Weekly Price Action Setups & Key Levels | May 28-Jun 2

My Current Active Open Trades: AUDUSD, NZDJPY, EURJPY, EURGBP, EURNOK, EURPLN, USDMXN, XAUTHB, AX_UN, ANZ, BMO, CUF_UN, RY

AUDJPY – MT Corrective Structure Above Key S/R Zone (4hr chart)
After the 550+ pip sell off that started back in March, price has stabilized within a MT, 300+ pip corrective structure between 84.50 and 81.50/82.00.

For now, with the strong rejections we see on both sides, this structure is what we should be looking to trade until it breaks, meaning selling towards the structure highs and buying towards the structure lows.

81.50-82.00 is a Major S/R zone which price multiple times has reacted heavily too since end of 2015. Only a daily close above 84.50 or below 81.50 would negate this structure.

MT Corrective Structure AUDJPY 2ndskiesforex

EUR/GBP – Once Again Approaching Major Resistance Zone (Daily chart)
After being rejected for the 4th time at the support zone between 83.00-83.50 since July last year, price is once again approaching the Major Resistance Zone between 88.50-89.00.

Considering the price action context and last strong reaction from the zone, we should be expecting a decent reaction if price makes it there again. If the key resistance level holds, the first support that would be attacked by the bears is 86.50/86.75, followed by 85.00.

However, if we get a daily close above the resistance zone 88.50-89.00, we most likely will see a move towards 90.00.

Approaching Major Resistance EURGBP 2ndskiesforex

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

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.

Related Article

  • Machua Kaigua

    Hello Chris.

    How can I get an email notification for this set ups?

    I have subscribed but the only thing I get is the new video updates…

    In addition, I would like you to show us using an example. How you calculate ROR. I know you have done an article on this but kindly show us the mathematics behind the calculations #ror_calculator

    • Hello Machua,

      I’ll ask my web guy how to get email notifications (if that’s possible).

      RE: ROR Math
      You can google this for the formula. The devs I hired to do this (years ago) I’m no longer in contact with, so not sure I can get the formula from them.

      But again – that is what google is for 😉

      • Machua Kaigua

        Thank you. Thank you again Chris…!

        I really appreciate…!