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.
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.
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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.
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
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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.
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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