Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
Weekly Price Action Setups & Trade Ideas | May 13 – May 18
Chris Capre’s Current Live Open Trades: AUDUSD, BIR
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GBPCHF – Corrective Move Towards Key Support (Daily chart)
In the beginning of April, after a brief correction, GBPCHF cleared a key support zone with a bullish impulsive move.
During the last 4 weeks price has been pulling back towards the support zone in a corrective pullback which further bolsters the bull case with the April highs as our bull target.
On the other hand, a strong daily close below 1.3300 would open up for technical selling with support levels coming in at 1.3120 and 1.2900.
LTCUSD – False Break @ MT Resistance, Likely Headed For Key Support (Daily chart)
Along with other crypto currencies, Litecoin tested the MT resistance at 173.00 during the last weekend, a resistance level bulls were unable to clear, producing a false break setup.
The false break was quickly followed by aggressive selling, clearing multiple minor ST supports on the way down.
Looking at the current price action context, a continuation down towards the key support level at 112.00 is very likely IMO, a support which can be of interest to bulls.
If the key support holds, a move back up towards 173.00 is likely IMO, whilst a daily close below would open up for further downside towards 84.00 and 74.00 in extension.
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