Weekly Price Action Setups & Trade Ideas | Dec 22-27

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Forex Trade Idea: AUDCAD – Looking to Sell WT Corrective Structure (daily chart)

Price Action Context

Since August this year, the AUDCAD forex pair has been stuck in a corrective structure with several touches on both sides.

I’m looking to trade this corrective structure, particularly WT (with trend) so looking to sell at the top for a move down.

audcad forex corrective structure 2ndskiesforex

Trending Analysis

ST & MT bearish while inside this corrective structure on a weekly closing basis.

Key Support & Resistance Levels

R: 9133, 9227

S: 8900, 8836

Stay tuned to the member market commentary for updates.


Commodity Trade Idea: Gold – CT Corrective Channel, Watching For Pullback (4hr chart)

Price Action Context

After a strong first half of the year, gold has formed a CT (counter trend) corrective channel easing back from 1550 to the mid 1400’s.

The overall price action is still constructive considering the pullback has been corrective, so am looking for a pullback to get long.

gold corrective channel 2ndskiesforex

Trending Analysis

ST bearish but MT bullish while above 1415 on a weekly closing basis.

Key Support & Resistance Levels

R: 1484, 1550

S: 1448, 1415


Stock Trade Idea: CBIO – Gap Up + Breakout Structure, Watching For Key Support Level (5 min chart)

Price Action Context

$CBIO had a strong gap up + breakout structure on the 19th, producing multi-month highs clearing $7 in the process.

You can see the corrective structure form at the top (blue box) with the 7 handle holding 2x’s, hence I’m watching that for a pullback.

If it fails, then we could see some acceleration to the downside with likely some technical stops tripped.

Holding the 7 handle strongly would likely suggest another attack on the $8.20 multi-month highs.

cbio breakout corrective stock trade idea 2ndskiesforex

Trending Analysis

ST & MT bullish while above the 7 handle and 5.80 mark on a daily closing basis.

Key Support & Resistance Levels

R: 8.20, 8.81

S: 7, 5.85

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

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