Weekly Price Action Setups & Trade Ideas | Nov 17-22

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Chris Capre’s current live open price action & ichimoku trades: AUDNZD, CORN, WTI, USDMXN, CHRW

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Forex Trade Idea: GBPUSD – Corrective Structure Ahead of Resistance (daily chart)

Price Action Context

After launching about 600 pips in early October at the prospects of Brexit coming to a close soon (still waiting), the forex pair has formed a corrective structure about 200 pips wide and slightly downward. 

Regardless of this corrective structure being counter trend to the short term trend, its still bullish IMO and I’m looking to get long, either on the bottom of the CS for a round trip up to the top, or a breakout targeting the MT resistance above near 1.3178.

gbpusd forex pair corrective structure 2ndskiesforex

Trending Analysis 

ST Bullish and LT neutral while below the 1.3178 resistance level on a weekly closing basis.

Key Support & Resistance Levels

R: 1.3178, 1.3350

S: 1.2690, 1.25

Stay tuned to the members market commentary for updates.

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Stock Trade Idea: DG (Dollar General) – Bullish Gap + Corrective Structure (daily chart)

Price Action Context

After an impressive 7% gap up in late August, the stock Dollar General (DG) has been largely consolidating its gains while forming a solid corrective structure near the top of this bull run (IMO = bullish). I’m looking to get long on a pullback into support.

dollar general stock trading 2ndskiesTrending Analysis

ST & MT are all bullish while above 141 on a weekly closing basis. 

Key Support & Resistance Levels

R: 165.7, 175

S: 155.15, 141

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Index Trade Idea: SUI20 (Swiss Index) – Consolidating Near Highs, Watching For Breakout (4hr chart)

Price Action Context

Unlike the US indices, the SUI20 has been consolidating near the all time highs for the last few weeks creating a clear structure for both sides to trade. 

I’m looking to trade both sides of this corrective structure till it breaks, with a breakout setup creating my next directional trade setup.

Trending Analysis

ST & MT bullish while above 10190 on a weekly closing basis.

Key Support & Resistance Levels

R: 10337, 10500

S: 10192, 10122

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