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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
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2ndSkiesForex
My book:
Trading Price Action and Pivot Points
  • Dow Jones Forms Large Bullish Pin Bar | Oct 22nd 2ndSkiesForex 1 comment
    Oct 22, 2012 8:25 PM

    Dow Jones
    After the bloody hit the Dow Jones took on the 25th anniversary of Black Friday, the US index formed a large bullish pin bar, and a fake out in the process. This could very well have trapped traders short just below the 13300 support level.

    What I am noting is how the DJ recovered all of Fridays losses in2 hours. This is a quick change of sentiment and unlikely to be reversed short term, so I will watch for pullbacks into the 13300 level, targeting 13425 and 13500 with tight stops below.

    (click to enlarge)large bullish pin bar dow jones price action 2ndskiesforex.com oct 22nd

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  • yajoe
    , contributor
    Comments (3) | Send Message
     
    Thanks for your comment on the Gold article and link. I wanted to follow up that I saw this article and watched the DJ over the last day. You were right about the short-term pullback, and I think once earning seasons subsides we'll see the rally in Nov.
    24 Oct 2012, 04:16 PM Reply Like
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