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 | Oct 1-6
My Current Active Open Trades: EURNZD, CHFJPY, AX_UN, FTS, TRP, XHB, REMX, CSE, FXo EURJPY, FXo EURPLN
NZDUSD – MT Corrective Structure Within Large Balancing Zone (4 hour chart)
In our market commentary in late Sept., we mentioned that a false break of 0.7330 was one of the potential trade setups for the NZDUSD. After price closed back below 0.7330, we saw a quick re-test of the level and then a bearish continuation to 0.7200 as we suggested.
Congratulations to the members who managed to grab this good trade.
Considering the selling strength and impulsive/corrective move down from 0.7330, ST, the bears seem to be in control and it’s very likely IMO that we’ll see at least a move down towards 0.7150.
A daily break and close below 0.7150 would open the door for more MT bears and a likely bearish continuation towards 0.7050. In case that happens, ST/MT bears could look for possible breakout-pullback scenarios to jump on board of such a move.
GBPCHF – Corrective Structure in Place, Price Action Looking Weak (4h chart)
After 2 consecutive attempts to break through 1.3100, price was not able to stabilize which led to a close back below the level.
Thereafter bulls made 3 more attempts at the level before additional bears stepped in. Hence we now have a solid corrective structure in place between 1.2950 and 1.31.
ST price looks heavy IMO and a break and close below 1.2960 would open up for a move down towards 1.2860, which is a key support level where most likely a bunch of MT bulls will be waiting.
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