Weekly Price Action Setups & Trade Ideas | Feb 11-16

Verified Profitable Trader

Chris Capre’s current live trades: BIR, FXo EURJPY, EURUSD

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GBPJPY – Role Reversal Zone Held as Resistance, Trade in Profit (Daily chart)
On Thursday, bulls made an attempt to push price back above the role reversal zone (152.50-153.50).

This attempt was heavily countered by the bears defending this zone, slamming price 300 pips lower within just one 4 hour candle resulting in the potential bearish follow through I mentioned in the last commentary, confirming that ST order flow has shifted in favor of the bears.

gbpjpy technical analysis 2ndskiesforex

Along these lines, after seeing price consolidate within a ST corrective structure below the S/R zone preceded by strong ST selling, I decided to trade the probability of a ST bearish follow through, down towards the major support.

I shorted deep into the S/R zone @153.384 as shown in my screenshot below and I’m currently up +289 pips of profit.

live trades gbpjpy 2ndskiesforex

As this is a CT trade I gave the trade some extra room to breathe with my initial SL being @ 154.50 and my final target @ 147.50, giving me a potential 1:5 risk/reward ratio on this trade.

Keep up with the members daily trade ideas and market commentary for updates on how we’re trading this.

AUDUSD – Major LT Resistance Held, Price Approaching Key Support (Weekly chart)
The major resistance level we mentioned in our mid-January commentary held, followed by a 300+ pip sell off in 2 weeks.

Congratulations to the course members that were able to catch this move as you should be in solid profit by now.

Next key support in line is 0.7750 and I think there’s a good chance we might see some ST profit taking which could result in a solid reaction from this area potentially opening up for ST trading opportunities.

Keep in tune with the daily members trade ideas and market commentary for updates.

nzdusd technical analysis 2ndskiesforex

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