Weekly Price Action Setups & Trade Ideas | Jan 20 – Jan 25

Verified Profitable Trader

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

NOTE: How do you know if you’re taking the right steps to make money trading, or skipping steps you shouldn’t? If you want to know, read my latest article The 4 Stages of Becoming A Millionaire Trader.

GBPJPY – Strong Rejection + False Break @ LT Support (Daily chart)

Price Action Context

After the flash crash in early January, bulls heavily rejected lower prices, resulting in a false break of two LT support zones (only upper one shown in chart). If bulls successfully can defend the closest LT support, a move higher towards 148.60 is likely IMO.

forex-gbpjpy-trade-setups-2ndskiesforex

Trending Analysis

Bias changed to neutral and bulls can look for potential trading locations on weak pullbacks into the LT key support.

Key Support & Resistance Zones

R: 148.60 – 150.00
S: 138.60 – 140.30

Stay tuned to the members market commentary for updates.

******

DAX – MT Trend Reversal, Broken Above MT Resistance (4h chart)

Price Action Context

After an initial CT impulsive move, followed by a corrective structure, which often is an early indication of a potential trend reversal, bulls ultimately managed to push through a key MT resistance zone on Friday, clearly closing above the zone ending the trading week.

dax-technical-analysis-2ndskiesforex

Trending Analysis

MT bias changes to bullish and ST/MT bulls can look out for possible trading opportunities on weak pullbacks into the S/R zone (now support).

Key Support & Resistance Zones

R: 11 700 – 11 950 [LT]
S: 10 950– 11 150

******

WTI – Strong Close @ LT Key Resistance (Weekly chart)

Price Action Context

Between early October and late December last year, WTI sold off roughly -40%, all the way to a major multi-year support level. The support produced a very strong rejection/bounce that has taken price all the way up to the closest key resistance with a very strong close right at the zone ending the trading week.

wti-oil-technical-analysis-2ndskiesforex

Trending Analysis

LT bias is bearish and if the resistance holds, a move down towards the key support is likely, whilst A failure of the resistance on the other hand would technically open up for a continuation towards 59.00.

Key Support & Resistance Zones

R: 53.20 – 55.20
S: 39.00 – 42.80

 

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article