Forex Trade Signals and Setups Oct. 24th

AUDUSD – TKx Signal Plays Out Well
As we blogged about last week on Oct. 18th, the AUDUSD formed a nice upward TKx signal which cued traders of another run to the upside.  This is exactly as it has played out as the TKx Signal formed at  1.0289 and here we are over 170pips higher busting through the previous swing highs at 1.0370.   The pair also formed a perfect breakout-retest of the aforementioned highs giving traders a nice confirmation signal of the breakout.

The big figure above at 1.0500 has rejected price in the short term but the Tenkan is tracking higher fast along with the Kijun.  This is communicating momentum and the trend should continue along with the weak price action rejection off the big figure all are suggestive of higher prices.  Bulls should watch for 1.0500 and 1.0575 price action rejections for clues if the pair will continue higher or has run into strong resistance.

GBPUSD – Knocking on 1.6000.  Now What?
Over the last 13 days, the GBPUSD has closed upwards on a daily basis 9 of the last 13 days.  After forming a nice double bottom pattern off 1.5300, the pair has been making a strong push upwards ever since.  Considering how it broke through the short term resistance at 1.5850 which held the pair for about 6 days, the pair busted through with vigor and never looked back suggesting the congestion around 1.5850 was merely a pit stop for the bulls to fuel up for another run.

The initial touch of the 1.6000 big figure setup a dueling swords pattern which played out to perfection and is still knocking on the major figure above.  We expect price to push through this and then challenge 1.6100 before bulls have to show their cards again.  Pullbacks to the 1.5900 should be watched for with trend setups off the 20ema for the next day or two.

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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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  • Andreas

    Hey Chris, absolutely crazy day today, but regarding the AUD/USD, it bounced off the 20ema quite sharply on the 4hr chart, but the tenkansen line (on my charts at least) seems to be waning a bit. Do you think the bulls are running out of steam or am i mistaken? (Also with gold prices soaring, shouldn’t that fuel demand for AUD? or is it purely uncertainty regarding tomorrows EU summit that is keeping AUD from breaking 1.05?) Thanks again for the post!

    • Hello Andreas,

      I think 1.0500 is offering natural resistance but the signs of a major reversal have not come up yet as there is no break of the 20ema, nor kijun nor tkx signal so thing are holding as normal with typical resistance to be expected of a big figure.

      Who knows what it is as I don’t try to find out the ‘what’ or the ‘why’..I just trade what I see, not what I think.

      Hope this helps but great questions.

      Kind Regards

  • Andreas

    I appreciate you taking the time to respond to my questions, and yes it definitely helped, thank you!

    • Hello Andreas,

      Always glad to be of help. Thanks for the great questions.

      Kind Regards