Kind Regards,
Chris Capre
Price Action, Pro, And Ichi Trading with 2ndskiesforex
Hello Traders,
With the Cyprus Hill event (yes, I'm old), I'm expecting Euros to be sold into any rallies up to resistance, so I'll look for price action signals around 1.3000 and 1.3050, to get short targeting 1.2900 and possibly a break lower towards 1.2700 (chart below).
Also, last week I discussed the EURUSD downward sloping channel setup selling at the top of the channel around 1.3100. The pair went to 1.3107, and then sold off about 40 pips, then gap'd down about another 150. Many of the price action students I work with traded this as it was discussed heavily, so hopefully you profited as well.
And for the record, here is my actual trade below from the broker chart below.
Good hunting for today!
Kind Regards,
Chris Capre
With the Cyprus Hill event (yes, I'm old), I'm expecting Euros to be sold into any rallies up to resistance, so I'll look for price action signals around 1.3000 and 1.3050, to get short targeting 1.2900 and possibly a break lower towards 1.2700 (chart below).
Also, last week I discussed the EURUSD downward sloping channel setup selling at the top of the channel around 1.3100. The pair went to 1.3107, and then sold off about 40 pips, then gap'd down about another 150. Many of the price action students I work with traded this as it was discussed heavily, so hopefully you profited as well.
And for the record, here is my actual trade below from the broker chart below.
Good hunting for today!
Kind Regards,
Chris Capre
Hello Traders,
I think we have to keep talking about the Euro as it has taken the main stage in the global markets. You will notice from the image below the pair only filled half the gap, and has resumed selling while being parked near the daily lows. I expect the situation is Cyprus to weigh on the pair and EZ for several days, so will sell any corrective rallies into resistance.
Look to the 1.2890, 1.2920 and 1.2950 levels for stalling and price action signals to get short, but downside is now open with 1.2900 gone, possibly heading towards 1.2690, and potentially 1.2400 medium term if this situation gets worse.
Also I'll consider selling EJ on rallies towards 124/123.80 targeting 122 and potentially 119.
Good hunting for today.
Kind Regards,
Chris Capre
I think we have to keep talking about the Euro as it has taken the main stage in the global markets. You will notice from the image below the pair only filled half the gap, and has resumed selling while being parked near the daily lows. I expect the situation is Cyprus to weigh on the pair and EZ for several days, so will sell any corrective rallies into resistance.
Look to the 1.2890, 1.2920 and 1.2950 levels for stalling and price action signals to get short, but downside is now open with 1.2900 gone, possibly heading towards 1.2690, and potentially 1.2400 medium term if this situation gets worse.
Also I'll consider selling EJ on rallies towards 124/123.80 targeting 122 and potentially 119.
Good hunting for today.
Kind Regards,
Chris Capre
Hello Traders,
For those actively watching my facebook page, you had noticed I mentioned WTI Crude Oil and to watch it around $92.00 for a bounce as this level held several times in the past, back till Mar. 13th which you could see on the 4hr chart I talked about.
Sure enough, it held with only a $.20 breach, well above the prior breach low of $91.74) and bounced over $.60, offering a nice 2:1 reward to risk play so hopefully you profited from this.
You will also notice the 1hr pin bar rejection off the level as the buyers were willing to step in on this level (chart below).
Watch it again to see if the key level holds for there may be a good buying opportunity there. If it breaks, then $91.20 and $90.00 are on deck. Near term resistance is at $93.50 which has offered some good plays as well, so something for bulls and bears to dig into.
Kind Regards,
Chris Capre
For those actively watching my facebook page, you had noticed I mentioned WTI Crude Oil and to watch it around $92.00 for a bounce as this level held several times in the past, back till Mar. 13th which you could see on the 4hr chart I talked about.
Sure enough, it held with only a $.20 breach, well above the prior breach low of $91.74) and bounced over $.60, offering a nice 2:1 reward to risk play so hopefully you profited from this.
You will also notice the 1hr pin bar rejection off the level as the buyers were willing to step in on this level (chart below).
Watch it again to see if the key level holds for there may be a good buying opportunity there. If it breaks, then $91.20 and $90.00 are on deck. Near term resistance is at $93.50 which has offered some good plays as well, so something for bulls and bears to dig into.
Kind Regards,
Chris Capre
Hello Traders,
Today the Euro pretty much got bloodied across the board, along with European stocks on the Cyprus 'fix', which is actually just a communication to wealthy people across Europe your uninsured deposits above €100K are no longer safe. Can you see an exodus of money leaving Europe? I think so, but regardless, Dutch Fin.Min Dieselblom's comments about banks needing to save themselves did not help.
Two charts for today. The first one is the EURUSD which I've been talking about a lot lately. Remember that downward sloping channel I talked about - and the sell recommendation at 1.3050? Today's high was 1.30509 which the pair kissed, then sold off about 200+ pips from, so hopefully you got some of that as many of my students did well on - so congrats to them.
You will notice the pin bar + engulfing bar which also marked the selling at that level.
Considering today's bloodbath, I'm guessing nobody is excited to buy Euros atm, so i'll look to sell into rotations around 1.2900 and 1.2950 for an eventual 1.2700 target, and perhaps a much deeper move lower towards 1.2200.
EuroStoxx 50
This index did not fair well, with Italian, French and Spanish stocks getting smashed on the day (sign of things to come in Europe?).
You will also notice in the chart below the slow structural breakdown and false break at pt A' on the chart. I'll look towards 2675 and 2709 for price action signals to sell, aiming for 2600 and a possible move towards 2400 or lower, but I think the pressure will be on near term.
