Weekly Price Action Setups & Trade Ideas | Feb 24 – Mar 1

Verified Profitable Trader

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

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USDJPY – Approaching Key Resistance (Daily chart)

Price Action Context

After multiple bullish attempts to clear the LT resistance during Q4 last year, bears ultimately got the upper hand and pushed price all the way down to ~105.00 within 3 weeks, ending with a massive flash crash. Since then, price has recovered from the sell off and is now approaching a key resistance zone.

forex-usdjpy-technical-analysis-2ndskiesforex

Trending Analysis

MT bias is bearish whilst below 108.30 and ST/MT bears might find the current pullback to the key resistance to be of interesting in terms of possible trading locations.

Key Support & Resistance Zones

R: 111.40 – 112.15
S: 107.35 – 108.30

Stay tuned to the members daily trade ideas for updates.

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XPTUSD – Key Resistance Broken (4h chart)

Price Action Context

Since early December, Platinum has been ranging and building a MT corrective structure, a structure that now has been broken to the upside.

xptusd-technical-analysis-2ndskiesforex

Trending Analysis

If the broken MT resistance now holds as support, a move back up towards the LT resistance, starting to come in around $865 is likely IMO.

Key Support & Resistance Zones

R: 865 – 890
S: 823 – 832

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WTI – Broken Back Above LT Key S/R Zone (Weekly chart)

Price Action Context

WTI bounced heavily from the multi-year support and has now broken back above a LT key S/R zone, initially opening up for a potential continuation towards 59.00.

wti-oil-technical-analysis-2ndskiesforex

Trending Analysis

LT bias changed to bullish with the LT key S/R zone offering potential trading locations to bulls.

Key Support & Resistance Zones

R: 64.25 – 66.70
S: 53.20 – 55.20

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