Weekly Forex Price Action Setups & Key Levels | Oct 4-9
USDJPY – Buy Setup At Support Profits (4hr chart)
Thursday in the members trade setups commentary, we talked about how it being unlikely the USDJPY would break below the range and to buy on the bottom between 119 and 118.75. As we can see from the chart below, this is exactly what happened with the pair bouncing over +100 pips off the lows.
Congrats to the members who profited from this trade. Notice how waiting for a confirmation price action signal would have resulted in you missing this trade completely.
For now resistance comes in between 121 and 121.63 which I’m expecting to hold for now so looking to get bearish. Only a daily close outside this balancing zone negates my range bias.
German Dax – Still Below Key Balancing Zone (4hr chart)
Also bouncing heavy to close the week, the German Dax is currently the odd one (or two) out. Why? Because virtually all the major indices have broken back into their key corrective structures/balancing zones. The Dax has not hinting at it’s relative weakness.
The index has key resistance coming in around 9740 which was a role reversal level we suggested selling on before. I’m maintaining my bearish bias while below this level.
If this holds, then another attack on 9500 seems like while a break above here puts 10K into focus.
Not sure if a key level will hold? Read my latest article Confirmation Around Key Support & Resistance Levels.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book