Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. 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 18 years 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.
Weekly Price Action Setups & Key Levels | Aug 20-25
My Current Active Open Trades: GBPUSD, EURNZD, CHFJPY, AUDCHF, AF_UN, CUF_UN, CSE, FTS, XHB, SBER, TRP, REMX, FXo EURJPY, FXo EURPLN
XAU/USD – Currently Testing Long-Term S/R Zone (Weekly chart)
The precious metal has worked its way back up to 1290 again and is currently testing this S/R zone (1290-1310) for the 3rd time in 4 months.
The last 2 rejections from this key resistance zone have been equally strong, so for now we expect this zone to hold.
On a successful 3rd rejection from this zone, a move down towards 1260 is likely and if that area fails to provide support, 1210 would be next in line.
A daily close above 1310 would change our LT bias to bullish and the first point of attack would most likely be 1340.
Ashtead Group PLC (AHT) – Long-Term Corrective Structure On Top Of Massive Bull-Trend (Daily chart)
The price action of this British industrial equipment rental company has had a very impressive journey over the last 7 years to say the least, advancing from 100£ all the way up to 1765£.
Currently the stock is trading within a large corrective structure between 1530 & 1765.
If the bulls successfully defend the bottom of this structure, another attack on the ATH is a very likely scenario IMO considering the strong LT bullish momentum in this stock.
A break below 1530 on the other hand would likely open up for fresh technical selling down towards 1450 and 1350.
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