Cable is at a horizontal level with continuation divergence and looks like it could move to the upside, before we see price stall and create a head and shoulders pattern.Continue
Added by Sardar Uddin on March 11, 2013 at 1:37am — 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 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
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
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
Now that the summer months are coming to an end and traders are coming back to the desks, it seems the foreplay of the recent consolidations is over and things are loosening up. First it was Silver to break the stalemate on Monday, Gold on Tuesday, and now the pound today, clearing a major hurdle and resistance that has held since mid-May.
The clearing of the resistance came via a strong …Continue
Following in the footsteps of Silver, Gold broke through a key resistance level, clearing and closing above the $1630 level which had not seen a daily close above it since the 1st week in may. The breakout also came on the heels of some pre-breakout tension or pressure which led to a strong breakout…
Added by 2ndSkiesForex on August 21, 2012 at 10:49pm — No Comments
Being the little brother of the precious metals (to Gold that is), Silver broke the stalemate (and malaise) as it broke and closed above the key $28.36 resistance level. And she arrived - doing so in impressive fashion with a strong breakout bar and good follow through,…
Added by 2ndSkiesForex on August 20, 2012 at 9:57pm — No Comments
IBEX 35 (Spanish Bolsa/Stock Exchange)
Wanted to mix things up a bit with a different instrument today - this time the Spanish Bolsa or Ibex 35 which has broken a key resistance and double top at 7224 which I talked about on my twitter and facebook accounts ahead of time.
What's interesting to note in the …Continue
Added by 2ndSkiesForex on August 16, 2012 at 10:07pm — No Comments
While my trading team and I are mostly on vacation for the month of July, I wanted to write a brief article giving 2 key clues to understanding support and resistance levels, which is also a follow up to my prior article the best support and resistance levels part 1. If you can learn to understand these two key points, you will be able to detect key levels, when…Continue
Added by 2ndSkiesForex on July 20, 2012 at 6:02pm — No Comments
After rejecting off the lows on friday forming an intraday pin bar setup, the Euro has built up small gains, but has done so via corrective price action telling us the buyers are not coming in any strength. Usually, this type of price action leads to a more impulsive sell off in the near future so I am looking to sell any rallies.
A good level I would…Continue
Added by 2ndSkiesForex on July 10, 2012 at 3:21am — 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…
As we wrote about in our forex market commentary yesterday, the AUDUSD formed both a pin bar and dueling swords pattern, initially rejecting off of parity. The markets gapped higher on the open from the Spanish Bank bailout of €100B, which has already seen its luster come off. Is it now to the point that €100B…
Added by 2ndSkiesForex on June 11, 2012 at 11:00pm — No Comments
As we wrote last week in our forex market commentary, expected price to go higher from the bullish engulfing bar setup off the yearly lows and higher the pair went. Aided by a Spanish bank bailout announcement over the weekend, and the pair has gapped higher following a bullish …
***I am doing a Free webinar on The Trading Mindset this Thurs. at 14.00GMT so make sure to come.
After taking a drubbing for the first half of May, the EUR/GBP has been displaying price action characteristics of a bottoming as of late. First on the docket, it formed a HL (higher…
Added by 2ndSkiesForex on June 7, 2012 at 2:41am — No Comments