2nd Skies Trading

Weekly Price Action Setups & Trade Ideas | Nov 24-29

Chris Capre’s current live open price action & ichimoku trades: GBPUSD, SUI20, CORN, USDMXN, CHRW

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Forex Trade Idea: EURGBP – Approaching Structural Support (weekly chart)

Price Action Context

For the last 3 months, the EURGBP price action has been impulsive, selling off from the 93 handle down to mid 85’s.

The key is to take a step back and look at the larger time frames to see the overall structure the pair has been in for the last 3 years.

We are approaching a 3 year support zone that has not seen a weekly close below it since July 2016, hence there is likely some bulls looking to get long soon while some bears will potentially be taking profit on their shorts soon.

eurgbp forex pair trade setup 2ndskiesforex

Trending Analysis

ST bearish but LT neutral to bullish while inside this large corrective structure. Bulls should watch for trade setups near the upcoming support area.

Key Support & Resistance Levels

R: 9240, 9315

S: 8500, 8336

Stay tuned to the members market commentary for updates.


Stock Trade Idea: Tesla (TSLA) – Looking to Short Into Major Resistance (weekly chart)

Price Action Context

In our market commentary two weeks ago, we suggested shorting Tesla ($TSLA) into the major resistance zone and all time highs. That is exactly what has happened upon the first rejection of this resistance zone but we suspect there might be another chance to short.

tesla stock trade idea 2ndskies

Trending Analysis

ST bullish, MT Neutral while below this major resistance zone so look for potential trade setups to get short into this resistance area.

Key Support & Resistance Levels

R: 357,  385

S: 258, 185


Index Trade Setup: SUI20 Long Breakout Setup In Profit, Potential New Setups (4hr chart)

Price Action Context

Last week in our market commentary, we talked about getting long on the SUI20 index looking for a breakout pullback setup once it cleared 10337.

The index did just that and has climbed higher forming a new all time high in the process.

sui20 trade setup 2ndskies

Trending Analysis

ST and MT bullish while above 10192 on a weekly closing basis. Looking to add longs on a pullback towards 10300.

Key Support & Resistance Levels

R: 10410, 10500

S: 10323, 10192


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