Weekly Price Action Setups & Trade Ideas | Apr 7 – Apr 12

Verified Profitable Trader

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

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GBPUSD – Trading @ MT Key Support (4h chart)

Price Action Context

Still ranging on the HTF, a smaller corrective structure has formed inside the larger structure below the LT resistance zone and price is now again testing the bottom of the smaller structure which is a well-defined MT support zone.

gbpusd-forex-key-support-level-2ndskiesforex

Trending Analysis

MT bias is bullish and if this key support holds, a move up towards the LT resistance is likely, whilst a break below this zone would open up fresh downside and initially a move down towards 1.2750.

Key Support & Resistance Zones

R: 1.3260 – 1.3380
S: 1.2940 – 1.3015

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EURGBP – ST Corrective Structure Below LT Resistance (4hchart)

Price Action Context

After clearing a LT key support level on the 26th of February, price has been trading correctively below the broken LT support, now resistance. Bulls did attack the resistance aggressively on the 21st, but got heavily rejected, and bears also weren’t able to gain any ground when they attacked the ST support in the past week, so for now, the ST corrective structure seems to be holding.

forex-eurgbp-key-support-and-resistance-2ndskiesforex

Trending Analysis

Both LT & MT bias is bearish and if 0.87 holds as resistance, a move lower towards the next key support is likely. In case the support should fold, it would open up for a potentially larger move south towards the weekly support which starts coming in @ around 0.84. For now, possible rallies into the key resistance can offer potential shorting opportunities.

Key Support & Resistance Zones

R: 0.8690 – 0.8730
S: 0.8250 – 0.8350

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CAC40 – At Multi-Year Resistance (Weekly chart)

Price Action Context

The massive bull run that started late December last year has within a few months’ time taken the index all the way back up to the multi-year resistance, which equals an impressive 20% gain from the low that was created on the 27th of December.

cac-40-trade-setups-2ndskiesforex

Trending Analysis

LT bias is bullish and should bulls be able to produce a strong break and close above 5 650, a continuation towards 6150 is likely which was a major peak created in 2007. If bears on the other hand are able to successfully defend this key resistance we could see a move down towards 5 000 IMO.

Key Support & Resistance Zones

R: 5 470 – 5 650
S: 4 970 – 5 100

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