Weekly Price Action Setups & Trade Ideas | Dec 16 – Dec 21

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Chris Capre’s current price action and ichimoku trades: EURUSD, GBPUSD, USDMXN, BIR, TLS

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EURJPY – ST Resistance Held Again (4h chart)

Price Action Context

EURJPY has been ranging most of 2018 and now consolidated further within a ST corrective structure within a larger MT range. The top of the SCS was tested again on Thursday and was well defended by sellers which produced a strong bearish rejection taking price almost all the way down to the key support within less than 24 hours.

eurjpy-forex-price-action-2ndskiesforex

Trending Analysis

MT bias is slightly bearish and traders can look for potential shorting opportunities around the ST and MT resistance zones. A break and close below the MT support would open up for further downside towards the bottom of the LT range around 124.60 – 125.80 which could present further possibilities for ST/MT bears.

MT Key Support & Resistance Zones

R: 130.00 – 130.50
S: 127.50 – 127.90

Stay tuned to our members trade setups commentary for updates.

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DAX – MT Support Cleared (4h chart)

Price Action Context

The LT key S/R zone we’ve mentioned in earlier member market commentaries held as resistance and further selling has taken the index roughly 1000 points lower. Price has recently cleared a MT key support and bounced from a minor LT support from 2016.

dax-trade-setups-2ndskiesforex

Trending Analysis

Bias is bearish and the volatile bear trend that started in May/June this year has started to accelerate, potentially transforming from an initially UVT to a possible CVT. Whilst aggressive bears might be willing to look for possible shorting opportunities around the MT resistance and bet on the minor LT support failing, more conservative bears would want to see the minor LT support failing before looking for potential shorting opportunities.

Key Support & Resistance Zones

R: 11000 – 11150
S: 10700 – 10830

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XAUEUR – LT S/R Zone Held, MT Resistance Cleared (4h chart)

Price Action Context

The multi-year S/R zone we mentioned in earlier market commentaries held as support and the precious metal has traded roughly 40$ higher in the last 4 weeks and in the process broken through a MT resistance in the beginning of December.

gold-price-action-setups-2ndskiesforex

Trending Analysis

Bullish bias and weak pullbacks into the MT support zone can present potential trading opportunities to go long.

Key Support & Resistance Zones

R: 1083 – 1089
S: 1020 – 1134

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