Forex Price Action Setups (NY Close) Apr. 19th

Whiff – Data Misses on All Fronts
Stocks fell globally starting with the first whiff of the day – the Spanish Bond Auction failed to meet its target while the 10yr yields climbed continuing the mantra the Pain in Spain isn’t going away.

Italian, Spanish and French yields all widened across the board today which sours the picture in the EuroZone more relief will be needed, meaning CTRL+P is coming to a sovereign near you.

Number two on the Whiff list was Initial Jobless Claims printing 386K instead of 370K projected basically reminding people of reality the recovery in the US labor market is weak at best.

The third Whiff of the day existing home sales were expected to come in at .7% and came in -2.6% adding to the negative picture this side of the pond.  The trifecta for the US came in the weaker than expected Philly Fed landing at 8.5 with a 12 figure expected.

USDJPY – Clears Dynamic Resistance
After spending most of April below the 20ema and dynamic resistance, the USDJPY has climbed 3 days in a row from the bullish piercing pattern we discussed on Tuesday.  Three days of solid climbs with no changes in the speed of buying which is interesting considering the rest of the majors have been range bound suggesting JPY pairs are the only gig in town.

Holding trades into the weekend is generally not my fancy, but intraday players can look for price action pullbacks into the daily 20ema which is now dynamic support looking for a touch on 82.00 and potentially 82.50 before the weekend.

price action trading piercing pattern price action course apr 19th

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Ricky

    your insight on the market can be quite revealing.

    when one signs up for any of your classes, do you also give signals?

    what is d difference with the free version we have been enjoyin

    • Hello Ricky,

      I do not give signals as my goal is to teach people how to fish, not fish for them. However, I do post setups in the forum along with the other students
      which will help you learn to find them yourself which is what you need to do as a trader in the learning process.

      In terms of what is the difference between the courses and what I write about in the blog, there is no comparison. When do you hear me talk about my 3P HLR reversal setup, or my sbar formations, or ibar setups and entries, my mid-stream breakouts, o-bar setups, or the volumes of quantitative data I have on specific price action setups?

      You won’t, because that is reserved for the course and course members.

      So to answer your question – there is no comparison. 5% of what you find here is in the course so hopefully that puts things in perspective.

      Kind Regards,