All Blog Posts Tagged '2ndskiesforex.com' (78)

Live Intraday Price Action Trading | Nov. 23rd

Hello Traders,

I wanted to post a few trades I took recently on AUDUSD and Silver.  You can see the entry and exit points for each trade which I did just using price action strategies.



Here they are below;



AUDUSD…

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Added by 2ndSkiesForex on November 23, 2012 at 4:05pm — 3 Comments

Weekly Price Action Highlights | Nov. 18th - 23rd

EURUSD

Attempting to bottom and make some headway to the upside, the EURUSD failed to clear the 1.2800 role reversal level which was the Oct. swing lows. For now, the pair is stuck between 1.2800 weekly highs and 1.2659 lows which was the pin bar rejection on Tuesday.  So bears can look to sell any weak rallies up to 1.2800 while bulls can…

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Added by 2ndSkiesForex on November 18, 2012 at 10:01pm — No Comments

GBPUSD Piercing Pattern + Pin Bar Combo | Nov. 15th

GBPUSD

Similar to how the Euro I discussed on Tuesday reversed with an engulfing bar + pin bar combo, the Cable is possibly attempting to bottom after losing ground for six days in a row. After forming a final flag pattern to end yesterday and start today, the pair rallied off of 1.5825 with a strong bullish piercing bar,…

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Added by 2ndSkiesForex on November 16, 2012 at 1:18am — No Comments

Price Action | Euro Pin Bar off Resistance | Nov. 14th

EURUSD

As I had discussed in yesterday's market commentary, the pin bar and engulfing bar combo highlighted did produce higher prices for the Euro, and went to the first resistance level I mentioned yesterday (around the 1.2763 area). Some of the course members got in on this trade and profited nicely from it…

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Added by 2ndSkiesForex on November 15, 2012 at 1:57am — No Comments

Time to go long Brent?

Israel takes out Hamas Chief of Staff



oh my, I was wondering where the super fast price action spike in brent came from.  Good thing I was long, but man, it smacked my target so fast, I didn't have time to expand it :-ooo



Although I will confess…

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Added by 2ndSkiesForex on November 14, 2012 at 4:51pm — No Comments

And Skynet Strikes Again, in the Motherland of Russia

Home to some of the greatest programmers and hackers in the world (I dated one not too long ago :-ooo), The MICEX (Moscow Exchange) halted FX trading due to a software (skynet) glitch.



I talk about this in my upcoming fxstreet interviews how we are trying go regulate human traders, but not algos, or the programmers behind them.  Its the software's fault is a convenient scapegoat, but the programming and programmers need to be regulated as well.



Case in point with the MICEX…

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Added by 2ndSkiesForex on November 14, 2012 at 2:32pm — No Comments

Skynet Continues Its Takeover

The markets are continuing to change, and the direction is (for now) continually becoming more algorithmic in terms of trading, markets and price movements.  I personally think a lot of these algos, particularly HFTs, are highly toxic to markets, if not the global economies which are subject to them.



Take for example the Knight Capital disaster, the Facebook IPO, the Flash Crash, the Reverse BATS, and on and on and on...



Shoot, we now have Twitter-Feed based hedge funds…

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Added by 2ndSkiesForex on November 8, 2012 at 4:01pm — 9 Comments

Silver Forms ii Pattern, More Downside? | Oct. 30th

Silver

Liquidity and volumes were definitely lower today with most pairs and instruments playing in a tight range today.  In the process, Silver has formed back to back inside bars, or an ii pattern, and this will not go on for much longer.

Although the precious metal is trying to form a base, it has yet to show any bullish legs,…

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Added by 2ndSkiesForex on October 30, 2012 at 9:50pm — No Comments

Dow Jones Key Support Comes Under Pressure | Oct. 29th

Dow Jones

Skynet was offline today, along with all human traders as hurricane Sandy forced US exchanges to close today.  Regardless, a key support level in 13000 is coming under pressure for the Dow Jones.  Although a decent sized pin bar formed Friday off this level, pressure remains on the major index, and should the key support fail, 12750 and 12500 will be under attack shortly after.



Bears currently have control so …

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Added by 2ndSkiesForex on October 29, 2012 at 10:12pm — No Comments

Weekly Price Action Highlights | Oct. 28th-Nov. 2nd

EURUSD

Staying put inside a channel/triangle, the Euro continues to oscillate virtually on a weekly basis since early Sept.  Since we are still midway through the triangle, I expect it to continue as we generally do not exit triangles till later on in the pattern.  That plus the elections in the US will likely keep things tamed down a bit for the next few weeks.



