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 | Jun 26-Jul 1
My Current Active Open Trades: EURUSD, NZDCAD, EURGBP, TSLA, VXZ & 1 Vanilla FX Option (AUDUSD)
Make sure to watch my latest video on the Brexit vote, and how I’ve been trading it before, during and after.
GBPUSD – Bearish After Brexit, Looking to Sell (1hr chart)
After a 16 standard deviation move on a daily basis from the Brexit vote, the GBPUSD has attempted to stabilize while remaining under selling pressure. The intra-day low was around 1.3250, which produced an ~750 pip bounce just shy of the 1.40 big figure.
With the uncertainty surrounding the UK, capital will likely leave, thus having a negative effect on the GBP across the board. Hence I’m looking to sell the GBP vs. many pairs, including the USD.
The price action structure was an impulsive sell-off, followed by a corrective bounce, which has resulted in impulsive selling since. This creates a ST range and structure between 1.40 and 1.3250. Above 1.40 there are two key resistance levels around 1.4070 and 1.4363, both locations where likely offers will be parked.
Only a daily close above the latter will negate my ST & MT bearish bias. Downside I’m expecting 1.30, and then a move towards 1.25 with potential scope to reach 1.20 by year end.
EuroStoxx 50 – Bearish Pressure Likely, Looking to Sell (4hr chart)
Also losing a ton of ground post the Brexit vote, the EuroStoxx 50 gapped down almost 400 points before recovering slightly to end the week. My sense is some of this gap will be filled, but likely not all of it this week.
I’m expecting the bearish pressure to remain and am looking to sell. The first short term resistance zone sits between 2873 and 2920 where likely offers will be parked. Only a daily close above 3000 would negate my ST & MT bearish bias.
Downside I’m expecting a move towards 2500, and potentially 2000 by year end as other countries in the EU likely push for a referendum to leave.
NOTE: I’ve given a ton of trade ideas and tactics for how to trade the forex, stocks, CFD’s, futures, and global indices post-brexit in my members area. To get more trade ideas and tactics, click here.
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