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:
My blog:
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)

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


More »

Latest Comments

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.