Weekly Price Action Setups & Trade Ideas | May 6 – May 11
Chris Capre’s Current Open Trades: AUDUSD, CADCHF, XPTZAR, BIR
NOTE: Check out my latest interview talking about trading price action and order flow
CHFJPY – MT & ST Corrective Structures Held, Closing In On LT Support (Weekly chart)
Both the MCS we mentioned in our member market commentary at the end of April and the SCS we mentioned in our daily trade ideas on Tuesday played out as bears were able to push through the MT support at 110.20.
Congrats to the members who profited from this trade setup as many of you showed.
For those traders that missed this trade setup, bears can look for weak pullbacks into the broken MT support level which now should act as resistance as this price action context suggests further downside being more likely, with the LT support at 107.75 being the next target.
Stay tuned with the members daily trade ideas for updates.
Ethereum (ETHUSD) – Attacking LT Resistance (Daily chart)
One of the biggest gainers amongst crypto currencies over the last few weeks has been Ethereum which has increased 100+% in value since the beginning of April and now is attacking the LT resistance at ~800.00.
Successfully clearing this key resistance level would IMO open up for further buying towards 960, whilst a quick return back below 770.00 would indicate a false break setup and put 690.00 back into focus.
Stay tuned to the members market commentary for updates.
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