Mid-Week Price Action Trade Ideas – 15th May 2019

Markets Discussed in Today’s Trade Ideas: USDCHF, GBPJPY and EURGBP.

 

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 Daily and 4 Hour Charts

Price Flip Resistance in Play

Price action on the daily chart of the USDCHF is looking to make a possible test of the overhead price flip resistance level.

After aggressively breaking lower and through this level, price has paused and could now make a re-test.

Price action traders could watch this level over the next few sessions for potential bearish A+ price action triggers to get short.

Daily Chart

4 Hour Chart

 

EURGBP Daily Charts

Test of Long-term Level

Whilst the EURGBP has been fairly choppy in recent times with no clear trend, it has now moved up to make a major test of a proven long term resistance level.

As the zoomed out chart shows below; this level has held as both support and resistance.

Because of the sideways conditions in recent times with no clear trend, this market could be played both ways. If price fires off an A+ bearish trigger to get short such as a false breakout, then it could open the way for short positions. However; if we get an aggressive break and close above this level we could look for quick break and re-test trade setups.

Daily Chart

Daily Chart

 

GBPJPY Daily Charts

Daily Chart Inside Bar

Price on the daily chart of the GBPJPY has fired off an inside bar.

This inside bar comes after price smashed lower and through the breakout level as we discussed in the start of weeks trade ideas.

The pause and inside bar price action pattern is a common occurrence after we see a strong move higher or lower. No market moves straight higher or lower without taking a moment to pause and consolidate.

This daily chart inside bar is also sitting on a pretty solid support level, but if price can break and continue with the recent momentum we could see another fast move into the next support area.

Daily Chart

Daily Chart

4 Hour Chart

 

Trade Ideas Note: All views, discussions and posts in the ‘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.

 

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