At 2ndSkiesForex, Chris Capre offers his unique Institutional and Retail market experience teaching Price Action & Ichimoku Strategies to trade the market successfully. He offers a variety of forex educational materials such as free weekly webinars, online courses, and a library of free articles and videos.
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This is our newest Price Action video talking about how to trade Breakouts from a price action perspective. We share some advanced price action elements on how to read the order flow and price action, along with what are the unique elements in a good breakout.
When I am not trading, or preparing for trading, I spend a lot of my time watching professionals, particularly high-level...
Hi Chris!
Very informative as always.
Best regards,
Nel
Thank you Nel,
Am glad you liked it.
Kind Regards
Chris
are you planning to create a video on pinbars?
Hello Nel,
I have been considering this – however we have an entire chapter of the book dedicated to this so have to decide how I dispense with any information.
But we are definitely considering it
Kind Regards
Chris
Hi Chris,
Thanks for considering the idea. Even just a basic idea on how to catch a nice pinbar and a few chart examples would be fantastic.
Regards,
Nel
Hello Nel,
Ok, will have to think about it. I do not want to spoil all the good things in the book which really approaches pinbars in a different way so want to be careful should I release anything.
Will keep you apprised.
Kind Regards
Chris
I totally agree. Thank you so much!
Hi Chris..great video as always…thanks.
l just want to ask how you decide if you will enter a breakout on the breakout itself or wait for a re-test of the resistance to see if it becomes support.Is is all to do with the strength/size of the trigger candle? Also, if you wait for a re-test do you wait for a PA signal such as a Pin Bar or Engulfing Bar at S/R or is just a touch of the line enough? l’m guessing every situation is different and needs to be read from an order flow perspective, however a few guidelines from you would be really helpful.
Many thanks.
Michael.
Hello Michael,
It is part science and part art in this case so its not entirely rule based (hence the challenge). I generally prefer the breakout-retest 3x out of 4 and have to be really convinced it will not come back. The strength/size of the trigger candle does not really sway me unless it is gigantic, say after a central bank intervention.
I do not wait for a pinbar because if you remember, pinbars are reversal candles that occur at tops or bottoms of trends so they would not appear here. But a pinbar-like candle would be a useful sign but its not necessary. Neither is engulfing. Its more of like you said, every situation is different and needs to be read from an order flow perspective.
Hope this helps in some way
Chris Capre
Hi Chris, further to my last question above…are there two or even three possible breakout set-ups with your methods? Firstly, an impulsive move which breaks out and does a quick re-test before shooting off: entered on just a re-touch of the Key Level without Price Action confirmation. Secondly, when the break out impulsive move gives way to a corrective move, which goes back to test the Key Level again and is entered only on a Price Action signal that price is rejecting the level.Thus more of a pullback trade than a re-test trade, although at the same level.And finally, a hybrid of the two, as patterns are often messy in reality!
If this is the case, l’d be interested to hear your thought processes on how you would play each breakout.
Thanks in advance!
Michael.
Hello Michael,
Ok so to give you an idea of the ‘art’ aspect of this, let me ask you a question;
-How would you define a ‘quick’ retest? tricky isn’t it
I do like to see a corrective move back into the retest level which is usually communicative the buyers/sellers of the breakout are still in control. But why wouldn’t this be a pullback as well?
Thoughts?
Chris Capre
Thanks for your two responses Chris;you always get me thinking and learning for myself, which is great! (Damn where’s that Holy Grail/Magic Bullet thingymybob that part of me always wants to find!!)
What was clouding my thinking was confusion over fairly quick re-tests of key levels on the one hand and larger/longer break outs followed by more substantial corrective moves back to key levels on the other.On this later type l was also conditioning myself to look for the most obvious reversal candles.Your comments re Pin Bars coming at the tops and bottoms of trends etc etc made me go back through all the Price Action videos/articles in the collection you posted up on Nov 14th.As you say, a lot of the info a chart is giving us is intuitive and spotting rejection zones is an art as well as a science.Anyway, thanks to the articles and videos l have cleared up my confusion and l’m looking forward to spotting my next re-test trade with a lot more confidence.So, muchas gracias Senor!
l’ll also now be going over all your Ichimoku videos too after your excellent webinar the other night–3hrs really really well spent even if it meant burning the midnight oil a bit over here in the UK.
Then its back through your Price Action course materials for the third time (and not the last), and hopefully l’m moving closer to consistent profitability for the coming year!
Anyway,thanks again for posting all this great trading insight, l’m sure l’m not alone in really appreciating it; and all the best for your sojourn in your new home in your new country.
Michael.
Hi Chris,
Thanks for the video. Are you going to have a rule-based system to trade breakouts ?
thanks,
Patricia
Hello Patricia,
Not sure yet. There are some moving parts to this so would have to really think about it. Am actually working on other ones as well
so perhaps later down the line.
Kind Regards
Chris
Hi Chris,
Very good and clear video.
You refer to ‘order flow’ – While I think I understand what you mean. Do you think it’s worthy of a seperate video?
Hello John,
Hmm, I think maybe an article would be better to explain order flow. Let me see if i have any and if not, then I can write an article about it.
Kind Regards
Chris
Thanks Chris.
One other question – when is your book being published (in the UK)? The date seems to have gone from October 2011 to January 2012 and now to April 2012.
Regards
Yes, the book has been delayed because we are just making it on price action and adding new stuff while changing others so that is why
chris capre