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
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
*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…
After breaking out of the summer range, the cable formed a pin bar rejection at the next resistance level and has since sold off for two days.
Today it has reached the breakout level and rejected nicely off of it, confirming it as a role reversal level. It did so forming an …Continue
Added by 2ndSkiesForex on August 28, 2012 at 9:28pm — No Comments
Yesterday I wrote in my forex market commentary how the Euro had formed an outside bar and a pin bar rejection off the lows, suggesting the short term upside was favored and dips just below the 1.2200 region would be a great place for an intraday buy. This is exactly how it played out as the price dipped…
Added by 2ndSkiesForex on July 18, 2012 at 5:58am — No Comments
After bouncing from the yearly low gaining ground for the last 3 of 4 weeks, the EURUSD got hammered last week losing all the gains and selling off to test the yearly lows again. It should be noticed how one week of impulsive selling took out four weeks of corrective gains, telling us the sellers are still in control as the market is more apropos to punish the Euro (rightfully so considering the situation in the EZ). Keep in mind, this is on the…
The Euro formed a pin bar rejection off the daily 20ema and dynamic resistance, also lining up with a key level at 1.2663 which was a former pivot point swing low and now formed resistance. Price action traders can watch for intraday moves up to 1.2623 and 1.2663 for fading any rallies targeting the big figure at…
USD/CHF - Head Fake Above .9600?
The Swissie today formed its first daily close above the .9600 level which is the first time in over 14 months it has done this. The question is, is this a false break or head fake? Although it closed above the key level by 3pips, it has formed a rejection of the lows and the highs forming a trading range. As you can see from the chart below, price has thus opened inside the wick or rejection area of the prior…