Weekly Price Action Setups & Trade Ideas | Dec 8-13

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Chris Capre’s current live open price action & ichimoku trades: GBPUSD, SUI20, CORN, USDMXN, CHRW

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Forex Trade Idea: GBPUSD – Looking to Buy on A Pullback (daily chart)

Price Action Context

The GBPUSD was one of our top trade ideas for 2019, and part of that was we were becoming bullish on the pair. As the country has made progress towards brexit, the pound has strengthened and we suspect there is more to go.

For the last few months, the pair has formed a strong impulsive move, followed by a corrective structure, continuing the trend with another impulsive move.

gbpusd impuslive and corrective price action

Trending Analysis

ST & MT we are bullish, even as the pair enters into a large resistance zone. As long as the pair holds above 11.2775 on a weekly closing basis, we’re looking to get long on a pullback to re-attack the resistance zone ahead between 1.3115 and 1.3445.

Key Support & Resistance Levels

R: 1.32, 1.3445

S: 1.30, 1.2775

Stay apprised with our members market commentary for updates.

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Commodity Trade Idea: Gold – Breaks Key Resistance, Wanting to Buy Pullback (Weekly Chart)

Price Action Context

After being in a large corrective structure between 1426 and 1030, Gold has broken out of this 7 year range hitting 1540 before pulling back.

The current pullback is corrective, which tells me, along with the impulsive break, there’s profit taking from the bulls and IMO some waiting to get in on a pullback into support.

gold trade idea 2ndskiesforex

Trending Analysis

ST & MT bullish while above 1350 on a weekly closing basis. Am looking to buy a pullback into support for a new run higher than our recent ones.

Key Support & Resistance Levels

R: 1538, 1603

S: 1426, 1363

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Index Trade Idea: ASX 200 – Resistance Ahead, Two-Way Trades (4 hour chart)

Price Action Context

Forming a V-shape reversal, the ASX 200 sold off aggressively after making all time highs near 6900, selling fast and furious to 6590. The pair has since formed a v-shape reversal immediately righting course, and bouncing immediately to 6700+ in the last few days.

asx200 4hr chart

Trending Analysis

MT range between 6590 and 6900. ST bearish while below the resistance zone ahead between 6715 and 6900.

Key Support & Resistance Levels

R: 6790, 6900

S: 6590, 6630

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