Forex Trade Signals and Setups Feb. 28th

Silver – Takes Out Key Resistance

As we stated a few weeks ago, we thought silver was continuing its bull trend and starting a major leg up. Today it cleared a key level by taking out the $35.69 prior SH (Swing High) from the bounce that occurred late Oct. last year after the CME margin hikes sent the metal reeling.  This $35.69 level had not been broken until yesterday and the market did so with force.

From an Ichimoku perspective, its really all systems go as the Chikou span formed a favorable cross of price on Dec. 14th last year, but finally cleared the Kumo by the 28th of December telling us this rally should continue. Price has yet to touch the Kijun since Jan. 13th this year suggesting the trend has strong momentum with it which is also confirmed by the Tenkan which is now pointing nicely upwards.

ichimoku kinko hyo favorable turn 2ndskiesforex feb 28th

Traders can look for a rotation back into support around $35.69 for a breakout-pullback or any intraday price action triggers on the 4hr or 1hr time frames, ideally off a 20ema to get back long as we expect this bull trend to continue.

AUDUSD –  Breaking Out of The Channel?

The channel we talked about for the Aussie on the daily charts is starting to break and intraday price action is also pointing to this conclusion.  A look at the 4hr chart below shows how price held right up against the channel ceiling while the sell-offs on the last two candles produced back to back pinbars off the 20ema. Many of our price action traders go long on these pullbacks to the 20ema and are already in a nice profit with stops brought to BE (breakeven) so they are in a free trade.

price action patterns pinbar 2ndskiesforex feb 28th

Intraday traders can watch for this candle to close outside the channel which will give extra confirmation of the channel break.  If this plays out, then look for a rotation back into the channel top where the last four candles peaked at around 1.0781 for pullback levels to get long.  Another option is if the 20ema climbs fast enough, then one can use that as a pullback level but we suspect price is gunning for the yearly highs at 1.0842.  It first has to clear the 1.0815 which was the spike high on Feb. 20th so keep an eye for price action clues here.

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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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