Seeking Alpha

Chris Capre's  Instablog

Chris Capre
Send Message
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 Forex Price Action Chart Outlook | Oct. 28th - Nov. 2nd 2 comments
    Oct 28, 2012 7:12 PM

    EURUSD
    Staying put inside a channel/triangle, the Euro continues to oscillate virtually on a weekly basis since early Sept. Since we are still midway through the triangle, I expect it to continue as we generally do not exit triangles till later on in the pattern. That plus the elections in the US will likely keep things tamed down a bit for the next few weeks.

    It should be noted the last 6 weeks of price action have all been inside bars (on a weekly basis) to the large bullish trend bar leading up to this consolidation, so a continual reduction in volatility. Bulls can look for longs off the triangle bottom around 1.2830-50 while bears can look to sell just over 1.3100.

    (click to enlarge)

    GBPUSD
    After forming a needed correction from the Aug-Sept. 700pip bull run, the Cable has formed a piercing pattern rejecting off the weekly 20ema and dynamic support just above 1.5900. If a corrective pullback on the intraday charts form back towards the 1.600.5930 area, this could provide a nice opportunity to get back into the uptrend so watch for intraday price action clues here. Meanwhile, bears can watch the double top resistance at 1.6300 for a chance to sell cable.

    (click to enlarge)

    For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Back To Chris Capre's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (2)
Track new comments
  • yajoe
    , contributor
    Comments (3) | Send Message
     
    thanks for posting the setups.

     

    In the GBPUSD case, did you mean that there is a chance this is an Outside candle setup instead of a piercing pattern? The B bar (blue bar in this case) looks to be somewhat larger than the A bar and the A bar doesn't seem to follow the upward trend.
    29 Oct 2012, 03:00 AM Reply Like
  • Chris Capre
    , contributor
    Comments (6) | Send Message
     
    Author’s reply » Hello Yajoe,

     

    An outside bar would technically have to have a higher high than the A bar, so this cannot be an outside bar, but only a piercing bar.

     

    So hopefully that clarifies it.

     

    Kind Regards,
    Chris
    29 Oct 2012, 08:28 AM Reply Like
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.