Weekly Price Action Setups & Key Levels | Oct 9-14
My current active open trades: EURUSD, Silver, AUDUSD (option), $Sber
NOTE: For my video game friends, I’ll be doing live twitch play through on Dark Souls 3 from 11am – 2pm PST time. Hope to see you there.
AUDCHF – Pin Bar Rejection From Key Resistance (daily chart)
As per our recent commentaries, we’ve been looking to sell at the top of the corrective structure resistance zone just above 7500. As you can see, the pair hit this and sold off, forming a pin bar rejection of the key zone.
For now, I’m looking to trade both sides of the corrective structure, so will look for buy opportunities near the 7250 support zone and selling near the top just north of 7500.
Only a daily close outside of this range will change my neutral bias with any trades inside targeting the other end of the range.
EURJPY – Likely Headed Towards MT Support Zone (4hr chart)
After an impressive run late Sept/early Oct, the EURJPY price action found ST resistance near the 116 handle which acted as resistance 3x before. The impulsive selling + larger bearish structure suggests the more likely scenario is a trip back to the MT support zone near 112.25.
I’ll be considering longs around this level under the assumption a) it’s a CT trade and b) the corrective structure will hold. I’ll look to target the upper end of the zone and look to reverse my position there.
Only a daily close outside this zone changes my structural bias.
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