Weekly Price Action Setups & Key Levels | Aug 14-19

My current active open trades: GBPUSD, EURGBP, NZDCAD, AUDUSD (option)

Silver – Key Large Corrective Structure Support Below, Bullish Bias (4hr chart)
True to form as we’ve talked about in our latest commentaries, silver has been stuck inside a large corrective structure for almost 1.5 mos between 19.25 and 21.

I’m maintaining my bullish bias ST while we are inside this structure. We are currently approaching a key corrective structure support level around 19.25 so this will be a major test for the bulls.

If this holds, then I’m suspecting a bounce towards 20.50 is in order.

silver price action 2ndskiesforex

GBPUSD – Approaching Yearly Lows, Expecting Structure to Hold (daily chart)
Post brexit the price action in the pound has been stuck in a large balancing zone between 1.35 and the yearly lows around 1.29.

Not much buying interest has come in yet but I’m expecting the structure to hold ST while MT having a bearish bias and leaning towards a break lower.

For now bulls can consider price action setups towards the yearly lows with a rejection targeting 1.31 and 1.3350.

On the other hand bears will want to either a) wait for a bounce up towards the top of the structure, or b) look for an RRL setup below the structure after the break.

I’m currently short and looking for a MT move towards the big figure at 1.25 before bulls try make another stand.

gbpusd large balancing zone 2ndskiesforex

Also there are some great trade setups from our members this week in the trade setups forum on EURUSD, WTI, GOOG and more.

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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.

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