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
  • GBPJPY Pin Bar Update | Jan 24th 0 comments
    Jan 24, 2013 10:50 PM

    Hello Traders,

    Just a follow up on the GBPJPY reversal trade that I talked about yesterday in my market commentary on the pair, has definitely climbed higher, clearing past the 141 and 141.95 aforementioned levels. This all began from a pin bar and then a series of HLs (higher lows).

    Now the pair is threatening a host of levels, such as the channel top just north, along with the key swing high levels of 144.15 and 144.50 where I am guessing some sellers are parked.

    If the intraday price action looks corrective heading into these levels, then I will consider a short in these upper levels, targeting 143 and 142. Any break above these key highs would be surprising heading into the weekend when liquidity should be leaving the market, so I'll take that as a sign of strength and wait for a break above 145 before looking to get long.

    (click to enlarge)pin bar gbpjpy price action trading 2ndskiesforex.com

    Good hunting.

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 (0)
Track new comments
Be the first to comment
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.