Forex Trade Signals and Setups Nov. 15th

GBPUSD – Breaking Down

After making a valiant attempt to hold serve above the 1.5850 level since Oct. 21st and forming three lower highs, the GBPUSD has broken through a critical level which has held for the last 3 weeks.  What is interesting to note is how it broke through this key support.

Take a look at the chart below on the 4hr time frame.  Notice how price broke through with vigor which is communicative the Bears either took out the stops below the key level or pushed through with force.  On the next candle price did a perfect breakout-retest setup which our price action traders got a great low risk/high reward entry on.  This breakout-retest could act as resistance for any pullbacks offering bears a good opportunity to get back in.  Should this level hold the upside, we expect prices to head for 1.5700 before running into any new buyers.

chris capre price action breakout-retest setup

NZDUSD –  Formed a TKx Signal on the Dailies

As we wrote about the bearish prospects of the NZDUSD yesterday and over 125pips ago, the Kiwi has now formed a downward Ichimoku TKx signal on the daily charts which does not portend well for bulls. The Tenkan-sen is diving fast suggesting momentum is quite strong behind this move.  Currently, price action is holding just around the .7700 figure. If the lows can break the .7670 level, then .7600 and .7500 will be up next but this has the potential for a large fall.

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We also wrote a new article on Poker, Concentration and Trading.

 

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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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  • Amis

    Hello Chris,

    Great setup and thanks for sharing it.We are glad to have your insight about market.In case of your GBP/USD chart,the pinbar is very sharp but in my chart it is not that sharp.I mean in your chart that candle has a long wick downside and almost no body but in my charts the wick is short as there is a decent amount of candle body.This makes it difficult for me to identify trades.Can you suggest some solution?? and what is it with (4HR,40days)?What it means?

    Looking forward for your advice and tips.

    Thank You

    Amey Sawant

    • Hello Amey,

      Can you put this comment in most recent trade setups report? Would be appreciated.

      Kind Regards
      Chris