Weekly Price Action Setups & Trade Ideas | Aug 12 – Aug 17

Verified Profitable Trader

Chris current live open trades: NZDUSD, BIR, PLUS, TLS

NOTE: I just closed my EURJPY short for +330 pips of profit (see below). We shared this trade setup with our course members ahead of time. To become a member, click here.

+330 pips live trade eurjpy trade 2ndskiesforex

EURUSD – Broken Through LT Support (Daily chart)

Price Action Context

The MT corrective structure held and after roughly 2 months of corrective price action, but Friday we saw an impulsive move through 1.15 and a very strong daily close below. If this LT impulsive/corrective sequence plays itself out, an impulsive continuation lower is very likely.

eurusd technical analysis 2ndskiesforex

Trending Analysis

Bearish after the break and close below the LT support level, which now should act as resistance. Looking to sell on ST strength into resistance above.

Key Support & Resistance Levels

R: 1.1500 – 1.1575
S: 1.1260 – 1.1330

Stay tuned to the daily member trade setups for updates.

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DAX – Holding @ Top of Bull Trend (Weekly chart)

Price Action Context

Corrective price action at top of multi-year bull trend that created a new ATH.

dax trade setups 2ndskiesforex

Trending Analysis

Bullish while above the LT support, looking to buy on potential MT weakness into the key support zone.

Key Support & Resistance Levels

R: 13 400 – 13 600
S: 11 730 – 11 950

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XAGUSD – MT Corrective Structure Below LT Resistance (4h chart)

Price Action Context

Last month Silver broke through a LT support and has since formed a well-defined MT corrective structure below the broken support.

silver technical analysis 2ndskiesforex

Trending Analysis

MT we have corrective price action preceded by bearish trend that broke through a LT support, thus bearish while below 15.665 on a daily closing basis, looking to sell on ST strength into the top of the structure.

Key Support & Resistance Levels

R: 15.575 – 15.665
S: 15.160 – 15.260

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