Weekly Price Action Setups & Trade Ideas | Nov 4-8

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

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GBPUSD – Anticipating Higher Prices Soon. Looking to Buy on Pullback (daily chart)

Price Action Context

Building on a series of higher lows the last couple months, along with mostly impulsive price action as of late, the GBPUSD is looking poised to gain strength in the coming months, especially with the Brexit situation coming to an end soon (hopefully).

I’m looking to buy on a pullback setup into support in anticipation of the forex pair clearing 1.30 by end of this year, or early next year.

Trending Analysis

ST bullish and MT neutral with a slight bullish bias while above 1.2490 on a weekly closing basis.

Key Support & Resistance Levels

R: 1.30081, 1.3272

S: 1.2770, 1.2490

Stay tuned to the members market commentary for updates.

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CH Robinson (CHRW) – Earnings Miss + Break Of Key Support Zone = Bearish (weekly chart)

Price Action Context

This one is for our stock traders. CHRW had a huge earnings miss for Q3 which clearly surprised the market because the stock sold off from the weekly highs around 90.60 and closed below 75 (a stunning 20% drop). 

With the stock breaking below a key support zone between 75.55 and 80.50, I’m bearish and underweight (UW) until we can get above this zone on a weekly closing basis.

chrw stock trading sell signal 2ndskiesforex

Trending Analysis

ST bearish and MT bearish while below 80.50 on a weekly closing basis so looking to sell targeting high 65’s and potentially 61-ish.

Key Support & Resistance Levels

R: 75.55, 80.50

S: 66.63, 61.75

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NZDCAD – Large Corrective Structure, Playing Both Sides (4hr chart)

Price Action Context

Stuck inside a large corrective structure between 8490 and 8245, I’m looking to trade both sides of the market selling the top of the corrective structure, and buying the bottom. 

Trending Analysis

ST & MT neutral while inside the large corrective structure with my buy zone between 8298 and 8245 while my sell zone between 8490 and 8509.

Key Support & Resistance Levels

R: 8490, 8563

S: 8298, 8245

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