Seeking Alpha

Chris Capre's  Instablog

Chris Capre
Send Message
Chris Capre is a professional forex, index futures and commodities trader, specializing in Price Action & Ichimoku trading. Chris applies his methods to the markets both intraday and medium term swing trading, and has been trading for over 13 years. He is also the manager for a private fund... More
My company:
2ndSkiesForex
My blog:
2ndSkiesForex
My book:
Trading Price Action and Pivot Points
  • Euro & Silver Price Action Setups | Apr. 1st

    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.

    [B]EURUSD[/B]

    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 parked between 1.2933 and 1.2951 which has held mid-Feb this year, targeting 1.2775 and 1.2675.

    (click to enlarge)

    [B]Silver[/B]

    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.

    (click to enlarge)

    Good hunting for the week as things are starting to build up nicely with a lot of good setups forming.

    Kind Regards,

    Chris Capre

    Apr 01 9:51 PM | Link | Comment!
  • Euro Dollar & Stocks Get Hammered On 'Cyprus' Fix | Mar 25th

    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, the 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 here, 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.

    (click to enlarge)

    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.

    (click to enlarge)

    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

    Mar 25 5:51 PM | Link | Comment!
  • USDJPY Pushes Higher Off Pin Bar | Mar 20th

    Hello Traders,

    The USDJPY has weathered the gap down, filling the gap and forming two HL's (higher lows) in the process. I talked about in this weeks FX market commentary to look for buy signals off the 94.50 key support level. The pair formed a daily pin bar off the 20ema, and then on the 4hr chart formed two with trend pin bars showing the dips are being used as buying opportunities (chart below).

    (click to enlarge)

    Now the pair has to take out the key double top resistance at 96.50, so bulls can look for a breakout pullback setup, or a corrective pullback towards 94.50. Bears can look to the upside resistance for price action signals to sell the pair should the level hold.

    Good Hunting for today as I suspect the Cyprus situation isn't going away now that ATM's are starting to get low on cash and the banks are closed till next tues (can you say bank run or jog on the way?)

    Kind Regards,

    Chris Capre

    Mar 20 9:16 PM | Link | Comment!
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.