Weekly Price Action Setups, Trade Ideas + Trader Quiz | Dec 30 – Jan 4

Verified Profitable Trader

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

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EURJPY – Testing LT Support (Weekly chart)

Price Action Context

After topping out end of January, price sold off and closed back below 134.00, followed by roughly 3 quarters of corrective sideways movement, forming a LT corrective structure. After breaking out of the ST corrective structure which we’ve mentioned multiple times in prior commentaries, price is now testing the LT support.

forex-eurjpy-trade-ideas-2ndskiesforex

Trending Analysis

The price action bias is currently neutral and the LT support can offer LT bulls looking to trade the LT range potential trading locations. A break below the LT support would change the LT bias to bearish and open up further downside.

Key Support & Resistance Zones

R: 132.75 – 133.50
S: 124.60 – 125.80

Stay tuned to the members daily trade ideas for updates.

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Nikkei 225 – LT Support Broken (Daily chart)

Price Action Context

Mid-December, the bearish pressure increased which got too much for the bulls to handle and the index broke through the key support zone we’ve talked about in earlier commentaries.

nikkei-225-technical-analysis-2ndskiesforex

Trending Analysis

LT bias switched to bearish and pullbacks into the broken support zone, which now should act as resistance can offer potential trading locations for bears.

Key Support & Resistance Zones

R: 20 320 – 21 100
S: 16 900 – 17 500

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WTI – Solid Bounce From Multi-Year Support (Weekly chart)

Price Action Context

Within only 12 weeks, WTI has sold off -40% and now arrived at a multi-year support at which we saw a solid bounce during the last trading days of the year.

wti-oil-trade-setups-2ndskiesforex

Trending Analysis

The current price action context is bearish and bears can look for possible trading locations on pullbacks into the LT resistance. Meanwhile bulls have landed at a major support zone, so if it can hold, then we might see a bounce back up towards the next zone/blue box upward.

Key Support & Resistance Zones

R: 53.20 – 55.20
S: 39.00 – 42.80

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