Weekly Price Action Setups & Trade Ideas | Jul 29 – Aug 3

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Chris Capre’s current live open trades: BIR, PLUS, TLS

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EURUSD – MT Corrective Structure Still in Play (4h chart)

Price Action Context

MT the corrective structure is still in play with bulls defending the 1.15-1.16 key support zone while bears wanting to avoid any daily closes above 1.18.

eurusd corrective structure price action 2ndskiesforex

Trending Analysis

Corrective structure after strong impulsive selling, thus bearish MT. MT corrective structure sitting on top of a LT support, thus looking to play both sides of the range until it breaks.

Key Support & Resistance Levels

R: 1.1790 – 1.1850
S:1.1500 – 1.1575

Stay tuned to our daily trade setups commentary for updates.

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GBPUSD – False Break at LT Support (Daily chart)

Price Action Context

Bears have tried to clear the long term key support level multiple times but gotten rejected each time. They made another series attempt on the 19th, but bulls were able to once more defend the support showing as a false break.

gbpusd key support level 2ndskiesforex

Trending Analysis

Bearish trend that started mid-April has gotten more and more volatile as it approached the LT support, indicating a potential re-distribution in order flow with the false break being an optimizer of such a scenario. For now, neutral LT while between key S/R zones, thus looking to buy on weak pullbacks into support and sell on MT strength into resistance.

Key Support & Resistance Levels

R: 1.3550 – 1.3650
S:1.3025 – 1.3100

Stay tuned to our daily trade setups commentary for updates.

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HK50 – LT Support Broken (Daily chart)

Price Action Context

LT exhaustion price action into 33 350 followed by impulsive selling + a large corrective structure. This LT corrective structure recently got broken to the downside with price currently ranging below the broken support which now should act as resistance.

hang seng trade setup 2ndskiesforex

Trending Analysis

Bearish after break of LT support. Looking to sell on potential ST strength into LT resistance.

Key Support & Resistance Levels

R: 29 120 – 30 000
S:27 750 – 28 150

Stay tuned to our daily trade setups commentary for updates.

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