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 (Xmas Edition) | Dec 25-30
My current active open positions: Hang Seng 50, AUDNZD, AUDCAD, AUDUSD
NOTE: The markets are closed today due to the xmas holiday (Happy Xmas!). Below is a picture of my girlfriend and I on the mountain slopes (working on our snowboarding chops).
I’m doing my weekly commentary today so you can get a jump on the week (and so I can hit the slopes again tomorrow ;-))
Generally the markets are quiet in a week like this and liquidity pretty low with banks having their c-teams on deck, so markets could have poor pricing/fills, hence trade and risk accordingly.
Also I have a holiday/new-year video coming out shortly so stay tuned.
EURUSD – Bearish While Below Key RRL (daily chart)
Breaking through the major support level around 1.05 as we’ve talked about in prior commentaries, the Euro has mostly trotted in place between 1.05 and the yearly low of 1.0345. For now, I’m keeping a bearish bias while below the 1.0515 – 1.06 area on a daily closing basis.
If this area can hold, and impulsive price action to the downside resumes, the first attack will be on the yearly lows. A break here would put pressure on a move towards parity which many fx desks and option players are calling for in 2017.
Hang Seng 50 – Bearish and Breaking Down, Now Below Key RRL (daily chart)
Selling off 9 of the last 13 days, the Hang Seng 50 has just broken below a key support level around 21679 (now parked around 21500). I’m bearish on this index while below 22K on a daily closing basis.
While there may be some swing support coming up around 21410, a break here opens up a lot more downside with potential scope to hit 20K and perhaps 19.5K.
Only clearing back above 22K would negate my ST & MT bearish bias.
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