Weekly Price Action Setups & Trade Ideas | Jul 15-20

Verified Profitable Trader

Chris Capre’s current live price action trades: GBPJPY, EURCHF, EURGBP, BIR, PLUS, TLS

USDCHF – Strong Intraday Rejection From LT Resistance (Daily chart)
After a 200+ pip rejected from the key swing point at 1.0040 in May which we mentioned in our daily trade ideas, USDCHF is now revisiting this LT resistance.

On Friday the price action formed a false break setup around this area, communicating that bears clearly are prepared to defend this level, which can present possible trading opportunities to bears who are prepared to trade against the strong bullish LT momentum that started in February this year.

If bears are able to take control from here, a move down towards the wide support zone around 0.9760 – 0.9860 is likely IMO, a zone that should be of interest to bulls in terms of potential trading locations.

Stay up to date with the members market commentary for updates.

usdchf key resistance level 2ndskiesforex

GBPJPY – LT Resistance Broken, LT Bullish Bias (4h chart)
After an initial false break, the PBO structure discussed ahead of time in our members market commentary last weekend produced a solid breakout, followed by a successful re-test that took price up to the top of the LT resistance zone @ 148.00.

Congratulations to those course members  that were able to take advantage of this breakout pullback trade opportunity.

Ultimately the LT resistance folded to the bullish pressure and the daily close above 148.00 changed our LT bias to bullish.

Price has already pulled back into 148.00 once and was met with strong buying, but I think there’s a good chance we’ll see another pullback into this area before we see higher prices.

Stay tuned with the members trade setups commentary for updates.

breakout pullback setup gbpjpy 2ndskiesforex

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