Weekly Price Action Setups & Key Levels | Aug 6-11

​My Current Active Open Positions: USDJPY, AUDCHF, CHFJPY, EURGBP, AX_UN, CUF_UN, CSE, FTS, SBER, TRP, FXo EURJPY, FXo EURPLN

EUR/USD – LT Corrective Structure Broken, Testing Major LT Resistance (Weekly chart)
The breakout of the massive 2,5 year LT corrective structure changed out LT bias to bullish and since the breakout we’ve seen 3 weeks of almost uninterrupted buying, launching the EUR/USD 400 pips higher right into a major LT Resistance at 1.1860.

On Friday we saw a very strong rejection from this area of resistance during the NY session clearly showing that the bearish order flow is increasing.

The strong bullish weekly move starting at 1.05 is somewhat parabolic and the massive extension from the weekly 20 EMA suggest that there is a good possibility of a larger retracement waiting for this pair.

To the downside there is not much standing in the way for a possible retracement as the closest LT support is all the way down at 1.15.

The bulls on the other hand likely paying close attention to the LT resistance levels at 1.1860 and 1.2160.

GBP/AUD – Resistance Zone Held, Trade 280 Pips In Profit (4h chart)
The resistance zone we talked about in the members commentary held after bulls made a final attempt, pushing price deeper into the zone.

Congratulations to the members shorting the pair from the key resistance zone as you now should be in good profit.

Sascha (our senior student and apprentice) was one taking advantage of this price action. He managed to get in right at the turning point and his trade currently holds a unrealized profit of +286 pips (see details below).

For people who are not members of our price action course, imagine what it would be like to make trades just like Sascha.

This is why we don’t trade confirmation price action signals as you’d never get an entry like this.

Weak pullbacks into this resistance zone can provide possible opportunities for sellers interested in this pair.

Our MT bias is still bearish while below 1.67 on a daily closing basis and we have supports waiting @ 1.6300 and 1.6050.

 

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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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