Weekly Price Action Trade Ideas – 14th to 18th Sep 2020

Markets Discussed in This Week’s Trade Ideas: USDCHF, EURSGD, BITCOIN, and GOLD.

 

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

USDCHF 4 Hour Chart

• Watching For Momentum to Test Major Support

Price action on this pair is forming a pretty solid box pattern that could soon offer trading opportunities.

Not only are there box support and resistance levels, but on the smaller intraday charts we have some other minor levels to watch for potential trades.

Price is now looking to potentially break and move through one of these levels. If this occurs price would then look to move into the swing low and major support that would then become a major focus.

4 Hour Chart

 

EURSGD 4 Hour Chart

• Playing Both Sides Until a Breakout

This market is in severe consolidation mode after forming a solid trend higher.

Whilst a breakout higher with the longer term trend would be favorable for longer term traders, for shorter term traders there are other trading opportunities.

Price is trading within a clear-cut range.

Whilst we do not want to get caught trading within the middle of the range and chop, trades can be found from the range highs and lows (support and resistance).

4 Hour Chart

 

GOLD Daily Chart

• Momentum Building With Lower Highs

After making a strong trend higher for the bulk of this year, price in this market has been in consolidation mode for the past two months.

As the daily chart shows; price has been winding up tighter and tighter with a series of lower highs.

Price is now coming to an important crossroads. Momentum has been building lower with each test of the major support showing weaker buying.

For the trend higher to continue this support is crucial. A break lower and there is a large amount of room for price to fall into.

Daily Chart

 

BITCOIN 4 Hour Chart

• Consolidation After Large Sell Off

After a large sell off in this market, price has moved into consolidation.

Over the next few sessions we can begin to watch for the next phase and the continuation.

If price can break the intraday minor support around 10197.95, then we could get a move into the major support level and potentially start looking for much larger breakouts lower.

4 Hour Chart

Trade Ideas Note: All views, discussions and posts in the ‘charts in focus trade ideas’ are the view of Forex School Online and are not recommendations or trading advice. All posts are general in nature and are not advice to buy or sell.

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

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