk about gold which has now gained for 4 days straight, with today being it's most impressive day.

The PM intraday formed a strong breakout bar after clearing the big figure and key resistance at $1600, just touching $1620 before pulling back a tad.

In the process, the pair formed an ii pattern (back to back inside bars) with very little selling follow through.

If this holds, ill take a corrective pullback towards $1600 to buy targeting $1620 and $1638. A break back below the level targets $1585, $1572 and $1560 (chart below).

Attached Image (click to enlarge)
Click to Enlarge Name: ii pattern inside bars price action gold $gld 2ndskiesforex feb 26th.jpg Size: 107 KB
  • #246
  • Feb 27, 2013 1:12am Feb 27, 2013 1:12am
Quoting Chris Capre
Hello Traders,

While the JPY pairs continue to break down and put more pressure on the downside, I want to talk about gold which has now gained for 4 days straight, with today being it's most impressive day.

The PM intraday formed a strong breakout bar after clearing the big figure and key resistance at $1600, just touching $1620 before pulling back a tad.

In the process, the pair formed an ii pattern...
Hello Chris,

Thanks for the useful analysis on Gold. Looking forward to buy some. Happy Trading.

By the way what time frames do you prefer to trade with ?
  • #247
  • Feb 27, 2013 6:53am Feb 27, 2013 6:53am
Quoting WilliamDa
Hello Chris,

Thanks for the useful analysis on Gold. Looking forward to buy some. Happy Trading.

By the way what time frames do you prefer to trade with ?
Good questions William,

I trade the 5m, 1hr, 4hr and daily when trading price action, although I have other strategies tailored to other time frames.

But i'm also watching gold carefully for an opportunity, so hopefully it offers one soon. The NY Open will be telling IMO

Kind Regards,
Chris Capre
  • #248
  • Mar 3, 2013 6:21pm Mar 3, 2013 6:21pm
Hello Traders,

Several trade setups to start the week, but one that is interesting is the GBPJPY which may be forming a daily HS (head and shoulders pattern) with the right should potentially lining up with the channel top and dynamic resistance in the 20ema (see chart below).

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy head and shoulders pattern price action 2ndskiesforex mar 3rd.jpg Size: 95 KB


Watch the intraday price action charts for signals off the level which comes in around 142.15. A break above targets 144.75 and 145 while a reversal here targets 140 and 137.90.

Kind Regards,
Chris Capre
  • #249
  • Mar 4, 2013 9:06pm Mar 4, 2013 9:06pm
Hello Traders,

No new signals for today but one of my better articles called The Beggar & The Trader - A Story.

I hope you enjoy it and look forward to your comments.

Kind Regards,
Chris Capre
  • #250
  • Mar 5, 2013 3:29am Mar 5, 2013 3:29am
Quoting Chris Capre
Hello Traders,

No new signals for today but one of my better articles called The Beggar & The Trader - A Story.

I hope you enjoy it and look forward to your comments.

Kind Regards,
Chris Capre
Great story Chris - I especially like the linked articles on "Trading & Thinking in Probabilities" and "Building A Successful Trading Mentality While Removing Limiting Beliefs".
  • #251
  • Mar 5, 2013 6:54am Mar 5, 2013 6:54am
Quoting TheMaxx
Great story Chris - I especially like the linked articles on "Trading & Thinking in Probabilities" and "Building A Successful Trading Mentality While Removing Limiting Beliefs".
Hello TheMaxx,

Glad you liked the story as it impacted me when I heard it and thought immediately of trading.

And yes, the other articles are quite helpful for traders, but thanks for the positive comments.

Kind Regards,
Chris Capre
  • #252
  • Mar 6, 2013 12:39am Mar 6, 2013 12:39am
Quoting Chris Capre
Hello Traders,

No new signals for today but one of my better articles called The Beggar & The Trader - A Story.

I hope you enjoy it and look forward to your comments.

Kind Regards,
Chris Capre

Very Nice article and very good thread on Price action trading. Surely check this thread everyday.
  • #253
  • Mar 10, 2013 3:53pm Mar 10, 2013 3:53pm
Hello Traders,

After a week of feeling deathly ill, I am slowly back on the mend and my health has resumed its uptrend.

Just going to share one chart for today, but will be back to regular posts daily this week.

Although there are many interesting pairs for this week, such as the GBPJPY, EURJPY, AUDUSD, Gold and Silver, I'm going to share some price action analysis on the EURUSD.

Looking at the chart below, we can see since 1.3700, the EURUSD has been in a relatively structured and stable downtrend, mostly held below the 20ema and dynamic resistance.

