Understanding Price Action by Chris Capre - Page 37
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Thread: Understanding Price Action by Chris Capre

  1. #361
    2ndSkiesForex is offline FX-Men Honorary Member
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    Quote Originally Posted by perryfx View Post
    Lol................. Today market is unpredictable. For an example EU. 40+ pips down & again up. Spikes all the way. Very dangerous at the moment.
    How did you end up doing today Perry as the market offered some great opportunities on Silver, EJ, EU and a few others?

    Kind Regards,
    Chris Capre

  2. #362
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    perryfx is offline Master Contributor and Member
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    Quote Originally Posted by 2ndSkiesForex View Post
    How did you end up doing today Perry as the market offered some great opportunities on Silver, EJ, EU and a few others?

    Kind Regards,
    Chris Capre

    Thanks for asking. Well I missed some opportunities and normally I don't trade days like today with high volatility. I learned so many lessons in the past.My trading psychology not yet developed to trade during these times. So I would like to stay away from these kind of market situations. But I hope you got some nice pips. Happy pipping.
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  3. #363
    2ndSkiesForex is offline FX-Men Honorary Member
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    Default Price Action Squeeze - Breakout Imminent?

    Hello Traders,

    While a majority of the pairs have remained range bound, I have been focusing on Gold as of late, which is forming a pre-breakout squeeze on the 4hr chart.

    Looking at the chart below, the pair has definitely come up against a clear resistance level in $1695 which has rejected the market several times since the 17th of this month.

    Name:  price action squeeze breakout pin bar 2ndskiesforex jan 23rd.jpg
Views: 639
Size:  40.8 KB

    You will also notice the 20ema carry and pin bar rejections on both sides. And now the squeeze is forming, suggesting a breakout is imminent.

    I favor the upside, but am open to a failure of this and shorting as well towards $1684, but we should have our answer either today or tomorrow imo.

    I'll also have a few more posts of how I traded yesterday on the EJ and EU and banked about 100 pips during a range bound environment so stay tuned.

    Kind Regards,
    Chris Capre
    Last edited by 2ndSkiesForex; 01-23-2013 at 08:57 AM.

  4. #364
    Sono918 is offline Newbie
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    Can you explain a little about your pair of XAU/USD. I looked up XAU and it said it was Phil gold and silver sector. How is it you playing against USD? Thank you for posting. This is interesting. I do see the squeeze yoyu were talking about. Good luck.
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  5. #365
    2ndSkiesForex is offline FX-Men Honorary Member
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    Quote Originally Posted by Sono918 View Post
    Can you explain a little about your pair of XAU/USD. I looked up XAU and it said it was Phil gold and silver sector. How is it you playing against USD? Thank you for posting. This is interesting. I do see the squeeze yoyu were talking about. Good luck.
    Hello Sono,

    I am not sure what you mean about the 'phil gold and silver sector.

    The XAU is the symbol for Gold when trading it vs. the USD. Most brokers (outside the US) have this available via a CFD, particularly on MT4 and other platforms.

    In terms of how I am playing it, I'll look for a breakout pullback setup if it manifests. Otherwise, i'll watch intraday price action for a price action reversal signal to fade it back towards $1684.

    Hope this helps and glad you are enjoying this thread.

    Kind Regards,
    Chris Capre

  6. #366
    2ndSkiesForex is offline FX-Men Honorary Member
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    Hello Traders,

    Gold just showed its hand, and is now testing a critical $1683 support as mentioned. If this breaks down, then we should see a further unwinding to 75 and 67 where I would consider getting long on the latter.

    Note the bearish outside bar on the 5m chart which started a new counter-trend impulsive price action move, which then led to a series of bearish impulsive moves, followed by corrective moves.

    Name:  outside bar impulsive price action trading 2ndskiesforex jan 23rd.jpg
Views: 672
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    Pretty clean price action on the 5m.

    Kind Regards,
    Chris Capre

  7. #367
    2ndSkiesForex is offline FX-Men Honorary Member
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    Hey Traders,

    Although I'm not totally convinced the GBPJPY has formed a short term bottom, it is showing some signs of it near term with a few pin bars and a HL (higher low) off the recent 139.50 area. First hurdle is 141, but after that, all clear for about a 100pips.

    A failure below 139.24 opens up 137.90.

    Chart below:

    Name:  pin bar price action trading gbpjpy 2ndskiesforex jan 23rd.jpg
Views: 602
Size:  40.9 KB

    Kind Regards,
    Chris Capre
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  8. #368
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    stinsfire is offline Newbie
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    Hi Chris, I can't remember where you said this, but you mentioned somewhere the probability of an impulsive move being followed by a corrective move was 60%, is this correct? as I'm having trouble finding where you mentioned it :/

  9. #369
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    Quote Originally Posted by 2ndSkiesForex View Post
    Hey Traders,

    Although I'm not totally convinced the GBPJPY has formed a short term bottom, it is showing some signs of it near term with a few pin bars and a HL (higher low) off the recent 139.50 area. First hurdle is 141, but after that, all clear for about a 100pips.

    A failure below 139.24 opens up 137.90.

    Chart below:

    Name:  pin bar price action trading gbpjpy 2ndskiesforex jan 23rd.jpg
Views: 602
Size:  40.9 KB

    Kind Regards,
    Chris Capre

    Thanks for the levels. I love to trade yen pairs.

  10. #370
    perryfx's Avatar
    perryfx is offline Master Contributor and Member
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    Quote Originally Posted by 2ndSkiesForex View Post
    Hello Traders,

    While a majority of the pairs have remained range bound, I have been focusing on Gold as of late, which is forming a pre-breakout squeeze on the 4hr chart.

    Looking at the chart below, the pair has definitely come up against a clear resistance level in $1695 which has rejected the market several times since the 17th of this month.

    Name:  price action squeeze breakout pin bar 2ndskiesforex jan 23rd.jpg
Views: 639
Size:  40.8 KB

    You will also notice the 20ema carry and pin bar rejections on both sides. And now the squeeze is forming, suggesting a breakout is imminent.

    I favor the upside, but am open to a failure of this and shorting as well towards $1684, but we should have our answer either today or tomorrow imo.

    I'll also have a few more posts of how I traded yesterday on the EJ and EU and banked about 100 pips during a range bound environment so stay tuned.

    Kind Regards,
    Chris Capre
    Nice to hear that you took 100 pips on EU pairs. Unfortunately I couldn't identify the direction properly. So I didn't try any trade.
    2ndSkiesForex likes this.

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