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 & Trade Ideas | Apr 1-6
Chris Capre’s current open trades: EURGBP, USDJPY, FXo EURJPY, BIR
NOTE: Check out my verified forex trading results for 2017.
XAUUSD – MCS at Top of Bull Trend (Daily chart)
Gold has been in an uptrend since Q2 last year and has now formed a MT corrective structure at the highs of this trend since January this year. This structure has also formed right below a LT key resistance.
The price action above is corrective at the moment, but a strong bullish breakout of this structure could potentially open up for a move to 1400 which is the next LT resistance to look out for.
For now, pullbacks into the bottom of the corrective structure, can present bulls with potential trade opportunities. A failure of this structure + strong daily close below 1295 would put 1270 back into focus.
Keep up with the members commentary for updates.
EURAUD – Testing Major LT Resistance (Weekly chart)
EURAUD has been in a stable uptrend for over a year and arrived at a major resistance level last week.
Even though we saw a solid reaction from the resistance zone during the week, considering the strong uptrend leading up to the resistance, I don’t think bulls will give up that easily and another deeper penetration into this zone is likely IMO.
A weekly close above 1.6250 would open up for a continuation towards 1.6600 and if that resistance also folds, 1.6900 would be next.
Closest solid support to the downside is found @ 1.5650
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