Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
Forex Price Action Setups – EURUSD Outside Bar Setup Plays Out – July 16th
As we wrote about yesterday in the weekly market commentary, the EURUSD formed an outside bar and combined with out ichimoku analysis, communicated a bounce was the most probable scenario. This is exactly what played out today as the market pulled back today into the outside bar, but made a short term higher low suggesting the presence of buyers are still there from the outside bar while forming a daily pin bar. Both our ichimoku and price action traders took advantage of this setup and made some solid intraday pips so hopefully you did the same.
For sellers, you can look for price action triggers around 1.2390 while bulls will have to wait for a corrective pullback just sub 1.2200 to add longs.
For more info on how to trade price action, get access to the traders forum, lifetime membership & a lot more, make sure to visit my price action course page here.
Global Market Commentary:
Ahead of Bernanke’s upcoming speech, short covering on the Euro along with investor optimism help lifted the Euro, the aussie and a few other risk assets as the weak US retail sales gave global investors the idea stimulus is more likely if the US economy worsens. Amazing how bad news gives investors hope the central banks will artificially inflate the markets. That plus the RBA not cutting rates gave traders confidence in risk assets as they did not have to do more to support the Australian economy. Also a conundrum if you think about it.
Meanwhile, Oil and Gold trotted in place while the Dow lost 49pts or .39%.
Upcoming Economic Events:
|GBP Core Consumer Price Index (YoY)||08.30GMT||04.30EST|
|EUR German ZEW Survey (Economic Sentiment)||09.00GMT||05.00EST|
|USD Consumer Price Index (YoY)||12.30GMT||08.30EST|
|CAD Bank of Canada Rate Decision||13.00GMT||09.00EST|
|USD Fed’s Bernanke Delivers Monetary Policy Report to Senate||14.00GMT||10.00EST|
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