The pair formed its strongest bottom to date at 1.2950, and after a strong bull candle on thursday, did an about face on Friday, landing on the same support level.

This in effect has created a short term range, with 1.3150 being the upside and 1.2950 the floor. I'm suspecting the floor breaks first, and if it does, ten 1.2875 is up next. If the ceiling cracks first, then 1.3315 is on deck.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd $eur intraday price action trading 2ndskiesforex mar 10th.jpg Size: 78 KB


Kind Regards,
Chris Capre
  • #254
  • Mar 11, 2013 6:45pm Mar 11, 2013 6:45pm
Quoting brendad
Very Nice article and very good thread on Price action trading. Surely check this thread everyday.
thanks mate - glad you are enjoying it and part of this thread!

kind regards
chris capre
  • #255
  • Mar 11, 2013 6:47pm Mar 11, 2013 6:47pm
Hello Traders,

Feels good to join the land of the living and to be back what I do best (trading, teaching and making $*#)$ happen!).

Thanks for all the well wishes.

today i'm checking out a few things like gold, silver, euro is looking interesting, along with the jpy pairs, but USDJPY has a good spot on it with a potential inside bar setup as we are past the 2012, 2011, and 2010 highs, going back to aug. 2009 highs which are not for another 120 pips north.

Watch the intraday charts for a potential breakout setup, or a pullback towards 94.60 to re-join the trend, but bullish bias until bears show some claws, teeth and follow up.

Attached Image (click to enlarge)
Click to Enlarge Name: inside bar setup usdjpy $usd price action chris capre 2ndskiesforex mar 11th.jpg Size: 89 KB


Kind Regards
Chris Capre
  • #256
  • Mar 12, 2013 6:33pm Mar 12, 2013 6:33pm
Hello Traders,

Am watching the EURJPY which is still holding the uptrend in tact, but has double topped at 126, along with forming an inverted pin bar just shy of it.

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy inverted pin bar price action 2ndskiesforex mar 12th.jpg Size: 97 KB


Remember, from a price action perspective, an inverted pin bar is really just a failed attempt to rally, so sellers are parked up there. But we cannot ignore the higher lows.

So watch for 126 for potential intraday signals to short, while bulls can look for deeper pullbacks considering how mature this trend still is.

Kind Regards,
Chris Capre
  • #257
  • Mar 13, 2013 1:47am Mar 13, 2013 1:47am
Quoting Chris Capre
Hello Traders,

Am watching the EURJPY which is still holding the uptrend in tact, but has double topped at 126, along with forming an inverted pin bar just shy of it.

Attachment

Remember, from a price action perspective, an inverted pin bar is really just a failed attempt to rally, so sellers are parked up there. But we cannot ignore the higher lows.

So watch for 126 for potential intraday...
Hello Chris,

Thanks for the levels Chris. Will try a short if EJ reach 126 once more.
  • #258
  • Mar 13, 2013 8:40pm Mar 13, 2013 8:40pm
Hello Traders,

More aggressive selling on the EURUSD, and I expect this to continue, so will stick with the mantra of looking to sell on rallies.

One pair that seems interesting is the GBPJPY which has formed an "ioi" pattern, which is an inside bar, followed by an outside bar, and then another inside bar. These tend to be counter-trend breakout patterns, but being short JPY pairs hasn't been the best trades as of late, so I'll watch both ends of the farm here, with the 145 being the upside level for a key break for bulls, while 142 will be the downside for the bears. Any break of these levels will likely trigger some follow up buying/selling, so watch for intraday price action signals here.

Attached Image (click to enlarge)
Click to Enlarge Name: ioi inside bar outside bar price action pattern 2ndskiesforex mar 13th.jpg Size: 94 KB


Kind Regards,
Chris Capre
  • #259
  • Mar 14, 2013 6:45pm Mar 14, 2013 6:45pm
Hello Traders,

Am sticking with the downtrend on the EURUSD, which in the month of march has only had one bull close followed by another, so will look to sell rallies towards the downward sloping channel to rejoin the down trend.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd channel price action $eur 2ndskiesforex mar 14th.jpg Size: 178 KB


Downward sloping channels, although they show a reduction in the selling speed, generally are not the beginnings of a bullish reversal. Minimally we'd need a former swing high taken out by a counter-trend impulsive move (perhaps around 1.3150) so until this happens, I'll look to sell the Euro on rallies.

Also looking to get long JPY pairs on any retracements into support to rejoin their uptrends.

Good hunting for today.

Kind Regards,
Chris Capre
  • #260
  • Mar 14, 2013 6:47pm Mar 14, 2013 6:47pm
Concise and kickass as always man.. Love it..
Matt
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