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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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2ndSkiesForex
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Trading Price Action and Pivot Points
  • GBPUSD Piercing Bar + Pin Bar Combo | Nov. 15th 0 comments
    Nov 15, 2012 8:20 PM

    GBPUSD
    Similar to how the Euro I discussed on Tuesday reversed with an engulfing bar + pin bar combo, the Cable is possibly attempting to bottom after losing ground for six days in a row. After forming a final flag pattern to end yesterday and start today, the pair rallied off of 1.5825 with a strong bullish piercing bar, followed by a pin bar.

    Although it's not as strong a price action confirmation as the Euro signal was, it still has some strength to it and may see follow through. First hurdle for the pound will be to close above the 20ema and 1.5878. After this, 1.5900 is on deck, but then 1.5950 could be under attack shortly. 1.5825 is the short term line in the sand for the bulls to hold and the bears to take out for more downside play.

    (click to enlarge)

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