Weekly Price Action Setups & Trade Ideas | Aug 19 – Aug 24

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Chris Capre’s current live open trades: NZDUSD, BIR, PLUS, TLS

NOTE: Ever wondered why you tend to have this fear of a loss and don’t pull the trigger, or on the other side of the coin, you find yourself revenge trading after a big loss? Check out my latest article on how your biology and psychophysiology make trading hard (and easy).

NZDUSD – MT Corrective Structure Held (4h chart)

Price Action Context

The MT corrective structure we mentioned in our recent members market commentary held and price broke through the support zone as we discussed with a strong impulsive move. Price is currently pulling back towards the broken support which now should act as a resistance zone.

forex technical analysis nzdusd 2ndskiesforex

Trending Analysis

Impulsive/corrective sequence and MT bear trend still in play. LT and MT bias is bearish and looking to sell on pullbacks into the MT resistance. If the MT resistance fails to hold, the LT resistance (0.6825 – 0.6890) can offer potential selling opportunities as well.

Stay tuned to the members daily trade ideas for updates.

Key Support & Resistance Levels

R: 0.6690 – 0.6725
S: 0.6645 – 0.6690

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USDCHF – MCS @ Top of Bull Trend (Daily chart)

Price Action Context

Trading within a medium term corrective structure that formed after a strong 800+ pip bull run that started in February.

forex technical analysis 2ndskiesforex

Trending Analysis

Bullish while above 0.9825 on a daily closing basis. Looking to buy on ST weakness into key support. Watch the price action on the daily, 4hr or 1hr charts for signs of a breakout.

Key Support & Resistance Levels

R: 1.0025 – 1.0070
S: 0.9825 – 0.9865

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ITALY 40 – Broken Below LT Key Support (Daily chart)

Price Action Context

Strong impulsive selling from 24500 has recently broken through both the key support zone and cleared the bottom of the MT corrective structure we talked about extensively in our member market commentary. Since this break, this now changes our LT bias to bearish.

technical analysis ftse mib italy index 2ndskiesforex

Trending Analysis

Bearish MT impulsive corrective/sequence clearing a LT support, thus bearish while below the LT resistance & looking to sell on St strength into the resistance zone.

Key Support & Resistance Levels

R: 21 120 – 21 400
S: 18 450 – 19 200

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