It should be noted the last 6 weeks of price action have all been …

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Added by 2ndSkiesForex on October 28, 2012 at 10:54pm — No Comments

Silver Breaks Above Dynamic Resistance | Oct. 25th

Silver

As I had noted two days ago, Silver was showing reducing price action spreads which communicated it was likely bottoming out around $31.50.  That is exactly how it played out, and has now broken above the dynamic resistance for the last 12hrs.  If the $32 figure and dynamic support can hold, an attack…

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Added by 2ndSkiesForex on October 25, 2012 at 11:30pm — No Comments

Gold Forms Engulfing Bar followed by Inside Bar | Oct. 24th

Gold

Getting pummeled every which way but loose, Gold resumed its sell-off today, now at 6 week lows and barely holding above $1700.   I am noticing how the buybacks have been getting shorter and weaker in angle each time.  This would generally indicate a weakening buying or counter-trend presence.  But that has also been accompanied by weaker sell-offs each time, with the latest being the weakest.  This culminated in a …

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Added by 2ndSkiesForex on October 24, 2012 at 11:35pm — No Comments

Reducing Price Spreads on Silver - Bottoming Out? Oct. 23rd

Silver

Failing at the critical $35 figure, Silver has been getting pummeled, dropping $3.50 in the last 2.5 weeks.  What I am noticing is how the price spreads have been getting smaller on each leg down (especially the last one), suggesting we could be seeing a bottom soon.



If price can get above $32.00 and break above the dynamic resistance and 20ema, then I suspect perhaps the precious metal will put in a HL…

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Added by 2ndSkiesForex on October 23, 2012 at 10:22pm — No Comments

Dow Jones Forms Large Bullish Pin Bar | Oct 22nd

Dow Jones

After the bloody hit the Dow Jones took on the 25th anniversary of Black Friday, the US index formed a large bullish pin bar, and a fake out in the process. This could very well have trapped traders short just below the 13300 support level.



What I am noting is how the DJ…

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Added by 2ndSkiesForex on October 23, 2012 at 12:29am — No Comments

Weekly Price Action Highlights Oct. 21st - 26th

GBPJPY

After a 5 day rally, the GBPJPY found resistance at 128.25 forming a pin bar rejection in the process. Although the last major swing was down and formed a LL (lower low), the last upswing formed a HH suggesting an increase in volatility. Key resistance for bears lies between 128.25-128.81 so bears can watch for…

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Added by 2ndSkiesForex on October 22, 2012 at 12:01am — No Comments

Gold Inside Bar Setup | Oct. 15th

Gold

Today, Gold has continued its sell-off, losing its luster as it shed over $15 breaking a key support level at $1739.  In the process, it hit an intraday low sub $1730.  Before the major sell-off today, it formed three inside bars, and then started the impulsive sell-off on the break of their lows.  It has since then formed another inside bar, so a pullback towards the…

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Added by 2ndSkiesForex on October 15, 2012 at 10:46pm — No Comments

Weekly Price Action & Ichimoku Highlights | Oct. 7th-12th

AUDUSD

The Kumo Break discussed last week has found its way lower as expected, even coming back towards the flat bottom and rejecting off of it twice.  The pair also formed a tenkan-sen kijun-sen cross downward (medium), so the downside move could start to gain traction if it can clear the main lows at 1.0151.  Being that the pair is likely in a …

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Added by 2ndSkiesForex on October 7, 2012 at 10:30pm — No Comments

Forex Price Action - Gold Continues the Squeeze | Oct. 4th

Gold

As I talked about in my commentary yesterday, Gold appears to be forming a price action squeeze on the $1790/$1800 level which has been capping the upside since Nov. last year.  I mentioned in the prior post I expect some shakeout prior to the breakout and this is exactly how it played out with back to back 2-way…

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Added by 2ndSkiesForex on October 4, 2012 at 11:00pm — No Comments

Forex Price Action - Gold Posts Outside Bar At Yearly Highs | Oct. 1st

Gold

Today Gold posted an outside bar and at the yearly highs, but this one is a little strange as it represents a lot of two way price action with the long wick/rejections on both sides followed by a modest bullish close.

Short term, this translates into a trading range with plays at the highs & lows of the outside bar - thus, intraday…

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Added by 2ndSkiesForex on October 1, 2012 at 11:00pm — No Comments

Weekly Price Action & Ichimoku Highlights | Sept. 30th-Oct. 5th

 

EURJPY

After peaking at 103.50 about a week and a half ago, the EURJPY has formed two N waves down which is leg 6 of the wave count.  This is hinting there is likely another leg down and the price action confirms that with the last pullback being corrective.  Also, the chikou is below the price line, and there is a thick kumo ahead, so watch for a potential strong downward …

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Added by 2ndSkiesForex on September 30, 2012 at 9:00pm — No Comments

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