Weekly Price Action Setups & Trade Ideas | Mar 24 – Mar 29

Verified Profitable Trader

Chris Capre’s current live price action and ichimoku trades: EURUSD, GBPUSD, USDTRY, BIR, TLS

NOTE: Ever wonder what kinds of forex trading strategies I use, and on what time frames? To learn more, click here.

USDJPY – Broken Through MT Key Support (4h chart)

Price Action Context

The key resistance we mentioned in this market commentary mid-February held and produced a strong bearish reaction + continued selling. Congrats to those course members who managed to take advantage of this move. Ending the week, bears managed to clear a MT key support zone, clearly ending the bullish volatile trend that has been in play since January.

usdjpy-forex-trade-setup-2ndskiesforex

Trending Analysis

MT bias changed to bearish and weak pullbacks towards the broken MT support, now resistance, can offer possible trading locations to bears.

Key Support & Resistance Zones

R: 110.25 – 110.45
S: 108.95 – 109.20

Stay tuned to the members market commentary for updates.

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GBPJPY – Heavy Rejection From LT Key Resistance (Daily chart)

Price Action Context

Both attacks on the LT key resistance zone this month have been heavily rejected by the bears who clearly are interested in defending this resistance, and unless bulls stage a third try, a move down towards the LT key support is likely at this point IMO.

gbpjpy-forex-price-action-setup-2ndskiesforex

Trending Analysis

Neutral bias within this multi-year range, looking to play the top/bottom of this structure until it breaks.

Key Support & Resistance Zones

R: 148.30– 150.00
S: 139.90 – 141.30

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NIKKEI 225 – Pulling Back Towards Key Support (Daily chart)

Price Action Context

After breaking above this key S/R zone mid-February, which changed our LT bias to bullish, the zone again held as support and produced a solid bullish bounce & price is now pulling back towards this key support.

nikkei-trade-setup-2ndskiesforex

Trending Analysis

LT bias is bullish and bulls interested can look for possible trading locations around the key support.

Key Support & Resistance Zones

R: 23 050 – 22 750
S: 20 800 – 21 080

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