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 5 – Aug 10
Chris Capre’s current active open trades: EURJPY, AUDNZD, BIR, PLUS, TLS
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NZDUSD – MT Corrective Structure Below LT Resistance (4h chart)
Price Action Context
Price recently broke through LT support level near 6850, which now should act as resistance with price ranging right underneath the LT S/R zone.
Trending Analysis
MT bear trend leading into a MT corrective structure. LT/MT bearish and looking to sell on ST strength into MT/LT resistance.
Key Support & Resistance Levels
R: 0.6825 – 0.6860
S: 0.6690 – 0.6725
Stay tuned with the daily members trade ideas for updates.
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ITALY 40 – MT Corrective Structure Above LT Support (Daily chart)
Price Action Context
Strong impulsive selling from 24 500. Price currently trading within a MT corrective structure that’s holding above LT support.
Trending Analysis
Neutral while above LT support, looking to trade both sides of the corrective structure until it’s broken.
Key Support & Resistance Levels
R: 22 230 – 22 500
S: 21 120 – 21 400
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XAUUSD – Arriving @ Multi-Year Support (Weekly chart)
Price Action Context
After being rejected at the multi-year resistance zone ~1350, the precious metal has sold off 150$ and is now at a multi-year support.
Trending Analysis
Neutral since the price action has been non-directional & ranging since early 2016, thus looking to buy on weakness into the multi-year support.
Key Support & Resistance Levels
R: 1350 – 1375
S:1180 – 1205
Keep up to date with the daily members trade ideas for continued market commentary and analysis.
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