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 (NY Close) May 2nd
EURUSD Flag Pattern Under Threat
Being one of the choppiest pairs from a price action perspective has been the EURUSD lately, which has been a coin flip on a daily basis for the last 20 days whether it was going up or down for the day. Out of the last 20days of trading, only 4 days have had a trading range from high to low of 120pips or greater, with today being one of them.
What is interesting to note is today’s low challenged the daily flag pattern which we talked about on April 12 in our forex price action setups post. Price has been confined in this range and we are not sure it will stay bottled up much longer, but we are leaning towards the bearish side as the price action angle is weakning.
If bulls want to enter the market, there is a short term opportunity on yesterdays lows targeting the 1.3200 level with a tight stop below. However, if the flag breaks and we have a daily close below it along with bearish impulsive price action to follow after the ECB meeting tomorrow, then we expect price to test the bids (and the Chinese Central Bank propping up the pair) at 1.3050 and 1.3000.
For those wanting to learn rule based price action systems, access to the traders forum, lifetime membership & more, check out my Forex Price Action Course.
Upcoming Economic Announcements:
|AUD AiG Performance of Service Index||23.30GMT||19.30EST|
|CNY China Non-manufacturing PMI||01.00GMT||21.00EST|
|GBP Purchasing Manager Index Services||08.30GMT||04.30EST|
|EUR Euro-Zone Producer Price Index (YoY)||09.00GMT||05.00EST|
|EUR European Central Bank Rate Decision||11.45GMT||07.45EST|
|USD ISM Non-Manufacutring Composite||14.00GMT||10.00EST|
Make sure to check out my latest article on 5 Mantras For The Developing Forex Trader
Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.