Weekly Forex Trade Setups & Key Levels | Sep 6-11

AUDUSD – Short Trade At RRL In Solid Profit (4hr chart)
Continuing to break down over this week, the AUDUSD offered a great RRL setup at the ‘big figure’ of 7000 late last week, which is not in a hefty profit of +83 pips.

Notice how the price action simply hit the level, and then sold off giving no confirmation price action signal. My stop is above the prior consolidation highs to allow for the NFP volatility.

​NOTE: I did not wait for a confirmation price action signal which either would have a) given me a worse entry or b) never gotten me in the trade to begin with.

​To learn more why confirmation price action signals reduce your accuracy, edge and profit, click here.

Downside I’m targeting at a minimum of 6700, with scope for a move to 6500 and 6350. Only a daily close above 7075 would negate my bearish bias.

audusd live price action trade chris capre 2ndskiesforex

EURUSD – Bearish While Below Key RRL + Dynamic Resistance (4hr chart)
Having one of the more interesting reactions post NFP, the Euro went higher, lower, then higher again, suggesting there is a) some mixed reactions to the NFP print and b) two way price action interest.

For now I’m staying bearish while we are below the key RRL (role reversal level) and dynamic resistance (20 EMA). I’m guessing offers are parked between here and the low 1.12s so will stay bearish while below here.

A daily close above 1.1225 creates a more neutral bias ST on the Euro.

eurusd

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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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