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Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Daily Trade Setups Ideas & Chart Analysis by Nial Fuller – Jan 31st, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily chart time-frames unless marked otherwise.
Relevant Key Levels: Resistance 1.2920 and 1.3290. Support 1.2480, 1.2660 and 1.2800.
Price Action: Inside bar forms on daily chart, market sells off below mother bar low of this inside bar structure and is now pushing back up to attempt to trigger a bullish fakey setup. A giant bullish pin bar still exists in tact from 1.2660 support.
Current Notes: Chart generally bullish, buy weakness whilst support at 1.2660 holds.
Potential Trade Ideas:
1 – Consider buying if bullish fakey triggers above inside bar
2 – Consider buying on any weakness whilst prices hold above 1.2660 support.
NOTE – Due to BREXIT, the situation in UK, we are not personally holding GBP related trades over the weekend presently.
Relevant Key Levels: Resistance 112.00 and 109.70. Support 104.60
Price Action: Multiple bearish Pin bars / bearish tailed bars form under/at resistance. Major break down recently occurred below 112.00 and 109.70 key levels
Current Notes: The bias is bearish beneath 112.00. We continue to look for sell signals from overhead resistance.
Potential Trade Idea: We will consider selling on a bearish price action signal under 112.00. Targetting a move back to 104.60.
S & P 500
Relevant Key Levels: Resistance 2600, 2690 and 2790-2800. Support 2500-2550, 2440 and 2320.
Price Action: Price has reconnected above 2600 and is headed towards a major event area at 2790-2800 resistance. Bullish pin bar forms off 2400 which has led to prices recovering after the recent collapse.
Current Notes: The bias is bullish above 2600, and bearish under 2790-2800. We are looking for buy signals from support and sell signals from resistance.
Potential Trade Ideas:
1 We will consider buying at or just above 2600
2 We will consider selling short at or just under 2790-2800
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