Weekly Price Action Chart Outlook | Sept. 23rd-28th

Posting its first bearish weekly close in  6 weeks, the EURUSD ended the week forming an inverted pin bar which is also doubling as an inside bar.  Remember, a bullish inverted pin bar in a bearish pullback is just an attempt to rally that failed.  But even though it failed, it indicates there is some buying interest off the 1.2920 lows from Thursday.

The wick of the inverted pin bar is near the Thursday highs at 1.3058 so we have an intraday range that needs to be cleared.  Intraday players can look for a possible long off the 1.2920 lows while short term bears can short around 1.3058 on weakness.  Otherwise, bulls can look for a pullback towards the dynamic support (also Sept. 7th swing highs) at 1.2815 to take a long for a possible resumption of the uptrend.

inverted pin bar price action trading 2ndskiesforex.com sept 23rd

Unlike the Euro, the cable ended the week right about where it started.  This is interesting considering its been consolidating just below the key resistance at 1.6300 which is the yearly high posted in late April. The pair also formed a pin bar strategy at the key 1.6300 so there is clearly some strong selling interest there. The overall consolidation at the highs is to be noted so bears shorting near the highs should be picky and look for intraday weakness.  If the bears do reject price up here again and push price back below the weekly low at 1.6162, then we could see further unwinding towards 1.6065.

pin bar strategy forex price action 2ndskiesforex.com sept 23rd

After rejecting last week off of .8350 forming a pin bar reversal, the pair has mostly consolidated in a pretty clean range between .8223 (last weeks low) and the .8353 highs so nice plays for both bulls and bears until the range clears.  It should be noted the pair formed a dueling swords pattern to end last week so a pullback towards the .8223 lows is likely.  If the intraday price action looks corrective, I’ll look for longs off the weekly lows along with shorts towards the weekly highs should the intraday charts confirm.

dueling swords pattern price action trading 2ndskiesforex.com sept 23rd

Crude Oil
After forming a false breakout two weeks ago, the commodity sold off heavily after being rejected at the $100 mark, losing $9 over 3+ days.  Although crude bounced to end last week, it rejected off the role reversal level at $94.  If the intraday price action looks corrective heading back into $94, I’ll look for a possible sell here targeting $93 and a possible move towards $91.50.

role reversal level support resistance level 2ndskiesforex.com sept 23rd

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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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  • TasosK

    Once again, a very clear, thorough and informative analysis! Thaks Chris.

  • rajib


  • Gabriel M.

    Thanks Chris,

    I do have a question on philosophy moreso than the chart. Have you found in your years of trading, that you have moved toward a simpler approach to the markets in terms of your execution? It seems like you have some advanced ways of planning your trades, but have you found and reverted to more simpler forms of trading as time as gone on?

    • Hello Gabriel,

      Yes and no. Yes insomuch as it becomes a lot easier to make decisions and understand what is going on.
      But no inasmuch as my systems are what they are, and although they are simple and rule based, they have not become
      more simple per se because they work already as is. Why change it if it already works?

      However, I am consistently looking to simplify my approach. I think as you develop in any skill, there is a greater precision
      in what you see and execute, but things ‘look’ simpler as time goes on.

      Hopefully that gives you some idea.

      Kind Regards,