Weekly Price Action Setups & Trade Ideas | Apr 21 – Apr 26

Verified Profitable Trader

Chris current open positions: EURUSD, GBPUSD, AUDJPY, EU50, INR.FR, BIR, TLS

NOTE: Trading is a game of numbers and stats are your window into those numbers. Read my latest article 6 Trading Statistics You Need to Know To Make Money Trading.

GBPUSD – Weaker Rejections From MT Key Support (4h chart)

Price Action Context

Following the two strong bullish attacks on the LT resistance around 1.3350 in late February and mid-March, which both were successfully rejected, bulls seem to be losing steam. Each rejection from the MT support is getting weaker, with bears stepping in earlier and earlier each time, showing by the series of lower highs printing, which can be an early indication that this MT support potentially might fail to hold.

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Trending Analysis

Should this support fail to hold, a continuation towards the LT support zone which starts coming in a 1.2775 is likely IMO, which could present potential shorting opportunities. If bulls on the other hand can gather enough strength to defend this support successfully, it’s possible we see another leg up towards 1.3300.

Key Support & Resistance Zones

R: 1.3300 – 1.3380
S: 1.2940 – 1.3015

Members stay tuned for updates on market commentary and potential price action setups.

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NZDUSD – Broken Below LT Support, Potential False Break (Daily chart)

Price Action Context

The LT support that held cleanly in January and February seems to be folding now as there was only a very weak bullish reaction to it this time around + ending the week, bears successfully pushed price below the zone.

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Trending Analysis

Should bulls be able to quickly push price back above 0.6730, we’re likely looking at a false break setup, but if bears are able to stay in control, a bearish continuation down towards the next key support in line is likely, which can present potential shorting opportunities to bears.

Key Support & Resistance Zones

R: 0.6690 – 0.6730
S: 0.6420 – 0.6465

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ITALY 40 – Bullish MT CVT (4h chart)

Price Action Context

The strong bull trend that emerged after after the CT false break @ the LT support around 18 500 in the beginning of the year is showing as a NVT on the daily chart and CVT on the h4 chart, which has offered multiple clean RRL plays over the last months. The recent break and close above the LT resistance, adds further confluence and makes the closest ST key support zone even more attractive for potential long plays IMO.

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Trending Analysis

LT & MT bias bullish and weak pullbacks into the closest key support can offer potential bullish trading opportunities.

Key Support & Resistance Zones

R: 22 200 – 22 500
S: 21 430 – 21 630

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