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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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2ndSkiesForex
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Trading Price Action and Pivot Points
  • Weekly Forex Price Action Chart Outlook | Jan. 13th - 18th 0 comments
    Jan 13, 2013 5:13 PM

    Hello Traders,

    Here are a couple of charts I'm looking at for the week as offering some good price action setups in the near term.

    EURJPY

    Recently breaking into the stratosphere as of late, the EURJPY the pair is approaching a big figure at 120.00, and some crucial resistance levels at 121.84 & 123.33 (April 2011 swing highs and 2011 yearly highs respectively).

    From a quantitative price action perspective, we are in extreme territory as we have never had more than 38 consecutive candle closes above the 20ema without having a touch on the 20ema and dynamic support (just hit 39 on Friday).

    The pair has not shown any exhaustion price action yet, however it certainly could be coming up soon, so I'll keep my eyes out for potential shorts. However in the near term - buying on breaks is not my favorite as I do not want to chase this trend, so will wait for corrective pullbacks before considering getting long.

    (click to enlarge)

    EURUSD

    Busting through the key resistance level at 1.3300, I feel there is a moment of truth coming up for the Euro bulls. The prior resistance level was a pin bar rejection, so there is still strength in the bulls, but two key resistance levels are just north of the current price.

    First on deck is 1.3387 (swing high from March of last year), and then the 1.3489 (yearly high for 2012). I'm guessing there will be a fair amount of bears parked at those levels which offers a few plays.

    Bears looking to short can watch the aforementioned 2012 highs for intraday price action reversal signals, while bulls can wait for a breakout pullback setup. However for now, the series of HL's (higher lows) and HH's (higher highs) are communicating the bulls have short term control of the pair.

    (click to enlarge)

    Good hunting for the week and I'll see you tomorrow for my regular postings of price action setups.

    Kind Regards,

    Chris Capre

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