Hope you guys had a wonderful weekend. As Chris suggested I would like move to Geppy & Gold to look for better opportunities this week . Happy trading.
NZDUSD 1:1 on the 1 hour. when the markets are indecisive on the higher timeframes, it presents fantastic PA opportunities on the 1 hour… You Just got to know how to filter them as there can be many false signals.
And hey guys, Margaret Thatcher the milk snatcher is no more. RIP Iron lady!
Hello Traders,
So keeping with the sell-JPY theme for the forseeable future - today also looking to get long EURJPY as its now broken the yearly highs - so all the consolidation prior is behind us.
The pair formed a 4hr inside bar which then rested on the yearly highs, confirming it as a role reversal level (chart below).
Traders can look to get long here or at 128.51 which is also an intraday consolidation level, but I do not recommend chasing this trend, so wait for a short pullback (as the 20ema on the 4hr chart is levitating suggesting continual strong buying), so shallow pullbacks to get long, targeting 130.42 and 134.45.
Kind Regards,
Chris Capre
Bang on the money Chris, the markets are well over extended, so I didnt trade any of those inside bars yesterday.
Happy trading guys!
This pair is quite the mover. Only comparable to oil…:).
I am for the consolidation around and long…though quite careful on this
pair.
Nice analysis Chris
Hello Chris,
Good one on the EJ. I took a small EJ long trade on the recent small pullback targeting above 133 . Other pairs also very active at the moment. Any one trading today ?
Regards,
Alan
Me too Apex. I missed a very good opportunity to get into GU rally.
Most of the currency pairs trending at the moment. One way direction. Looking for pullbacks at the moment.
Hello Traders,
A follow up on the Oil trade from my weekly market commentary and some EU analysis.
The commodity pulled higher from the pin bar signal I discussed and has now passed the $94 target, currently just above at $94.45. Upside resistance will be $95, $96.30 and $97.50, so bears can look to sell into resistance if the corrective climb continues, while bulls can wait for another pullback towards $92.50 before getting adding longs again (chart below).
Also, EU just hit the key resistance I also talked about at 1.3107 and has alread sold off over 50 pips from this. It will need to take out 1.3036 to add more profit taking and downside pressure. Bulls can watch this level to add potential longs. Another failure at 1.3107 will definitely increase the bears conviction, while a break above targets 1.3230, so plays on both sides of the market here.
Kind Regards,
Chris Capre
long at 1.3063 after the close of the candle off the S/R level
Hello Grix,
Looks like a good long trade to me. I am expecting 1.31 soon.
Happy Pipping
True alanamc, check out AUD/USD and Pound too…quite a bullish morning for me.
Grix
Hello Traders,
Seeing the potential for deeper retracements in the JPY pairs, particularly the GBPJPY and EURJPY, but they are starting to show signs of exhaustion and weakening, so may need to re-distribute some of the order flow before finding new buyers.
Good hunting for today.
Kind Regards,
Chris Capre
Some good ideas being shared here mates so I appreciate you all participating and keeping this thread active and interesting.
I think JPY pairs, being long US indices, and short European ones, is the play for now.
EURJPY has been slow and steady over this week, continually using former resistance levels as support (see chart below), offering good entry points.
Momentum is slowing a bit, likely re-distribution at these levels, and also not a lot of heavy players wanting to chase at this point. So I’ll look for price action signals and pullbacks towards 129.54, 128.51, and 127.81 to rejoin the trend which I think should go on for much longer than people expect, minimally up to 134, likely 138.30, and maybe back towards 150 in the coming weeks, or late May.
Kind Regards,
Chris Capre
Now a days it is really hard to find quality threads to share ideas. I personally believe this is the best place to interact in terms of quality postings from the members. I have learnt so many PA related terms and still learning things thanks to Chris and others.
No trades for me at the moment. But I keep my eyes on AU & EU for possible short opportunities. Any one trading today ?
Hola Perry,
I’m short a few of the European indices, potential shorting opportunity in EU, Aussie correcting strong, but indices are the big sellers on the day. Gold getting hammered, but not wanting to short till multi-year stops are tripped.
Here is one of the trades I’m in at the moment on the French CAC 40 index.
Kind Regards,
Chris Capre
Hey Chris. Which indices you like to trade using PA?
I like pretty much every index, save for the S&P which is algo/skynet city
I like the European indices, Ibex 35, ITA FTSE 40, FRA CAC 40, EURSTOXX 50, and the Dow from time to time.
Definitely great for trading using price action strategies.
Hope this helps.
Kind Regards,
Chris Capre
Hey mate, I have to say, this is pretty much the only thread that I contribute to, and thats because I hate all the “experts” that pretend like they know what they’re talking about on other threads… Here however, theres Chris, someone I believe knows this industry enough for me to input my ideas here and contribute.
Happy trading.
AP.
Thanks Apex, I appreciate the positive comments as I want to share my unique perspective on trading price action, so hopefully it comes through in this thread.
But good to have you on board here.
Kind Regards,
Chris Capre