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…

EURUSD

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…

AUDUSD

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…

Have you ever wondered if average changes of currencies prices may be indicative? Is it a right estimator?  

To apply some classic trading strategies in Retail Forex I have been working on 4 major pairs, EURUSD, USDJPY, USDCHF and GBPUSD since last year. Due to my work I found some characteristics about currencies which might be useful for day trading in retail Forex.

One of these characteristics is about having zero …

EURUSD

For the last  7 days, the price action for the Euro has been stuck inside a 125pip range playing see-saw with the bulls and bears changing color almost daily.  This could be due to typical August / low volatility, investors waiting for their CB's to hit CTRL+P and help Bank Executives save the ailing banks and…

EURUSD

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…

EURUSD

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 …

Spain, Greece and the Horror with No End...For Now

Although markets were calm today from the US Memorial Holiday, Spain today asked the EU to act in providing support for fiscally frail gov'ts (read 'Spain is begging for help') as its fiscal gaps and banking system (but, but...Bankia is fully solvent you said) are getting pummeled with soaring yields which are punishing the rates on bonds.  Again, Spain is 4x larger than Greece so if Spain…

Euro Hits Near 2-Yr Low, Grexit Fears Persist



The Euro got hammered in NY trading dropping 120+pips in about 3 hours as the EU summit didn't really calm any fears of an eventual Grexit from the EZ.  Of course EZ officials telling members of the currency bloc to prepare contingency plans for an exit are not helping. 



Oh yeah, did we forget to mention European banks have the highest loan-to-deposit ratio in the world (3x that of the US banks)?…

In conjunction with FXStreet, I am doing a webinar whereby you get to choose the topic!



Just go to the facebook page for the webinar here;

Chris Capre FXStreet.com Facebook Webinar Choose the Topic



Choose from any subject related to trading so make sure to cast your vote.



You have from May 28th to vote so make sure to do it soon.



The webinar will be on Thursday June 7th…

I am going to start this article with a question which could signify a major portion of your current level of success or failure in trading.

 

The question is;



Do you believe willpower (and specifically - your willpower) is a limited resource, and if so, what do you think it limits you to learn, achieve and accomplish?  

 

A follow up question to this is:



If you work on a difficult task,…

In one of my most recent webinars on price action forex trading, I talked about a key method for detecting when a trend is over-extended, which is to look for a climax or exhaustion reversal bar.  I had mentioned how from an order flow perspective why these exhaustion and climax bars tend to represent a high probability reversal coming based on the various…

I have been working on a thought experiment for traders here that I will be doing a webinar on in about a month, but before that, wanted to ask all of you traders a question which I think will produce some interesting answers.

 

The question is the following;

 

What would you feel like if you were a highly successful trader?

 …

Lately I have been spending a lot of time crunching data on some of the forex price action algorithms my programmer and I created, that the data can at times become overwhelming to digest.  In times like these, in needing a break, I often enjoy reading something completely unrelated to forex so I can engage other aspects of my brain.  Recently, the subject…

One of the more popular price action forex reversal patterns people trade today is the engulfing bar reversal pattern which is one of many two bar reversal patterns or AB reversal patterns (AB as in it has an A bar and B bar as part of the pattern) available.  Although this is a commonly traded pattern, many traders fail to find the best entry or are able to gauge a proper target using any…

Here is a collection of some of my students recent price action trades across EUR/USD, GBP/USD, Gold, AUD/USD, etc.  



All of these are trade setups from students in my price action course whom have been really turning it up lately finding some great setups.



The top winners of these are some nice 4 and 5+:1 R:R plays so congrats to all my students!



#1 Riga P.…

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.3099.  We are definitely bearish from here having broken the former Day chart trend line.  Due to the lack of a second or third lower high I have used the Day chart trend to show the down move. The EURUSD is building a nice bear flag after the bounce on the -0.270 fib extension.  The initial downside targets are the S5 @ 1.3016 to -0.618 Fibo @ 1.2946 and overall target is the S6 @…

I was talking with one of my price action forex students today who in some sense, has a very typical story - they tried everything, from forex robots, signal services, listening to expert trade advice, reading all kinds of books, etc. but no matter what they did, they still were consistently losing.  They are definitely dedicated and sincerely want to learn to trade the forex market successfully so it…

Often times, we measure our success as a trader by our account value, whether it has grown, perhaps doubled in size, or whether we have lost and are under water.  Unfortunately, this is really a myopic way of measuring our success in trading.  If this was the true benchmark, then for my first 6 mos of trading, I must have been a rock star turning 3k into 83k.  How did I do it? Over-leveraging to the hilt and having the most unbridled approach to the markets.  If you measured success by my…

$EURUSD

WHAT Forex Target Traders SEE:  We are currently sitting @ 1.3270.  We are looking to become bearish from here.  The EURUSD is in a sideways move on the day chart and there are much better opportunities in other crosses.  The initial downside targets are the 0.382 Fibo @ 1.3183 to 0.618 Fibo @ 1.3114. The average daily trading range for the cross currently is 112 pips.…