Forex Trade Signals and Setups Dec. 5th

AUDUSD – Lines in the Sand

After launching 600+pips in a matter of 3 days, the Aussie has found its lines in the sand.  The massive up-run rejected at 1.0330 (61.8% fib of 1.0750 – .9675 down-move) and pulled back to 1.0152.

Since then, neither level has been broken, but the pair is forming a slight wedge towards the upside with the 50% retracement (@ 1.0208) holding the short term downside for now.  This could be a termination wedge so be on the lookout as intraday charts suggest volumes are thinning out early this holiday season.

Sell-offs from the highs are a little more aggressive but the blue-red candles is an almost even ratio over the last 40hr suggesting no clear winner in the market.  If price action clears and closes above 1.0330, then look for 1.0400 and 1.0500 to come under attack quickly.

GBPUSD – Held in Check

After having an impressive bounce off of 1.5425 with a three day gain and each successive candle getting larger in size suggesting the buying participation was increasing, the pair ran into a wall at the daily 20ema and has been held in check since then.  Intraday traders can play price action rejections off this level with tight stops above where as bulls can look for a close above whereby technical models will likely get triggered going long targeting just sub 1.5900.  Breaks below 1.5600 add to the bearish tone and a likely return back to 1.5450.

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

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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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  • Mike Fetters

    Chris which system is the sniper? How much does it cost??

    thanks

    Mike

    • Hello Mike,

      The Sniper System is now called the Shadow System and is a part of the ProForex Course which you are welcome to learn more about.

      Kind Regards
      Chris

  • Amis

    Hello Chris,

    Can we say that Aud/Usd was a loosing breakout retest trade?I entered a trade on retest of 50% fib(BELOW it) but it hit my SL.Or have i made a mistake in placing a SL?
    Entry @ 1.02000
    SL @ 1.02300
    HIGH @ 1.02541

    Waiting for your reply

    Thank You
    Amey Sawant

    • Hmm, I’m not sure how this is a breakout retest trade, looks like you did a short. Can you send me a screenshot but it does not look like a breakout retest trade to me.

      Just my thoughts based on what it looks like

      Kind Regards
      Chris