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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
My company:
2ndSkiesForex
My blog:
2ndSkiesForex
My book:
Trading Price Action and Pivot Points
  • Gold Gets Hammered After Inside Bar Breakout | Feb 20th 0 comments
    Feb 20, 2013 8:07 PM

    Hello Traders,

    After a long trip and a new computer, I'm back to posting regularly.

    Today I'm watching Gold amongst other things, but the PM got monkey-hammered today losing over $50 from top to bottom and broke a critical support at $1598. This was after an inverted pin bar + Inside Bar combo which was merely a pause in the already consistent selling.

    Now the metal is barely holding onto the $1564 support. A break here targets $1550 and a dangerous support level at $1525 which is the 2012 yearly low. If this breaks, expect a ton of stops to get tripped and likely a $5-10 selloff in price in a matter of minutes.

    I'll look for rotations back into $1598 that are corrective to sell it on a rally.

    The only buy I'd consider would be after some stabilization around $1525 should it show weakness heading into the level.

    (click to enlarge)

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