Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
Weekly Price Action Setups & Trade Ideas | Aug 12 – Aug 17
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.
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.
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.
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.
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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