Forex Trade Signals and Setups Nov. 29th

GBPUSD – Building a Base
After selling off heavily from 1.6100 – 1.5425, the GBPUSD seems to have found a short term base in with two higher lows and higher highs shown in the chart below. Price Action is holding nicely above the 20ema which it has not done since the 18th of Nov.  Recent price action has shown more impulsiveness in its upside moves then in selling off.   Look for pullbacks sub 1.5550 for possible entries to go long while watching for resistance at the daily 20ema around 1.5700.  Should it get past here, then 1.5900 should follow shortly after.

price action chris capre https://2ndskiesforex.com

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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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  • Ed

    Chris..I just wanted to take the time to thank you for everything you do for the little guy, I have been following you and your ichimoku trading classes for 3years or more..You have been basically my mentor in fx..although I also use ichi in my stock trading when I do it..There are 3 other people that I follow for trading fx besides your, Ilya Spivak, John kicklighter and Jamie Saettele..between you 4, I have become a trader that has more gains than losses..of course I still have a long way to go..but you started me on the path with your ichimoku webinars…How far along are you on your ichimoku book..I will be your first customer..you are the best..and thank you very much…Ed

    • Hello Ed,

      De nada – glad you have enjoyed the webinars and that you are finding the Ichimoku useful for stock trading. Funny you should mention Ilya as I used to work with him (John worked at the same time but in a different office). If you have more gains than losses, then you are definitely doing some things right and moving in the right direction.

      In terms of the ichimoku book, its far out as i have to complete the current price action book and then the pivot book after. Only after these two will i get to the ichimoku book so some time down the line.

      But will make an announcement for sure.

      Kind Regards
      Chris

  • Dan Schwartz

    Chris, as per the GBP/USD call here. What is your stop on an entry around the 1550 level and why?
    Also, which prior date or is it fib level which made you say 1570 and 1590.
    Gracias!
    Dan

    • Hello Dan,

      First off, the answers as to why I put the entry at 1.5550 are in there. Re-read it and see if you can find it but I give a direct hint in the text early on.

      The 1.5700 level target was also clearly stated as to why.

      Read it again and see if you can figure it out but the answers are in there.

      Kind Regards
      Chris

  • Dan Schwartz

    So, I see this is a 4 hour chart. And on my thinkorswim feed the 1,5550 is where the 20 ema is on those first higher lows you point out. So, I think you are saying look for the pullback into the 20ema (1,5550) to go long. Then, as per target of 1,5700 you say to look at the daily time frame 20 ema. I see 10/13 to 10/20 where the 20ema is in the 1,5700 holding support, which you point to as what will now be resistance…

    Is this what you had in mind?

    • Yes, Dan, well done. I used the 20ema as a pullback to get into the market, then set my 1st target at the 20ema on the daily time frame…well done

      Chris Capre