Weekly Price Action Setups & Trade Ideas | Dec 9 – Dec 14

Verified Profitable Trader

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

GBPUSD – Pre-Breakout Structure @ Key Support (Daily chart)

Price Action Context

Trading within a well-defined corrective structure preceded by strong selling from 1.43 and recently, a PBO structure has started to form towards the support.

gbpusd-forex-price-action-2ndskiesforex

rending Analysis

LT bias bearish since the break below 1.36 and bears interested can look for potential continuation trade opportunities on a pullback towards the top of the structure or break below the key support zone, with the second scenario looking more likely to manifest atm due to the PBO structure that is forming towards the support.

Key Support & Resistance Zones

R: 1.3240 – 1.3370
S: 1.2660 – 1.2725

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FTSE100 – LT Key Support Broken (Daily chart)

Price Action Context

After consolidating at the LT support for almost 2 months, on Thursday, sellers were able to push price through the support and the week ended with price closing well below the zone.

ftse-100-price-action-trade-ideas-2ndskiesforex

Trending Analysis

LT bias bearish and ST strength into the resistance zone can offer potential shorting opportunities.

Key Support & Resistance Zones

R: 6850 – 6930
S: 6610 – 6690

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XAUUSD – Broken Through Key Resistance (4h chart)

Price Action Context

Price has broken through the next MT resistance which also coincides with a LT S/R zone.

gold-price-action-2ndskiesforex

Trending Analysis

MT bias bullish and LT bias changed to bullish upon the break of this LT S/R zone and bulls can look for possible trading opportunities on weak pullbacks into the support.

Key Support & Resistance Zones

R: 1259 – 1265
S: 1235 – 1243

 

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