Chris Capre’s current open price action and ichimoku trades: EURUSD, GBPUSD, USDMXN, USDJPY, BIR, TLS
NOTE: I’ve never met a struggling trader that hasn’t skipped steps. Don’t make that mistake. Read my article The 4 Stages of Becoming A Millionaire Trader to avoid this.
NZDUSD – Rejected At Resistance, Now Testing Support (Daily chart)
Price Action Context
For now, despite 2 solid attempts, bulls have not been able to successfully clear 0.69 which is the top of a multi-year S/R zone. Instead, bears again stepped in, heavily rejecting the bullish attack and price is now back testing the LT support a second time after the false break in early January.
Trending Analysis
If this LT support holds, a move back up towards 0.69 is likely whilst a break below would open up for a possible bearish continuation towards 0.65.
Key Support & Resistance Zones
R: 0.6920 – 0.6970
S: 0.6680 – 0.6730
Stay tuned to the members daily trade ideas for updates.
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EURGBP – LT Range Still In Play But Expanding (Daily chart)
Price Action Context
Despite the heavy bearish assault on the LT support, bulls stepped in at the lows from April last year and were able to defend the support zone for now. With LT volatility increasing, it seems the range is expanding both to the up- and downside which made us adjust our S/R zones slightly.
Trending Analysis
Non-directional LT price action since October 2017. Neutral bias while trading within this range and traders can look for potential trading opportunities at the extremes (top/bottom) of this range until it breaks.
Key Support & Resistance Zones
R: 0.9000 – 0.9100
S: 0.8620 – 0.8700
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Hang Seng 50 – Pullback To LT Key S/R Zone (Weekly chart)
Price Action Context
LT exhaustion into 33 350 followed by impulsive selling and corrective price action. The corrective structure got broken to the downside in the end of June last year, followed by continued selling towards 25 000. After putting in a rough double bottom, buyers came back and have now pushed price all the way back up to the LT S/R zone, a zone that coincides with a KSP from Q2 2015.
Trending Analysis
LT bias bearish and sellers can look for potential trading opportunities around the LT S/R zone.
Key Support & Resistance Zones
R: 28 200 – 29 350
S: 24 400 – 25 400