Weekly Price Action Highlights Oct. 14th - 19th
*Note: I am back from a week vacation so expect a full week of articles and market updates.
GBPJPY
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 large pin bar setup. Traders can look for rejections at the upper end of the channel to get short while looking at short term longs around 124.00 but between the two, I'd rather sell 2 out of every three trades inside this channel.
AUDUSD
After holding the 1.0150 area last week and climbing for three straight days, the Aussie stopped dead in its tracks just shy of 1.0300 where it has formed a triple rejection there. Short term traders can look for plays in the three day range that has formed just shy of 1.0300 with the bottom around 1.0215. The rejections on the upper end of this range just below the dynamic support and 20ema are larger than the buying on the bottom suggesting selling interest is willing to hold the upside short term. If 1.0150 breaks, then 1.0100 should be under attack shortly after but last weeks price action looks like its part of a corrective bullish pullback before possibly more selling.
For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.
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Comment by Gill on October 15, 2012 at 2:51am -
Welcome back from hols!
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Comment by 2ndSkiesForex on October 15, 2012 at 9:06am -
Thanks mate, good to be back.
How trading been for you?
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Comment by 2ndSkiesForex on October 15, 2012 at 12:53pm
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Some Indices which are forming some interesting patterns;
CAC 30 which is forming a large HS pattern on the dailies after hitting major resistance in early Sept. The channel for the shoulders part is pretty clean and if the pattern plays out - could offer a good short around 3450. Although the last bottom looks to be building for a second attack at the 3600 which is a really good area to place a short if it shows corrective weakness in there.
DAX 30
Also approaching a multi-year resistance, the Dax is looking at little more robust forming a small flag continuation pattern near the key resistance above. Will definitely look for a short term breakout to the upside, then watch for an attack on the key 7500 and 7600 for possible shorts.
Will have more updates on Gold and Silver soon.
Kind Regards,
Chris
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Comment by 2ndSkiesForex on October 15, 2012 at 11:02pm
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Hey Traders,
Just showing a good example of using simple impulsive and corrective price action pullbacks into the 20ema which some of my traders caught today.
Text book example on Gold (Silver as well), now offering a possible pullback setup.
The pin bar lows around $1730 will be critical for bulls to hold anything left of the uptrend so watch for price action clues here.
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Comment by Gill on October 17, 2012 at 1:31am
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Up and down literally - it's not the market that's the problem - that's always up and down; it's my discipline ... anyway, will keep trying
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