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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
  • EURUSD Inside Bar Breakout | Jan 29th 0 comments
    Jan 29, 2013 11:11 PM

    Hello Traders,

    Looking at the EURUSD on the daily chart, it has formed an inside bar breakout, which is a general with trend continuation signal. However the breakout is a little meek, which could just be from position paring ahead of the FOMC tomorrow (see chart below)

    (click to enlarge)inside bar breakout price action

    4hr Charts show a small flag pattern, but the fact that the breakout bar did not get a good clearing distance is to be noted.

    1.3439 is intraday support for the last flag/ inside bar breakout, but should this fail, then bulls will really be tested at 1.3400.

    If this holds, then a retest of today's highs is in order, but a failure to hold here suggests likely breakdown towards the major range support at 1.3250.

    Good luck trading tomorrow as I'm expecting it to be a volatile day, but a good one for price action trading.

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