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NIAL FULLER
Professional Trader, Author & Trading Coach

Daily Trade Setups Ideas & Chart Analysis by Nial Fuller – Jan 31st, 2019

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By in Forex Trading Commentary & Trade Signals by Nial Fuller Last updated on | 4 Comments

Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).
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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.

GBPUSD 

Trend: Bullish

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.

USDJPY

Trend: Bearish

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

Trend: Neutral

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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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. Huriye February 2, 2019 at 10:30 am

    Hello Nial,
    I have started to follow you. What you wrote with courage and supportive. thanks alot.
    I’m interested in gold. What do you think about gold?

    Thanks,

    Reply
  2. derrick February 1, 2019 at 2:04 am

    thanks so much sir i appreciate

    Reply
  3. Eneias Nascimento January 31, 2019 at 8:34 pm

    Very Nice, Nial. Thanks.

    Reply
  4. Mr. Ali January 31, 2019 at 8:17 pm

    Welcome back and thank you for the analysis, that said there is a support level on Usdjpy around 118.130 i drew on my chart, what do you think about it sir… Regards

    Reply

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