Weekly Price Action Setups & Trade Ideas | Jul 8 – Jul 13

Verified Profitable Trader

Chris Capre’s current active open trades: EURUSD, EURCHF, EURGBP, BIR, PLUS, TLS

NOTE: Has the summer trading price action had an impact upon your trading? Check out my latest article on Trading In The Summer.

GBPJPY – Likely Headed Towards Long Term Resistance (4h chart)
GBPJPY has been one of the more tricky instruments this year, but lately, the price action context has started to build in a more directional manner.

The pair recently established a MT corrective structure after putting in a double bottom around 143.75, which was followed by a pre-breakout structure and breakout at a minor resistance level.

The major resistance zone between 147-148, which has been well respected in the past, should be of interest to bears looking to trade in line with the bearish order flow and trend that started in the end of January.

A daily break and close above this LT resistance would change my LT bias to bullish and put 152.75 back into perspective.

Keep up to date via the members daily trade ideas for potential trade setups.

gbpjpy key resistance level forex 2ndskiesforex

USDCAD – Pulling Back Towards MT Support Zone (Daily chart)
After a 1,5 months tug o’ war between bears and bulls, bulls were able to clear the key resistance zone (1.29-1.30) in the beginning of June.

Price is currently pulling back towards the S/R zone which now should act as support and be of interest to bulls looking to get involved in a potential move towards 1.35. Price action is somewhat unclean, so wider stops should be used trading in this environment IMO.

If this support zone should fail to hold, a move back down towards 1.2250 and 1.2150 in extension is very likely IMO which potentially can present fresh trading opportunities to bears.

Stay tuned to the members daily trade ideas for updates.

usdcad technical analysis 2ndskiesforex

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