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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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  • 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.

    Themes: chris capre, price action, 2ndskiesforex.com, inside bars, silver, precious metals, eurusd, gbpusd, piercing pattern
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  •  
    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
  •  
    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
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