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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
  • Gold Forms Ii Pattern After Strong Breakout | Feb 26th 0 comments
    Feb 26, 2013 8:53 PM

    Hello Traders,

    While the JPY pairs continue to break down and put more pressure on the downside, I want to talk about gold which has now gained for 4 days straight, with today being it's most impressive day.

    The PM intraday formed a strong breakout bar after clearing the big figure and key resistance at $1600, just touching $1620 before pulling back a tad.

    In the process, the pair formed an ii pattern (back to back inside bars) with very little selling follow through.

    If this holds, ill take a corrective pullback towards $1600 to buy targeting $1620 and $1638. A break back below the level targets $1585, $1572 and $1560 (chart below).

    (click to enlarge)

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