Weekly Price Action Setups & Trade Ideas | Apr 14 – Apr 19

Verified Profitable Trader

Chris Capre’s live price action & ichimoku trades: EURUSD, GBPUSD, AUDJPY, EU50, INR.FR, BIR, TLS

New to Forex Trading? We just launched a FREE Learn Forex Trading Course with over 4.5 hours of video lessons to give you a solid foundation to trade the forex markets using live trade setups with our own money and downloadable resources. Click here to join – it’s FREE!

USDJPY – Back @ LT Resistance (Daily chart)

Price Action Context

After a first strong bearish reaction to this LT resistance zone in early March, the pair found support at 109.80, followed by bulls pushing price back up to the LT resistance at ~112.00. The last reaction to this resistance was not convincing and bulls quickly stepped back in and are now aggressively attacking this resistance again.

forex-usdjpy-trade-signal-2ndskiesforex

Trending Analysis

A failure of this LT resistance would open up for a bullish continuation towards the major key resistance that starts coming in at around 114.00. Should bears on the other hand be able to defend this resistance once more, initially, a move back down towards 110.00 is likely IMO.

Key Support & Resistance Zones

R: 111.80 – 112.50
S: 109.70 – 110.40

Keep up with the members daily trade ideas for updates.

******

BTCUSD – Strong ST Buying, Closing In On Major Resistance (Weekly chart)

Price Action Context

Bitcoin broke out to the upside of the tight consolidation we mentioned in late March followed by very strong buying and we’re now approaching a major key resistance zone.

bitcoin-trade-signals-2ndskiesforex

Trending Analysis

LT bias remains unchanged while trading below 6 400 and bears looking for potential shorting opportunities can look for possible locations around the key resistance. A break and close above this key resistance would put 7 350 and 8 400 back on the radar.

Key Support & Resistance Zones

R: 5 750 – 6 400
S: 3 000 – 3 500

******

SMI (Swiss Market Index) – Trading @ Major Multi-Year Resistance & ATH (Monthly chart)

Price Action Context

The Swiss market index is now again testing a the major multi-year resistance around ~9 500 which in the past has produced multiple strong rejections, with the strongest one back in 2007 leading to a -55% drop in the index, and a -22% sell off in 2015/2016.

swiss-market-index-trade-signals-2ndskiesforex

Trending Analysis

LT bias is bullish but considering the strength and age of this major resistance, I think it’s unlikely that bulls will make it through without a fight, which can open up for potential ST/MT bearish plays from this resistance.

Key Support & Resistance Zones

R: 9 400 – 9 630
S: 8 140 – 8 530

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article