Weekly Price Action Setups & Trade Ideas | Jul 14 – Jul 19

Verified Profitable Trader

Chris Capre’s current live open price action and ichimoku trades: USDMXN, VIX, SUI20

New to Forex? Then check out my FREE Learn Forex Trading Course with videos, quizzes and downloadable resources

Are you new to trading, or still early on in your career? Check out my latest video 5 Trading Mistakes to Avoid From Day 1

USDCAD – BROKEN BELOW LT SUPPORT, BEARISH BIAS (DAILY CHART)

Price Action Context

Similar to USDCHF we spoke about in the last weekly webinar, after failing to clear 1.35, USDCAD went from producing higher highs/lows between Feb-May, to start printing lower highs/lows, changing the overall trend structure/direction. The second bearish impulsive move that started from 1.34 successfully took price below a LT support, which now should act as resistance.

USDCAD_Broken_below_LT_Support_Bearish_Bias

Trending Analysis

LT bias changed to bearish and weak pullbacks towards the broken LT support, now resistance, can present potential bears with potential trading opportunities.

Key Support & Resistance Zones

R: 1.3100 – 1.3180 S: 1.2890 – 1.2920

Keep up with our members market commentary for updates.

******

FTSE100 – PULLING BACK TOWARDS MT SUPPORT, BULLISH BIAS (DAILY CHART)

Price Action Context

After finding strong support around 6500 end of December last year, the LT trend reversed and the index is now trading in a LT bullish trend heading towards its ATH around 7 800 – 7 900.

FTSE100_PULLING_BACK_TOWARDS_MT_SUPPORT_BULLISH_BIAS

Trending Analysis

LT bias is bullish and buyers can look for potential trading opportunities around key support zones. A break below 7000 would change the LT bias to bearish.

Key Support & Resistance Zones

R: 7 740 – 7 795 S: 7 420 – 7 490

*******

BTCUSD – CORRECTIVE ABOVE KEY SUPPORT (4H CHART) Price Action Context

After successfully clearing the LT key resistance zone around 6000 in early May, bulls came back with full force, doubling the price of Bitcoin in only 7 weeks. Price is currently trading within a unclean corrective structure above two key support zones.

BTCUSD_Corrective_Above_Key_Support_4h_chart

Trending Analysis

LT bias is bullish and bulls can look for possible trading opportunities on pullbacks into the closest key supports.

Key Support & Resistance Zones R: 13 000 – 13 900 S: 9 600 – 10 300

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

Related Article