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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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Trading Price Action and Pivot Points
  • Gold Price Action Squeeze - Breakout Imminent? Jan 23rd 0 comments
    Jan 23, 2013 8:59 AM

    Hello Traders,

    While a majority of the pairs have remained range bound, I have been focusing on Gold as of late, which is forming a pre-breakout price action squeeze on the 4hr chart.

    Looking at the chart below, the pair has definitely come up against a clear resistance level in $1695 which has rejected the market several times since the 17th of this month.

    (click to enlarge)price action squeeze pin bar rejection

    You will also notice the 20ema carry and pin bar rejections on both sides. And now the squeeze is forming, suggesting a breakout is imminent.

    I favor the upside, but am open to a failure of this and shorting as well towards $1684, but we should have our answer either today or tomorrow imo.

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