Weekly Price Action Setups & Trade Ideas | Apr 22 – Apr 27
Chris Capre’s current live trades: CADCHF, XAUCHF, EURGBP, BIR
NOTE: Check out this false break setup for +350 pips (+5R)
EURJPY – Corrective Price Action Above Unclean LT Key S/R Zone (Daily chart)
After forming a double bottom around 129.40 bulls stepped on the gas and pushed price through the key resistance zone which now should act as support.
We can see the price action has formed a small corrective structure above this S/R zone, indicating that there’s little counter-trend order flow atm.
This makes me believe that there’s potential we can see another bullish impulsive move to the upside with the first target likely being the resistance @ 134.30 and if that resistance fails, 136.30 would be next in line.
A break below this zone on the other hand would put the support @ 129.40 into perspective.
Nikkei 225 – Corrective Move into LT RRL (Daily chart)
The Japanese index is currently testing the LT RRL from which we saw two strong bearish reactions in the past.
The last bullish move leading up to this RRL is acting more like a corrective price action move, looking weaker compared to the previous bearish impulsive moves. This could act as possible optimizer for potential shorts from this area with the first potential target being the LT key support zone @ 20,200 – 20,500.
A strong daily close above 22,400 on the other hand would open up for moves towards 23,000 and 24,000 in extension.
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