Weekly Price Action Setups & Key Levels | Jun 12-17

My Current Active Open Trades: CADJPY, NZDJPY, USDJPY, XAUEUR, TSLA, VXZ & 2 Vanilla Options (AUDUSD & EURJPY).

USDJPY – Pre-Breakout Formation, Bearish Bias (4hr chart)
Looking at the 4hr chart, members of the APA course will easily recognize this pre-breakout formation on the USDJPY. It’s got all the classic signals and I’m expecting the bears to remain in control to start this week (barring any announcement from the BOJ or Brexit poll updates).

*NOTE: I’m currently short at 110.80, so in profit about +450 pips at the moment (see below)

live trade profit 450 pips 2ndskiesforex

107 and 107.85 should offer ST resistance but there may be some opportunities for an RRL setup if we can continue to form a good squeeze. Downside I’m expecting a move towards 105.56, 105.15 and potentially 101. Only a daily close above 109 negates my bearish bias ST & MT.

live trade profit 450 pips 2ndskiesforex

XAUEUR – Forms Higher Low Before Rallying, Bullish Bias (daily chart)
As I’ve talked about in prior commentaries, I’ve been bullish on XAUEUR and the price action just formed a HL (higher low) where it based and rallied last week.

The fact it formed a higher low before the key swing point and key structural support around 1064 suggest bulls were happy to scoop up ahead of the level. The last 3 day rally is about to take out the key 1135 resistance (April/May highs) and challenge the yearly highs around 1163.

NOTE: I’m currently long at 1108, so up about +260 points as of this writing (see below).

live trade +260 points 2ndskiesforex

I’m expecting some profit taking from the bulls here, but structurally I’m bullish while above 1063 on a daily closing basis. Upside beyond the yearly highs there is 1172 and 1250 as some potential targets.

xaueur price action 2ndskiesforex

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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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