Weekly Price Action Setups & Trade Ideas | Oct 7 – Oct 12

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Chris Capre’s current live open trades: USDMXN, EURCHF, BIR, TLS

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NZDUSD – Stable LT Bear Trend (Daily chart)

Price Action Context

Trading within a LT bear trend that started in April that cleared a LT support in July. Price has broken through the next support zone which now should act as resistance.

nzdusd forex trade setups 2ndskiesforex

Trending Analysis

Stable and clean bear trend in which the price action context is respecting previously broken S/R zones well so far on each pullback. Bias is clearly bearish and bears can look for potential trading opportunities on pullbacks into the broken support, now resistance.

Key Support & Resistance Levels

R: 0.6500 – 0.6550
S: 0.6350 – 0.6400

S&P 500 – Testing Broken Resistance, Now Support (Daily chart)

Price Action Context

7 months after the strong sell-off in Q1, price cleared the LT resistance zone and the index reached a new ATH. Price is now testing the broken resistance which now should act as support.

s&p technical analysis 2ndskiesforex

Trending Analysis

The index has been in an almost uninterrupted LT bull run for almost 10 years. Bias is strongly bullish and the current pullback into the LT S/R zone can offer potential trading opportunities to bulls. Meanwhile breaking this key support zone opens up potential ST bearish trade setups.

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Key Support & Resistance Levels

R: 2930 – 2940
S: 2845 – 2875

WTI – At Multi-Year Resistance (Weekly chart)

Price Action Context

Since the LT trend reversed from bearish to bullish in early 2016, the commodity has tripled in price and is now testing a wide multi-year S/R zone that goes all the way back to 2011/2012.

wti oil technical analysis 2ndskiesforex

Trending Analysis

The LT bull trend has gotten more and more volatile indicating a larger amount of CT players around this multi-year resistance, hence some changes in the price action and order flow. Aggressive bears can look for potential trading opportunities off this resistance level whilst more conservative approach would be to wait for a possible trend reversal on the LTF first. A break and close above this zone on the other hand could open up for bullish trading opportunities.

Key Support & Resistance Levels

R: 75.40 – 79.30
S: 63.55 – 64.80

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