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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
My company:
2ndSkiesForex
My blog:
2ndSkiesForex
My book:
Trading Price Action and Pivot Points
  • Weekly Price Action Outlook | Sept. 16th-21st 0 comments
    Sep 16, 2012 3:54 PM

    EURUSD
    Climbing for both 7 for the last 8 days and 7 of the last 8 weeks, the Euro has looked impressive being given the go-ahead from Bernanke and the German Court. With the trend being so strong, I'm really looking for longs. However, the price action is feeling a bit parabolic and climactic at this point.

    Usually climactic price action leads to a consolidation or pullback before the next leg up. Thus, I'll wait for a pullback before getting long. Levels for getting long are 1.300 and 1.2933 (or a really deep pullback to 1.2820). On the other side, bears can look for possible shorts on weakness heading into the weekly highs at 1.3167.

    (click to enlarge)climactic price action climax bar 2ndskiesforex.com sept 16th

    AUDUSD
    Ending last week gaining for of its last 5 days, the Aussie finished a little weak forming a pin bar pattern off the key 1.0600 swing highs. Looking at the nature of this pin bar, I'm suspecting there will still be a 2nd attempt into the daily pin bar highs around 1.0600.

    In regards to this level, I'll look for pullbacks on the 4hr/1hr time frames to take an intraday short off this level. Meanwhile, bulls can look for a pullback towards 1.0533 or 1.0472 to rejoin the uptrend.

    (click to enlarge)pin bar pattern price action trading 2ndskiesforex.com sept 16th
    Make sure to check out my newest articles:

    Daily and 4hr Price Action Strategies
    'Getting Back Your Losses' in Trading

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