Weekly Price Action Setups & Key Levels | Jan 21-26
Chris Capre’s Live Price Action Trades: AUDCAD, EURUSD, BIR, REMX, FXo EURJPY
NOTE: How much profit did I make in 2017? Learn more and see my verified forex trading results for 2017.
AUDCAD – Bullish Breakout of LCS (Daily chart)
After trading within a large corrective structure for 4,5 months, bulls were able to gain the upper hand as price successfully broke out of this LT structure to the upside late last week.
You’ll also notice this pair is in my current live price action trades listed above with the actual trade location below (+50 pips profit).
That is the difference with us at 2ndSkiesForex. We don’t just call trades after the fact like some ‘forex educators‘, we trade what we see and make money trading.
For now, weak pullbacks into the role reversal level should IMO act as support along with offering potential trade setups. If we see a break and close back into the structure, then we have a potential false break setup which would put 0.97 and 0.96 into scope.
Watch the members market commentary for updates.
XRPUSD (Ripple) – Key Support Broken, Potential False Break (4h chart)
Cryptocurrencies had a tough week with most of the major players losing heavily. Ripple (XRPUSD) broke through the key support zone (1.61 – 1.78) and sold all the way down to 88.00 before bulls came back and regained some ground.
Price is currently hovering underneath the S/R zone showing a corrective structure, so we might potentially be looking at a false break if we get a break and close back above 1.78, which would put 2.15 back on the radar.
If the bears on the other hand are able to successfully defend this zone this zone, another trip down towards 88.00 is very likely IMO and could present potential trading opportunities for ST bears.
Keep an eye on the members market commentary for updates.
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