Weekly Price Action Setups & Trade Ideas | Apr 8 – Apr 13
Chris Capre’s current open trades: EURCAD, EURGBP, BIR
NOTE: Want to know how I trade price action with my own money, check out this webinar on price action and order flow here.
EURCAD – Pulling Back Towards LT Support (Weekly chart)
After multiple strong attacks on the key resistance ~1.61 which we mentioned in our commentary recently, bears held the line with the pair selling off over +400 pips.
Congratulations to those members who profited from this trade setup as many of you posted some great trades.
For now I anticipate price to pull back towards the weekly support level where I expect some MT bulls to be parked.
If this zone fails, a weekly close below 1.52 would likely open up for further downside towards 1.45. Meanwhile if the support level holds, we expect another trip back to 1.61 as being ‘more probable’.
Stay tuned to the members trade ideas and commentary for updates.
ETHUSD – Chewing Through LT Key Support (Daily chart)
Crypto currencies have had a tough quarter with Ethereum being towards the top of the losers. Ethereum has simply been unable to find any solid support with the crypto currency now sub-400.
Currently the price action is ‘chewing’ its way through this key support level ~400. IMO I’d like to see a bearish daily close below 350 before considering this zone fully cleared as this might be a potential false break setup in the making.
A daily close below 350 would IMO open up further technical selling down towards 230 and 150 in extension, whilst a break and close back above 420 would put the resistances at 480 & 570 back onto the radar.
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