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.
Price Action – Sell Setup on Euro Corrective Pullback | Apr. 3rd
The Euro downtrend that I’ve been talking about is still in play as we speak. But as discussed in the weekly market commentary, the short term bullish underpinning has been playing out with the pair slightly higher on the week. If you look at the overall price action on the daily chart, the bounce off the yearly lows is corrective in nature. Corrective pullbacks are common in downtrends, and usually end with an impulsive with trend move.
Thus, I’ll look for a sell setup towards the daily 20ema, currently clocking in at 1.2921, and possibly to add some more shorts around 1.2966 to rejoin the downtrend. Downside targets will now be 1.2750 and 1.2675. Only a break and close above 1.3050 eliminates my bearish bias on the pair.
Make sure to also check out my most recent article Forex Trading, Ted Williams & The Little Details Pt. 2
Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.