Forex Price Action Setups 2ndSkiesForex

2ndSkiesForex

Newbie
9 1
I am starting this thread to post my daily or weekly price action market commentary and setups to help further build the knowledge here around price action, also as a support to my main trading and reading price action thread here.

Below is my forex weekly chart outlook for July 1st - 6th

EURUSD
Gaining for the last 3 out of 4 weeks, the EURUSD was bolstered by the EU summit as Germany and Frau Merkel caved for now on the ESM support mechanism. This lifted risk on, along with the Euro which formed a weekly pin bar and cleared an important hurdle of resistance at 1.2632 which was the Jan. 2012 lows. Near term resistance is close by about 70pips north of here and last weeks high at 1.2746. If this is cleared, expect short term bullish momentum to continue up to 1.2822 and 1.2913.

However, we expect there to still be plenty of bears in the market looking to sell any rallies, with these being key gravity points for them to enter. In reality, nothing has been solved as Spanish banks are still in trouble sitting on a pile of bad real estate mortgages, yields are still high for the Italian and Spanish bonds, and the prior bailout effect lasted roughly a day before the hangover settled in, so we are skeptical until we see continued strength. So watch for intraday price action triggers here to short if the movement starts to weaken into these levels.

weekly pin bar price action setup 2ndskiesforex july 1st.jpg

AUDUSD
After finding support at the parity level and the Kumo bottom, the Aussie outperformed in the risk on friday via a large engulfing bar. In the process, it also formed a Kumo Break to the upside, which it has not seen since early March this year. In doing so, it took out the key 1.0230 area resistance while the Chikou Span also cleared the Kijun. After 1.0315, the pair has some decent upside play until 1.0384 which the chikou may run into some stickiness around the Span A.

Beyond this, the next layer of resistance would be at 1.0442. Short term pullbacks into the Kumo will likely find support around the rising Tenkan showing momentum is starting to build for the Aussie. In terms of Ichimoku Time Theory, the pair has not formed a full period yet, which would happen around the end of this week so we may see weakness then and look for possible intraday shorts.

kumo break ichimoku trading 2ndskiesforex july 1st.jpg

USDCAD
Forming a potential 1-2-3 reversal, the Loonie strengthened massively vs, the greenback on friday and is on the verge of completing the 1-2-3 pattern. The pair needs to take out the prior SL (swing lows) at 1.0156 which was the June low this year. Should it do this, we will watch for a breakout pullback setup, expecting intraday sellers to come in, along with technical models taking profits so some short term selling opportunities near by. From here, we expect selling to continue down towards 1.0050 which was the 3mos range high so watch for intraday buying opportunities if the market shows weakness heading into these levels.

breakout pullback setup price action trading 2ndskiesforex july 1st.jpg

Gold
After showing exhaustion towards the end of last week, Gold formed an intraday pin bar reversal setup before launching on a $55 run. You will notice this formed right before the EU summit. It is very common to see price action triggers form right before a key economic event. Many of our price action traders got into this so hopefully you spotted this setup as well. The shiny metal should be encountering resistance first at $1612 and then later just shy of $1640 where we will look for a possible fade as gold has yet to break these levels since early May this year.

pin bar reversal setup 2ndskiesforex july 1st.jpg
 

2ndSkiesForex

Newbie
9 1
EURUSD
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 heels of a Spanish bailout two weeks ago, and a ESM funding agreement from Germany, yet sellers dominate.

With that being said, either this last sell-off is exhaustive in nature, or the market is looking to push for more downside. I think the latter and am looking for further deterioration in the pair. At this point, i'm either going to wait to see if the market will remain weak at these levels, and then look to sell near the former yearly lows on a breakout pullback to the 1.2300 level. Option 2 will be to sell rallies up to the 1.2650 area targeting 1.2300 and then a further break. If bulls want to take a play, look for a price action trigger of the current levels or just above 1.2300.

breakout pullback setup impulsive selling 2ndskiesforex july 8th.jpg

USDCHF
On the other side of the coin is the USDCHF which is actually giving a slightly better signal, not only having gained for 4 of the last 5 days, but also taking out the prior yearly high at .9772 and opening this week pushing above it from the open. Short term, it needs to clear .9800, but should it do so, I'm expecting further upside so longs are possible just north of this figure. Corrective pullbacks to the .9675-60 levels are another option for intraday longs. Bears will want to see a price action reversal trigger here and failure above before selling.

price action trading breakout pullback setup 2ndskiesforex july 8th.jpg

Gold
The precious metal continues to be hampered on the upside from the weekly 20ema which continues to act as dynamic resistance. This and the $1625-1640 region continues to hold the upside, so bulls will need to clear this before adding new technical buyers. Although there has been no weekly close below $1571, buying at this level doesn't work out from a risk perspective since the upside is still capped.

So I prefer buying in the $1550-1530 region with stops below $1525, targeting $1600, $1625 and a possible break above the 20ema for further continuation. Bears can meanwhile short off the 20ema with tight stops (being no breach above it since April) targeting $1571 and $1550. Keep in mind last week formed a pin bar setup so sellers can look for weakness heading into the dynamic resistance.

pin bar rejection price action 2ndskiesforex july 8th.jpg

Oil
Although this commodity ended the week where it started, I am suspecting a medium term bottom is in place around the $78 base from last week. Although these recent gains were bolstered by rhetoric out of Iran and them blockading a key strait, I am looking for a higher low above the recent swing lows around $78, perhaps around $80.60/75 region.

