Understanding Price Action by Chris Capre

[danyrexy]

Att: Perry

Thanks for your comment.
Regarding the EUR/USD, I have a different view and will not be taking any longs for this week.
After establishing a strong resistance at 1.3400, the pair has slumped after the Fed Reserve giving a chance for entry via the inside bar formation earlier today. Having broken the support at 1.3250, the pair looks all set to proceed downward and we may see 1.3100 soon.

On the other hand its mirror, the US Dollar Index has been in a strong bullish move that looks all set to continue. Before we go long on the pair, we ought to look for convincing reversals from both charts.

Have your say
DAny

[flam]

I was knocked out for 2 days by the horrible weather here and eu plunged 200 pips. Missed the ride down. The stabbings on the 20ema weakened the momentum. Looks like it’s gonna retrace till 1328x before deciding a direction bull or bear. End of quarter coming soon so I think the market gonna decide something pretty soon. What you guys think?

[dollareuro]

Hi

For some reason my broker is not allowing me to enter as I see (feeling) a reversal PIN bar at 4 hr NZD/USD.
The message is “Off Quotes” ! I have tried many times changing my SL and TP 0.7721 to below and 0.7790 to above! Is it due to spread by the broker? But what it could be! Here is the chart:

Hope u guys will be able to see the PIN inside the shadow zone that represents the last closed H4 candle or sth like that because I am still learning this process of getting shadow zone…

[2ndSkiesForex]

Hi

For some reason my broker is not allowing me to enter as I see (feeling) a reversal PIN bar at 4 hr NZD/USD.
The message is “Off Quotes” ! I have tried many times changing my SL and TP 0.7721 to below and 0.7790 to above! Is it due to spread by the broker? But what it could be! Here is the chart:

Hope u guys will be able to see the PIN inside the shadow zone that represents the last closed H4 candle or sth like that because I am still learning this process of getting shadow zone…

Hard to say, but this is why I don’t like metatrader with execution.

[2ndSkiesForex]

@danyrexy

Hey traders, After Bernanke decided to screw the market as usual, the EUR/JPY has been on a uptrend and barely retracing and making it harder for conventional trend traders to enter the market. One of my PA systems spotted this inside and this was a good opportunity for some pips. A higher than usual profit target of the target here but with such momentum after Europe’s open, 100 pips at a 1:1 R/R is just the deal here.


DAny

Some nice trading there mate - well done and good impulsive scoop up

[dollareuro]

Hello DE,

So I wrote more about this on my site in more detail, so check out the article there, but I give a few hints when talking about the 2 days of strong buying, and 3 days of weak selling. That plus the dynamic resistance breach, gives this a greater chance.

There are more clues, but try thinking about those, and see what you come up with.

Kind Regards,
Chris Capre

Thanks

Where is your article Chris? I wish I could read them!

[perryfx]

Att: Perry

Thanks for your comment.
Regarding the EUR/USD, I have a different view and will not be taking any longs for this week.
After establishing a strong resistance at 1.3400, the pair has slumped after the Fed Reserve giving a chance for entry via the inside bar formation earlier today. Having broken the support at 1.3250, the pair looks all set to proceed downward and we may see 1.3100 soon.

DAny

Hello Dany,

Nice charts. I also agree with you regarding EU. But I am not totally bearish bias for the moment. Seems like bulls back in action.

Let’s see … In any case good luck mate

[perryfx]

I was knocked out for 2 days by the horrible weather here and eu plunged 200 pips. Missed the ride down. The stabbings on the 20ema weakened the momentum. Looks like it’s gonna retrace till 1328x before deciding a direction bull or bear. End of quarter coming soon so I think the market gonna decide something pretty soon. What you guys think?

Flam,

Pretty sure we will have another ride soon. Currently EU moving to the upside and retrace up to 1.3290 area may be worth watching.

[2ndSkiesForex]

Thanks

Where is your article Chris? I wish I could read them!

Hello DE,

If you look under ‘forex strategies’ and pick the ‘daily signals’ from the dropdown, you should see my commentary.

Hope this helps.

Kind Regards,
Chris Capre

[sandlent]

Guys, I did something I shouldn’t have. Lost 300 pips to GOLD today on my real account. I forgot that I had a long order at 1326 from a few weeks ago and didn’t realize that until it was too late.

Lesson learned from my mistake: A) ALWAYS BE MINDFUL OF YOUR ORDERS AND DELETE ALL PENDING ORDERS DURING MAJOR NEWS RELEASES UNLESS YOU’RE LOOKING TO TRADE THE NEWS.

