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,…
Added by 2ndSkiesForex on November 16, 2012 at 1:18am — No Comments
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…
Added by 2ndSkiesForex on November 15, 2012 at 1:57am — No Comments
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 …Continue
Added by 2ndSkiesForex on October 29, 2012 at 10:12pm — No Comments
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 …
Added by 2ndSkiesForex on October 24, 2012 at 11:35pm — No Comments
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…Continue
Added by 2ndSkiesForex on October 23, 2012 at 12:29am — No Comments
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…
Added by 2ndSkiesForex on October 22, 2012 at 12:01am — No Comments
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…
Added by 2ndSkiesForex on October 15, 2012 at 10:46pm — No Comments
*Note: I am back from a week vacation so expect a full week of articles and market updates.
Stuck in a short term channel, the GBPJPY has had more impulsive selling than buying within this channel so am slightly more bearish than bullish. Notice the two large rejections towards the upper end of the channels with the last one forming a…
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…
Added by 2ndSkiesForex on October 4, 2012 at 11:00pm — No Comments
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…Continue
Added by 2ndSkiesForex on October 1, 2012 at 11:00pm — No Comments
With the dollar gaining vs. the majors all week, the Kiwi-Dollar has been the most resistant. Today it formed a double bottom at a key role reversal level in .8187. The 1st attempt at this level printed a pin bar which pushed prices back about 100pips. However, the second attack (today) on the level stopped right at it. After forming a smaller pin bar rejection off of it, it then formed an outside bar and ended …
Added by 2ndSkiesForex on September 26, 2012 at 10:20pm — No Comments
After having its first weekly bearish close in six, the Euro ended the week posting an inverted pin bar that is also doubling as an inside bar. It has to be noted a bullish inverted pin bar in a bearish pullback is a failed attempt to rally. However, even though the rally failed, it indicates there is some buying…
Retreating from the recent swing highs over the last 5 days, the New-Zealand dollar formed a large with trending pin bar off a key role reversal level today. It should be noted how the day started off very bearish for the pair, which reversed gains sharply after touching the key role reversal level at .8210 and closed up on…Continue
In keeping with the Aussie which is one of my favorite pairs, the Antipodean currency has retreated from the major swing high resistance level parked at 1.0612 lately, selling off over the last two days towards the 1.0400 level I mentioned from yesterday. In the process the pair formed a pin bar pattern off the…
The AUDUSD pin bar setup I had discussed in yesterday's weekly forex commentary came off, pretty much selling from the market open throughout the day, losing about 85pips in the process. Accompanying this signal was a combo pin bar/engulfing bar on the 4hr time frame which was a rejection rejection off the key…
Added by 2ndSkiesForex on September 17, 2012 at 10:42pm — No Comments
Climbing for both 7 for the last 8 days and 7 of the last 8 weeks, the Euro has looked impressive being given the go-ahead from Bernanke and the German Court. With the trend being so strong, I'm really looking for longs. However, the price action is feeling a bit parabolic and climactic at this point.
Added by 2ndSkiesForex on September 16, 2012 at 7:52pm — No Comments
Gold & Silver
Leave it to my good ol' friend the beard - Ben Bernanke....Central Printer in Chief who today went to the printing presses.
As expected, Gold and Silver pulled right back to role-reversal levels before shooting higher on the announcement today.
In the process, they both formed with…
Added by 2ndSkiesForex on September 13, 2012 at 10:18pm — No Comments
After two relatively muted days, Silver has sprung to life as the metal formed a large bearish engulfing bar. However, I would look upon it more as a 2-way bar.
Normally bearish engulfing bars can be strong reversal signals, but following a small inside bar, and with this one closing right in the middle, its…
Added by 2ndSkiesForex on September 12, 2012 at 10:15pm — No Comments
After the upside breakout of the 12 day range, the EUR/JPY soared for two days straight jumping about 200pips in the process. However, some of that bullish momentum today waned as the pair formed an inside bar pattern on the daily charts, along with closing below the 100 figure in the process. This might be ideal though as the pair could…
Added by 2ndSkiesForex on September 10, 2012 at 10:22pm — No Comments
Gaining for the 3rd week in a row (only 2nd time this year), the precious metal took out the $1700 barrier for the first time since March this year, gaining almost $35 on Friday alone. I suspected short covering on the initial structural breakout back at $1633 and the metal has not disappointed since. That plus the likely accumulation building over the summer will continue to underpin the metal.
I've been long since $1633…Continue
Added by 2ndSkiesForex on September 9, 2012 at 9:12pm — No Comments