If price pulls back here and shows weakness or does so in a corrective fashion, I will look to get long on these levels barring a price action trigger around here presents itself so bulls have a nice pullback level to take as the commodity still has yet to form a higher low to suggest further bottoming. Bears can look to sell above the recent pin bar rejection just shy of $89 which happens to be a nice role reversal level and ideal for possible selling here.

pin bar rejection role reversal level 2ndskiesforex july 8th.jpg
 

perox

Member
87 0
I keep on believe in gold..
Does anyone know about managed FX accounts on this forum? Or can you tell me about forex trading offers as I am keen to learn more about forex trading. Any answers would be greatly appreciated.

Hello,

This thread looks dead now. However I am a big fan of Chris Capre the price action expert from 2ndkskiesforex.

If you are interested in price action learning, I would like to suggest 2ndskiesforex to start things. There are so many valuable articles and free resources there to get the first step.
 

Giovan

Active member
163 7
He also has an unregulated managed forex scheme and we know how those end up.

Well I have been watching his educational videos for the past 2 years, I have never heard about it before...only Price action and Ichimoku.....:smart:
 

2ndSkiesForex

Newbie
9 1
He also has an unregulated managed forex scheme and we know how those end up.

Hello Traders,

I hadn't gotten a response from Trade2Win in sometime so was surprised to find one in my email box, but I got an email today about responses in this thread.

I stopped posting in here because T2W stopped approving my posts. I contacted the admin to ask why, but got no response. They emailed me recently asking me to re-join, but I felt like if they weren't going to accept my articles/content - then why should I continue?

In regards to this statement above from pboyles, first off - my managed program isn't a 'scheme'. If you read the website for our managed program, we have no access to client funds whatsoever. All funds are parked with the broker directly and never even pass through our hands. We are simply given LPOA level 1 access, which means only permission to trade - and zero access to client acct info, funds, etc. We have no interest in holding client funds as that would require a completely different structure, incorporation and framework. We simply just want to trade.

And as to being 'regulated', if you actually follow the managed fund regulations world, any area/sovereign you are regulated with limits you to clients in that area. So getting regulated in the EU only means I can take clients from the EU. I'd have to get a separate registration from the NFA for the US, FSA for the UK, ASIC in Australia, CSA in Canada, and so on.

If you have any idea of the legal capital/time/energy it would take for us to be regulated in all these areas, then you'd understand unless we are a 9 figure fund, there would be no need/point for us to do so.

We manage funds for two private family offices, and their CIO audits our trading yearly as per the family office requirements. We are not required by law to be regulated to trade their capital, so it seems there are a lot of assumptions about us and our 'scheme'.

If you have evidence of such tomfoolery by us, then please present it here. But to make accusations, claims or negative statements/assumptions about us, with no information, or understanding of our fund seems ill-placed and inappropriate.

As to posting here in the future, should T2W allow me to post articles and content again, then I will certainly reconsider this.

Kind Regards,
Chris Capre
 

robertofx

Active member
139 1
He also has an unregulated managed forex scheme and we know how those end up.

Really ? Do you have any proofs ?

Because I did advanced forex trading course with Chris and that was a great experience. Worth every penny and I am still using his price action techniques to filter trades.

Never heard anything wrong about him. May be you misunderstood him.

Please check the reviews here before commenting

http://www.forexpeacearmy.com/public/review/2ndskiesforex.com
 

pboyles

Legendary member
8,072 1,303
Really ? Do you have any proofs ?

Because I did advanced forex trading course with Chris and that was a great experience. Worth every penny and I am still using his price action techniques to filter trades.

Never heard anything wrong about him. May be you misunderstood him.

Please check the reviews here before commenting

http://www.forexpeacearmy.com/public/review/2ndskiesforex.com

This sort of nonsense may fool the babypips clowns but its clear to anyone with any wit that theres a social media campaign to post fake positive reviews all over the place. Unfortunately that is not going to work out too well for you.

I suggest you stop immediately and go away.
 

perox

Member
87 0
This sort of nonsense may fool the babypips clowns but its clear to anyone with any wit that theres a social media campaign to post fake positive reviews all over the place. Unfortunately that is not going to work out too well for you.

I suggest you stop immediately and go away.

Perhaps we can start with White Knight Investments, a 'managed forex account' whose website seems to be having difficulties. It seems White Knight were implicated in the Gain Capital prosecution where they were named as unregistered solicitors. They had made ridiculous profitability claims.

Chris Capre | White Knight Investments | ZoomInfo.com

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2461

Hello pboyles,

Everyone has different perspectives on the markets or the players & right to choose anything. I've never paid anything for 2ndskiesforex and there are so many free stuffs available. I don't want to know about the past things and what I know is I am benefitting from 2ndskiesforex.

If you don't like it just leave it mate. No hard feelings and no need to argue here.

Happy Pipping (y)

Perox
 

Giovan

Active member
163 7
This sort of nonsense may fool the babypips clowns but its clear to anyone with any wit that theres a social media campaign to post fake positive reviews all over the place. Unfortunately that is not going to work out too well for you.

I suggest you stop immediately and go away.

Pboyles what's your problem? Price Action? or Ichimoku?
As I told you yesterday, that's all the site's information is about.
I and other members are here to learn. so you better get your facts right before posting here
 
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