Weekly Price Action Setups & Trade Ideas | Apr 29 – May 4

Verified Profitable Trader

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.

chfjpy trade ideas 2ndskiesforex

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.

NOTE: If you want to see a video of me trading the false break setup for +350 pips of profit (+5R), click here.

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.

ltcusd trade ideas 2ndskiesforex

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

Related Article