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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
  • Weekly Price Action Chart Outlook | Jan 27th - Feb 1st 0 comments
    Jan 27, 2013 3:51 PM

    Hello Traders,

    I am looking at several things to start off the week as there are many good looking setups, but two I'd like to mention for today are the EURUSD and Gold

    Looking at the chart below on the EU, the pair has broken out of the two week range on Friday, while maintaining the series of HL's (higher lows) and HH's (higher highs). the former range resistance becomes intraday support at 3400. If this holds, then a challenge towards 3500 would likely be on deck, but a failure back into the range suggests the medium term trend could be weakening.

    (click to enlarge)eurusd price action role reversal level 2ndskiesforex

    As for Gold, the pair sold off more in the last 3 days then it gained in the last 7. I think the bears are still in control, and intraday price action along with the daily chart still suggests this. Although I suspect buyers will come in around 1654, I still see possible more downside, so will wait towards 1645 and 1635 before getting long. Until then, I'll look for intraday price action signals to get short.

    (click to enlarge)gold price action trading 2ndskiesforex jan 27th

    Kind Regards,

    Chris Capre

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