Understanding Price Action by Chris Capre

Hi Chris,

Looks like Cable started to drop again. I may enter with a pullback. You trading today ?

Took some profits from EU short. Shame I missed the same entry with the retracement.


Great for you perryfx at list you got something, i said i was going to stay out of it and i did,but let me tell you , it took allot of me to stay out. Have a great week -nd you and fellow traders, i am done.:cool:

Hola Traders,

Hope you had a good weekend.

One instrument I’m looking at is the Dow Jones Index which has broken above the 1 month consolidation between 16950 and 17150 (chart below).


It was able to muster its way up to ~17360 before forming a mild pullback on some possible profit taking.

For now, I’m remaining bullish while above 17150 and will look to buy on pullbacks into the level trading with the trend.

Upside targets will be 17290, 17350 and 17500. Only a daily close below 17100 will change my short term bullish bias.

Good trading for the week!

Kind Regards,
Chris Capre

Great stuff here. Just started to read the thread and only on p 14, but looking forward to get caught up quickly. I think I am seeing the mentioned wind up on the EUR/AUD before a continued move up. While I don’t believe in EURO strength right now, I am hoping the Aussie continued weakness will push the pair up. Thoughts anyone? Have a good week.

Hello SxL54L,

Welcome.

I am just about to head to bed, but do you have a chart of the EURAUD you’d like to post so we can get an idea of what you are referring to/seeing?

As a whole, I’m not a fan of EUR strength at this moment as well. We might be seeing some USD longs unwind from a very long USD bull run, so EUR might benefit from this, and with AUD lagging near the lows, this could mean a good move in EURAUD.

So feel free to share a chart, but welcome to the thread.

Kind Regards,
Chris Capre

Tis about time my stubborn S&P shorts started moving.


Up about +2R each, but took about 2hrs :-o

Was a little bummed about my execution on the 2nd position, but the market was moving decent at that time. Se la vie.

Might be getting short Dax, CAC and Nikkei sometime today as they are getting close to triggering some trades.

Kind Regards,
Chris Capre

We might see some consolidation before the next move.


Perhaps - as I wrote about in my weekly commentary regarding the euro and nzd.

Kind Regards,
Chris Capre

EUR/AUD chart I was looking at


Thought the EUR/AUD was coiling for a move up. Again, I am hoping for Aussie weakness to help me out on this one.

Going by your chart there, this one has higher lows and higher highs so it might take very bad news to bring it down soon, sorry.

Hey Tony,

Thanks for taking the time to look at the chart. I posted earlier that I was hoping for a move up. So if it doesn’t move down for a while I am good with that considering I am currently long. :slight_smile: :slight_smile:

I miss read your post , your in the right track then, up is the way to go.

Hello Guys,

No trades for me at the moment. But I am looking at both EU and Cable. Let’s see what we can get. Happy trading

I took a 29 pip from GBP/USD and i am done for the day.

is that 1h chart.

If your asking me , i went short on a 4 hr chart, GBP/USD.

I couldn’t tell what time frame. I take it your a fellow jersey guy:cool:

Hola Traders,

Mostly quiet today with a few pending orders filled on EJ, UJ and EG.

Here is my trade from the latter one on that list…currently up +45 pips.


Have a good night traders…go make some money!

Kind Regards,
Chris Capre

Chris,

Noticed you meditate … i’ve thought about getting into transcendental meditation … thoughts??