Also - best quote today from a Institutional Derivative trader I talk to daily;
"Brussels Fools - they have obviously never heard of the infamous Russian Boomerang - which is certain to come flying through the European skies sooner rather than later"
Kind Regards,
Chris Capre
Today the Euro pretty much got bloodied across the board, along with European stocks on the Cyprus 'fix', which is actually just a communication to wealthy people across Europe your uninsured deposits above €100K are no longer safe. Can you see an exodus of money leaving Europe? I think so, but regardless, Dutch Fin.Min Dieselblom's comments about banks needing to save themselves did not help.
Two charts for today. The first one is the EURUSD which I've been talking about a lot lately. Remember that downward sloping channel I talked about - and the sell recommendation at 1.3050? Today's high was 1.30509 which the pair kissed, then sold off about 200+ pips from, so hopefully you got some of that as many of my students did well on - so congrats to them.
You will notice the pin bar + engulfing bar which also marked the selling at that level.
Considering today's bloodbath, I'm guessing nobody is excited to buy Euros atm, so i'll look to sell into rotations around 1.2900 and 1.2950 for an eventual 1.2700 target, and perhaps a much deeper move lower towards 1.2200.
EuroStoxx 50
This index did not fair well, with Italian, French and Spanish stocks getting smashed on the day (sign of things to come in Europe?).
You will also notice in the chart below the slow structural breakdown and false break at pt A' on the chart. I'll look towards 2675 and 2709 for price action signals to sell, aiming for 2600 and a possible move towards 2400 or lower, but I think the pressure will be on near term.
Also - best quote today from a Institutional Derivative trader I talk to daily;
"Brussels Fools - they have obviously never heard of the infamous Russian Boomerang - which is certain to come flying through the European skies sooner rather than later"
Kind Regards,
Chris Capre
Hello Traders,
I hope you had a good holiday weekend as it was a long one with the European and London markets closed today.
Two instruments that are looking interesting from a price action perspective to start the week, are the EURUSD, and Silver.
EURUSD
Short term, the pair is showing bullish under-pinnings, which is fine with me as it gives us a chance to rejoin the down trend. Look to sell rallies towards the daily 20ema and dynamic resistance parked between 1.2933 and 1.2951 which has held mid-Feb this year, targeting 1.2775 and 1.2675.
Silver
For the precious metal, it has been diverging heavily from Gold lately, and is under a lot of downside pressure as of late. The recent consolidation, and price action squeeze (one quality often present before a breakout) are starting to stress the bulls. $28.00 is the key support, so should this collapse, $27.15 and $26.50 are up next, so watch for a potential 20ema carry before the breakout to get short.
Good hunting for the week as things are starting to build up nicely with a lot of good setups forming.
Kind Regards,
Chris Capre
I hope you had a good holiday weekend as it was a long one with the European and London markets closed today.
Two instruments that are looking interesting from a price action perspective to start the week, are the EURUSD, and Silver.
EURUSD
Short term, the pair is showing bullish under-pinnings, which is fine with me as it gives us a chance to rejoin the down trend. Look to sell rallies towards the daily 20ema and dynamic resistance parked between 1.2933 and 1.2951 which has held mid-Feb this year, targeting 1.2775 and 1.2675.
Silver
For the precious metal, it has been diverging heavily from Gold lately, and is under a lot of downside pressure as of late. The recent consolidation, and price action squeeze (one quality often present before a breakout) are starting to stress the bulls. $28.00 is the key support, so should this collapse, $27.15 and $26.50 are up next, so watch for a potential 20ema carry before the breakout to get short.
Good hunting for the week as things are starting to build up nicely with a lot of good setups forming.
Kind Regards,
Chris Capre
Hello Traders,
Chiming back on the Euro, the pair has been underpinned like I said in my weekly market commentary on monday, up slightly on the week.
But on the daily, this pullback still looks corrective, so I'll look to sell on rallies towards the daily 20ema around 1.2921, and add more shorts around 1.2966 should it get there (chart below).
Downside targets are 1.2750 and 1.2650.
Also look to sell Gold and Silver on rallies as the PMs are under heavy pressure, with the former potentially going to test 1527 key support in the coming days, while silver going for a multi-year lows around 26.21.
Kind Regards,
Chris Capre
Chiming back on the Euro, the pair has been underpinned like I said in my weekly market commentary on monday, up slightly on the week.
But on the daily, this pullback still looks corrective, so I'll look to sell on rallies towards the daily 20ema around 1.2921, and add more shorts around 1.2966 should it get there (chart below).
Downside targets are 1.2750 and 1.2650.
Also look to sell Gold and Silver on rallies as the PMs are under heavy pressure, with the former potentially going to test 1527 key support in the coming days, while silver going for a multi-year lows around 26.21.
Kind Regards,
Chris Capre
- #278
- Apr 5, 2013 5:36am Apr 5, 2013 5:36am
A nice corrective move accelerated by the fundamental effect on order flow even more clearer on H4. Will start looking for the shorts after Bernanke's talk. {image}
I also was with the bears. But Support level nicely held from the quick drop and shoot to break the near resistance level to the upside. I would like to sell the rallies near 1.2966 as Chirs suggested. But it's Friday and we have NFP.
- #280
- Apr 5, 2013 12:10pm Apr 5, 2013 12:10pm
- | Joined Mar 2013 | Status: SMART TRADES ONLY! | 675 Posts
Saw this move that we learn't in class;
1) Impulsive move reversing a bearish move.
11) Corrective move as a consolidation
111) Resumption of the impulsive move
after the consolidation
How I love seeing such!
1) Impulsive move reversing a bearish move.
11) Corrective move as a consolidation
111) Resumption of the impulsive move
after the consolidation
How I love seeing such!