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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 Price Action - Aussie Pin Bar Setup Comes Off | Sept. 17th 0 comments
    Sep 17, 2012 7:02 PM

    The AUDUSD pin bar setup I had discussed in yesterday's weekly forex commentary came off, pretty much selling from the market open throughout the day, losing about 85pips in the process. Accompanying this signal was a combo pin bar/engulfing bar on the 4hr time frame which was a rejection rejection off the key 1.0613 level and yearly highs.

    Overall, I feel this sell-off is healthy as the USD was pummeled last week, needing a pullback before resuming the uptrend. I'll look to take pullbacks around 1.0400 to rejoin the uptrend for an eventual retest on 1.0600 and possible break targeting 1.0800. Bears can look to sell around the 1.0612 highs on a weak corrective pullback.

    (click to enlarge)pin bar strategy price action trading sept 17th

    For those wanting to learn price action trading, get access to the traders forum, lifetime membership & more, visit my forex price action course page.

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