Weekly Forex Trade Setups & Key Levels | Jul 26-31

AUDUSD – Breakdown Occurs, Watch Key RRL (4hr chart)
Within hours of our Thursday members commentary, after suggesting the pair would likely break down and to look for shorts, the pair collapsed losing the key support at 7350.

This now becomes a critical RRL -role reversal level, so bears should be looking for sell opportunities near here. Downside after last weeks lows, we have the ‘big figure’ at 7000 and then 6300, so quite a ways down.

Only a daily close above 7400 changes the bias ST.


S&P 500 – Sell Trade Setup Profits Heavy From Resistance (4hr chart)
In our last weekly members commentary, we talked about selling around the all time highs at 2130 for a good short play. As you can see from the chart below, this is exactly what happened as the US index hit 2131, then collapsed 47 points since then.

Congrats to the members who shorted this and profited heavy as many of you emailed me with your great shorts and nice profits.

For now, the index formed a large pin bar rejection at key support near 2084. If this level holds, then we should see a quick attack on 2100. If the pin bar lows fail, then 2061 will be next up for the bears, and potentially a move back down to 2042.


A homeless man asking me ‘Are you doing ok?’ Don’t miss my latest interview with Raman Gill.

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.