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 28 – Sep 2
My current active open trades: XAGUSD & AUDUSD (option)
Silver – Sitting on Key Support MT (daily chart)
After breaking below the two month support around 19.25 last week, which we suggested was most probable, silver has mostly sold off, now currently parked on a major support level MT near 18.45.
The 18.45 was a key structural support and resistance going back 2013 (support) and 2014 (resistance), thus making it a role reversal level.
Hence I think there will be some bids parked here and will attempt to produce a bounce.
If this level holds, then 19.25 becomes the first resistance, and clearing this puts 21 back into context.
However, if this level folds, then the next support isn’t coming in till about 17.55.
Check in with the members commentary for updates on potential trade setups.
NZDUSD – False Break Above Key Resistance (daily chart)
After building for the last month and a half, the Kiwi had a brief pop above the key resistance level at 7312 before selling off aggressively post Jackson Hole meeting on Friday.
While the USD broadly gained from the announcement, the overall structure is still trying to build higher for an upside breakout.
Hence there are two scenarios in trading this pair. Bulls can wait for a BOPB setup above 7312 while bears will watch the price action here to get short.
A daily close above will put 7536 into focus while strong impulsive selling will target 7200 and 7000.
Sberbank ($SBER) – Pre-Breakout Formation, Looking to Buy (daily chart)
Like the MICEX and many major Russian stocks this year, Sberbank has been continually building to the upside this year climbing over 100% in value since Jan this year.
Gaining 2 out of the last 3 days since early June, the Russian bank looks set for an upside breakout, hence I’m looking to buy either on an RRL setup or a dip back into support.
A weekly close above the key resistance level near 9.39 would shift focus towards 10.75 and 12.99.
Only a weekly close below 8.0 would negate my bullish bias MT.
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