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 | Jul 30 – Aug 4
My Current Active Open Trades: AUDUSD, AUDCHF, CHFJPY, EURGBP, USDJPY, CADJPY, AX_UN, CUF_UN, CSE, FTS, SBER, TRP, XIV, FXo EURJPY, FXo EURPLN
NZD/CHF – Closing In On Major Resistance + Possible Exhaustion (Weekly chart)
Gaining more than 250 pips in only 4 days, the NZD/CHF is now closing in on a major resistance zone between 0.7285 and 0.7320.
This fact + a possible ST exhaustion move gives an attractive play for bears.
If the resistance holds, likely bearish targets are located @ 0.7060 and 0.6960
Meanwhile the zone folding would put 0.7450 back on the radar for the bulls and could create a BOPB setup.
EUR/CAD – CT Corrective Move Within Unclean Volatile Trend (4h chart)
MT this pair has been in a MT, rather unclean volatile trend since the beginning of June and cleared a key S/R zone with a strong impulsive move on the 12th of July.
Considering the unclean nature of the trend we should expect a deeper retracement into the previous structure before seeing a possible trend continuation in line with the HTF price action context.
As it is right now we can clearly see the bearish impulsive move clearing the S/R zone followed by a counter trend corrective structure pulling back towards the zone, trading through the minor S/R level in its way.
Weak pullbacks into the key resistance zone (1.4725-1.4765) can provide good possible shorting opportunities for bears interested in this pair.
To the downside supports are waiting at 1.4500 and 1.4350.
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