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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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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  • Lars Klette

    Hi Chris,
    I`ve been following the development of the pounddollar since I closed the short position with a 200 pips gain and reverted strictly to your method of price action, ignoring dojis and their sort, not that there have been any lately except for the very one we have now…Case in point, the price was rejected on Friday at around 1.3355 and is now @ 1.32949,so I reckon I consider a short @ 1.3250 in case it want to go higher..but how did u predict the 1.3350 rejection 2 weeks in advance? As far as I can tell, that number does not line up with any of the latest highs in that corrective move? So where does the 1.3350 comes from?

    • I’ll be covering the GBPUSD in this week’s commentary tomorrow so stay tuned.

  • Lars Klette

    P.S. My comment is based on the daily. I see there are some clues on the 4 hrs chart as well as on the weekly…

    Be well