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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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  • Forex Price Action - Gold Continues The Squeeze | Oct. 4th 0 comments
    Oct 4, 2012 7:11 PM

    Gold
    As I talked about in my commentary yesterday, Gold appears to be forming a price action squeeze on the $1790/$1800 level which has been capping the upside since Nov. last year. I mentioned in the prior post I expect some shakeout prior to the breakout and this is exactly how it played out with back to back 2-way outside bars. However, the squeeze continues to happen and the 2nd 2-way bar is smaller also forming a HL (higher low) suggesting the pressure is still on.

    Thus, I'm expecting this to continue so watch for a breakout, possibly from the NFP announcement tomorrow, but also expect a similar like shakeout before a potential breakout ensues. After $1802, expect some stops to be tripped but after that, $1826 and $1840 should come into play shortly after so watch for a breakout retest setup.

    (click to enlarge)price action squeeze 2-way outside bar 2ndskiesforex.com oct 4th

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