Weekly Price Action Setups & Trade Ideas | Nov 11 – Nov 16

Verified Profitable Trader

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

USDJPY – Close to LT Resistance (Weekly chart)

Price Action Context

Trading within a LT corrective structure and price action has recently tested the top of this zone which lead to a solid bearish rejection in the beginning of October, indicating that bears are willing to defend this area. Last two weeks bulls have taken control again and are now pushing price up towards the resistance again.

usdjpy-forex-technical-analysis-2ndskiesforex

Trending Analysis

Neutral while trading inside this LT range. Bears interested in playing this range can look for potential trading opportunities around the LT resistance zone.

Key Support & Resistance Levels

R: 114.30 – 115.50
S: 107.30 – 108.30

Stay tuned to our daily members trade ideas for updates.

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FTSE100 – Potential Reversal @ LT Support (Daily chart)

Price Action Context

Strong selling that started in August, took the index all the way down to a LT support, zone.

ftse-100-technical-analysis-2ndskiesforex

Trending Analysis

The index has been trading in between 6850 and 7900 since early 2017 rendering the LT bias mostly neutral. The 3P pattern can offer bulls the opportunity to get involved in a potential move higher.

Key Support & Resistance Zones

R: 6 850 – 6 920
S: 7 770 – 7 900

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WTI – Heavy Selling After Rejection From Multi-Year Resistance (Daily chart)

Price Action Context

The multi-year resistance we mentioned in our commentary last month held and produced a strong rejection followed by heavy selling clearing a key support along the way.

wti-technical-analysis-2ndskiesforex

Trending Analysis

LT bias changed to bearish after the break and close below the key support level which now should act as resistance. Weak pullbacks into the resistance can offer potential shorting opportunities.

Key Support & Resistance Zones

R: 63.60 – 64.90
S: 57.50 – 59.00

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