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Weekly Forex Price Action Setups & Key Levels | Dec 27 – Jan 1
Holiday Discount Ending: Our holiday discount + lowest prices of the year are ending on December 31s at Midnight EST for our Advanced Price Action Course & our Ichimoku Trading Course. Prices will be going up on the 1st so make sure to grab the discount before it ends.
Traders Note: Expect trading and liquidity to be light this week. Unless something really screams at me, I’m flat for the week and thus the rest of the year.
WTI – Potential False Break Setup At Role Reversal Level (daily chart)
For 2015, WTI has had 11 bull runs of 3 day bull closes or more. Of those, 6 ended at 3 days and only 3 more going for 4 days. The current bull run is at 3 days and also at a key role reversal level.
If the bears hold the line here, then we’ll likely see a second attack on the yearly lows just sub the 35 handle. If however the bulls manage another close, then we’ll likely have a false break setup at this level with a potential attack up to 40 and perhaps 43.25.
This is also a major role reversal level, so breaking here would suggest a medium term (MT) structural change.
Hence there are trades on both sides of the fence so make sure to have your IF/THAN scenarios planned out.
EURGBP – Large Structural Range in Play (daily chart)
Since Feb of this year, the EURGBP has been stuck in a large 500 pip range between ~7450 and 6950 with about 3 attacks on each side. I’m suspecting the range to hold through the end of the year so a potential short here.
Bears would want their stops above the most recent spike high. Downside there is the potential for an attack on 7200 and the big figure around 7000. Only a daily close above 7500 would negate this range corrective structure.
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