B) DON’T TRADE DURING MAJOR NEWS RELEASES UNLESS YOU’RE A 1000% SURE.

[2ndSkiesForex]

Guys, I did something I shouldn’t have. Lost 300 pips to GOLD today on my real account. I forgot that I had a long order at 1326 from a few weeks ago and didn’t realize that until it was too late.

Lesson learned from my mistake: A) ALWAYS BE MINDFUL OF YOUR ORDERS AND DELETE ALL PENDING ORDERS DURING MAJOR NEWS RELEASES UNLESS YOU’RE LOOKING TO TRADE THE NEWS.

B) DON’T TRADE DURING MAJOR NEWS RELEASES UNLESS YOU’RE A 1000% SURE.

this has happened to the best of us
so don’t beat yourself up for this
learn from it - then move on and don’t think about it again

[sandlent]

Thanks Chris. I’m over it already.

I guess I will wait for the dust to settle and clouds to clear then look for new setups otherwise I will catch myself doing revenge trading which is the worse thing a trader can do.

[2ndSkiesForex]

Hello Traders,

The carnage post FOMC taper continues in a global liquidation that spared no prisoners - save the USD.

The Dow Jones has gotten hammered, and its the first time in the 2013 uptrend we’ve had a dip below the 20ema, that didn’t result in a rebound which made new trend highs (chart below).

I think this at minimum will = a range with no new yearly highs for at least several months, but more likely = the end of the uptrend with more selling on deck.

Traders can look for sell signals on bounces towards 15115, 15045 and 14871 (the latter only on a weak pullback).

Downside targets are 14685 and 14475.

Good hunting for tonight as I expect it to be a dousy.

Kind Regards,
Chris Capre

[flam]

Flam,

Pretty sure we will have another ride soon. Currently EU moving to the upside and retrace up to 1.3290 area may be worth watching.

I planning a short there. SL 1.334 being the resistance the last time. Target 1 12997. Target 2 129.

[wizard56]

The most important indicator in any financial market is the price. It’s the best tool to use in analyzing the current situation in the market and what traders are now doing. When you study price behavior and you master it, you’ll have a deep insight into how the markets behave and how you can take an advantage of that.

[dollareuro]

@2ndSkiesForex

Hello Traders,

The carnage post FOMC taper continues in a global liquidation that spared no prisoners - save the USD.

The Dow Jones has gotten hammered, and its the first time in the 2013 uptrend we’ve had a dip below the 20ema, that didn’t result in a rebound which made new trend highs (chart below).

I think this at minimum will = a range with no new yearly highs for at least several months, but more likely = the end of the uptrend with more selling on deck.

Traders can look for sell signals on bounces towards 15115, 15045 and 14871 (the latter only on a weak pullback).

Downside targets are 14685 and 14475.

Good hunting for tonight as I expect it to be a dousy.

Kind Regards,
Chris Capre

Dear Mr. Chris

What platform do you use as I see your charts (candles) are very clear than my MT4 !

[2ndSkiesForex]

The most important indicator in any financial market is the price. It’s the best tool to use in analyzing the current situation in the market and what traders are now doing. When you study price behavior and you master it, you’ll have a deep insight into how the markets behave and how you can take an advantage of that.

Hello Wizard,

Forgive me for saying this, but your comment seems a little strange. Reason I say this is - this entire thread is dedicated to reading/understanding/trading price action and mastering this.

So just curious why you would say this because if you’ve been reading this thread, you’d notice the entire thread virtually discusses this. Hence my confusion to your statement.

Perhaps you could explain.

Kind Regards,
Chris Capre

[2ndSkiesForex]

Dear Mr. Chris

What platform do you use as I see your charts (candles) are very clear than my MT4 !

FX Trek Intellicharts

[perryfx]

@2ndSkiesForex

Hello Wizard,

Forgive me for saying this, but your comment seems a little strange. Reason I say this is - this entire thread is dedicated to reading/understanding/trading price action and mastering this.

So just curious why you would say this because if you’ve been reading this thread, you’d notice the entire thread virtually discusses this. Hence my confusion to your statement.

Perhaps you could explain.

Kind Regards,
Chris Capre

Hello Chris,

How are you ?? Hope everything going well with you.

Ignore this wizard guy. I saw his storytelling in other threads as well.

In the mean time. What do you think about EU ??

Caught a small EU breakout trade…

[sandlent]

Since there was major negative economic news here in Canada today, the USDCAD pair has breached a key resistance area on the daily chart. If it becomes support after a pullback, then it would be a good idea to get into a long position.