Weekly Price Action Setups & Trade Ideas | Apr 29 – May 4
Chris Capre’s current live trades: USDRUB, AUDUSD, CADCHF, XAUCHF, EURGBP, BIR
NOTE: Watch my latest interview talking about trading price action context and order flow analysis.
CHFJPY – ST Corrective Structure Below Key Resistance (Daily chart)
Since the successful break and close below the support zone in March, the CHFJPY has formed a ST corrective structure below the key support zone.
Price is currently trading at the bottom of the ST structure and a successful break below 110.15 can open up for a bigger move south with the next support coming in near 107.75. Meanwhile a daily break and close above 113.50 would likely attract a fresh round of bulls and put 116.00 back into focus.
Stay tuned to the members trade ideas for updates.
LTCUSD – False Break @ Minor ST Resistance (4h chart)
In the beginning of April, Litecoin hit the key support level ~110.00 which was successfully defended and followed by strong buying up to 165.00.
Bulls were not able to push further though and price quickly closed below the minor ST resistance @ 157.00 during the last week, forming a false break setup.
For now, considering this context, a move down towards the minor support at 132.00 or even another visit of the key support is likely IMO.
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