Weekly Price Action Setups & Trade Ideas | Sep 22 – 27

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

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VIX – Approaching Multi-Year Support Level – Looking to Buy (daily chart)

Price Action Context

After another volatility explosion back in August, which we profited from and talked about with our members back in mid-July, the VIX index is parked not too far above the key support zone from high 13’s to low 14’s. If we can make it back down to mid 14’s, I’m interested in becoming a buyer for some volatility protection.

vix index 2ndskiesforex

Trending Analysis

ST bearish while MT neutral to bullish while holding above 13.25 on a weekly closing basis.

Key Support & Resistance Levels

R: 19.75, 22.50

S: 14.25, 13.45

Stay tuned to the members market commentary for updates

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GBPCHF – ST Corrective Structure After Bull Run (1hr chart)

Price Action Context

The GBPCHF forex pair is currently stuck in a somewhat sloppy corrective structure at the top of the most recent bull run between 1.2336-1.2450+. If we break and close below the 1.23 handle on a daily closing basis, I think the ST longs will start to unwind their positions, and put some ST bearish pressure on the GBPCHF pair.

gbpchf corrective structure 2ndskiesforex

Trending Analysis

ST Bullish, while MT still bearish so breaks of ST support will likely add to the MT downside pressure.

Key Support & Resistance Zones

R: 1.2450+, 1.2500

S: 1.2336, 1.2295

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NZDJPY – Rejected From Major Resistance, Bearish While Below (weekly chart)

Price Action Context

After breaking below the key support zone around 69.12, the NZDJPY almost made it to the 65 handle before bouncing. The pair retested the 69.12 resistance level and sold off handsomely, suggesting bears are still interested in selling on pullbacks.

nzdjpy forex pair key resistance 2ndskiesforex

Trending Analysis

ST & MT are bearish so we’re looking to sell back into the key resistance just above 69.

Key Support & Resistance Zones

R: 69.12, 70.45

S: 66, 65

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