Weekly Price Action & Ichimoku Chart Outlook | Sept. 9-14th

EURUSD
For the first time this year, the Euro has gained for 6 of the last 7 weeks.  Another first since May of this year, the pair formed a strong breakout bar taking out the weekly 20ema.  The latter will likely bring in new technical longs on the break and I only see minor resistance ahead up till the big figure at 1.3000.

Bulls can look for longs on pullbacks to former resistance at 1.2650, now support.  More aggressive intraday players can look for price action setups around the 1.2751 area which was the June swing highs. Bears will have to wait for 1.3000 before considering shorts as momentum is on the side of the bulls.

price action setups breakout bar 2ndskiesforex.com sept 9th

EURAUD
Last Wednesday, I talked about the Bullish Kumo Break for this pair on the daily charts, which was its first daily close since June 5th above the Kumo.  Although all the Ichimoku signs were bullish, I suggested looking for longs on a pullback to the kumo flat top just below at 1.2236.  Price action then formed a bearish 2bar reversal setup that went right towards the kumo top.

Price action on the next day literally stopped at 1.2232 and then reversed 104pips to close the week.  Many of our Ichimoku Traders got in on this setup with over 3:1 reward-to-risk so hopefully you profited on this as well.

The tenkan is continuing to rise so should offer support on pullbacks, but the pair will have to clear the 1.2400 before adding new bulls.  For now, the 1.2232-1.2400 range should dominate so look for clues off these levels.

ichimoku kumo break 2bar reversal kumo top 2ndskiesforex.com sept 9th

Gold
Gaining for the 3rd week in a row (only 2nd time this year), the precious metal took out the $1700 barrier for the first time since March this year, gaining almost $35 on Friday alone.  I suspected short covering on the initial structural breakout back at $1633 and the metal has not disappointed since.  That plus the likely accumulation building over the summer will continue to underpin the metal.

I’ve been long since $1633 and am still holding this position, along with adding several positions along the way.  Bears have near term resistance at $1752 and $1786-$1800, but beyond that, there isn’t much resistance until $1873.

Bulls can look for price action setups on pullbacks towards $1700, $1676 and $1651 if it can get there.

price action accumulation breakout pullback setup 2ndskiesforex.com sept 9th

Silver
Now in the second leg of its bullish run, after forming a bearish pin bar (likely profit-taking) prior to the NFP report last week, the metal formed a bullish engulfing bar finding intraday support at $32 closing over $1.66 on the day.

Bulls are clearly in control here so any pullbacks into $32.50 or $32 become buying opportunities while next levels of resistance at $34.41 and $34.86 so bears can watch for intraday price action setups there.

bullish engulfing bar price action setups 2ndskiesforex.com sept 9th

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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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  • Gabriel M

    Never fails to amaze me how you make it look soooooo easy. Thanks.

    • Thanks Gabriel,

      Much appreciated.

      Kind Regards,
      Chris

  • Nikos

    Hi Chris , I identify a three white soldiers patern in the Eur/Usd weekly chart you mention , so the there more chance we are going for a trend reversal , dont you think?

    Thank you

    • Hello Nikos,

      Technically, it’s not a 3 White Soldiers Pattern according to my charts.

      Secondly, I don’t really use that as a reversal pattern. In fact out of 103 candlestick patterns tested, only 6 are profitable so don’t really rely on candlesticks.

      I trade price action which is far more effective than candlestick patterns by themselves.

      Hope this helps.

      Kind Regards
      Chris

      • Nikos

        thank you for your reply Chris, can you tell me witch 6 candlestick paterns are the most profitable according your Test?

        best Regards

      • Hello Nikos,

        Far better if you learn to read price action instead of just blindly following the patterns.

        Why? Because my testing showed the actual entries for those patterns are not optimal.

        I teach all of them in my Price Action Course if you are interested.

        You can also find some information about them in my articles.

        Hope this helps.

        Kind Regards,
        Chris

      • Nikos

        It helps alot thank you Chris!

  • Amis

    Hi Chris,

    What is bearish 2bar reversal pattern??Would you please put some light on it?

    Thank You,
    Amey

    • Hello Amis,

      May do an article on this soon so stay tuned.

      Kind Regards,
      Chris

      • Amis

        Hello Chris,

        Great Chris,I am eagerly waiting for it.

        Thanks