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Chris Capre
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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
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Trading Price Action and Pivot Points
  • Forex Ichimoku - Daily Aussie Kijun-Sen Break - Aug 27th 0 comments
    Aug 27, 2012 5:49 PM

    Selling off 8 of the last 12 days, the Aussie has been hemmed in by the Tenkan since the 14th of this month which is quite unusual considering its been in a solid uptrend since the beginning of June. I commented about this last week on how I suggested a break below 1.0400 and the channel bottom (held in place since June) will likely break to the downside.

    This happened yesterday and today for the first time, we have a daily break and close below the Kijun-Sen. This, combined with the tenkan pressure, along with the chikou span entering the price line are all short term bearish also suggesting the momentum is continuing to add to the downside.

    Weak intraday rallies up to the daily tenkan can offer sell signals for day traders, while bulls will have to wait till 1.0330 (swing high Jul. 5th) or possibly a bounce off the kumo around 1.0254 before adding any longs as the short term downside pressure is in tact.

    (click to enlarge)ichimoku forex kijun break chikou tenkan aug 27th

    For those wanting to learn how to trade the Ichimoku Cloud, along with lifetime access to the Ichimoku traders forum, using rule-based systems, make sure to check out my Advanced Ichimoku Course.

    Global Market Commentary:
    Volumes were below normal today with the UK holiday but stocks in Europe held while US indices were mostly flat with investors believing likely stimulus is on the cards care of your favorite CBs who love nothing better than propping up failing and zombie banks (i.e. Dexia requesting their third which they 'promise' will be their last).

    Oil was a little more volatile with hurricane Isaac heading into the Gulf of Mexico.

    The main thing on deck is this Friday's Jackson Hole meeting which investors globally will have their eyes on. Gold shed about $7 falling towards $1663 losing ground for the 2nd time in 9 days while Silver formed its first losing day in 6.

    Upcoming Economic Announcements:

    CNY Leading Index 00.00GMT 20.00EST
    AUD HIA New Home Sales (MoM) 01.00GMT 21.00EST
    EUR German GfK Consumer Confidence Survey 06.00GMT 02.00EST
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