Weekly Price Action Setups & Trade Ideas | Nov 4 – Nov 9

Verified Profitable Trader

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

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NZDUSD – Pulling Back Towards LT Resistance, Bearish Bias (Daily chart)

Price Action Context

The pair broke below a LT key support level in June and continued to sell off. MT, the pair seems to have formed a base and the probability of a bigger pullback towards the LT S/R zone (now resistance) has increased IMO.

nzdusd-forex-trade-ideas-2ndskiesforex

Trending Analysis

Bear trend has gotten more volatile lately, followed by a failed continuation and false break of last ST support + increased bullish order flow. Bearish LT bias since the break of the LT key S/R zone in June and pullbacks into this S/R zone can present potential shorting opportunities.

Key Support & Resistance Zones

R: 0.6780 – 0.6870
S: 0.6350 – 0.6430

Stay tuned with the members daily trade ideas and commentary for updates.

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XAUUSD – MT Support Held (4h chart)

Price Action Context

The precious metal was not able to clear the weekly support zone we mentioned in our members market commentary on the 4th of August and after roughly 2 months of consolidation, bulls took over again and cleared the MT resistance zone.

gold-trade-ideas-2ndskiesforex

Trending Analysis

Price did pull back towards the MT support we mentioned on the 20th of October and the S/R zone was well defended, followed by strong buying taking the precious metal 24$ higher within a few trading days. Buyers who missed this first move might get another chance on potential pullbacks towards the MT support.

Key Support & Resistance Levels

R: 1232 – 1241
S: 1210 – 1215

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CAC40 – False Break @ Bottom of LT Range (Daily chart)

Price Action Context

Trading within a LT range with a recent false break at the bottom of the structure.

cac40-technical-analysis-2ndskiesforex

Trending Analysis

This LT structure is preceded by a volatile but bullish LT trend. Bias is bullish while above 5520 and bulls interested can look for potential trading opportunities on pullbacks towards the key support zone.

Key Support & Resistance Zones

R: 5 520 – 5 660
S: 4 970 – 5 050

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