Trade Idea Update: GBPUSD Fakey Sell Signal Activates, EURUSD Pin Bar 50% Entry Triggers – July 17th, 2019
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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.
GBPUSD Fakey Sell Signal Activates
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2820-70 and 1.2770. Support 1.2430.
Price Action: Price has broken down below the low of the Pin Bar that formed late last week (mentioned in the Prior Trade Idea Update). A Bearish Fakey Setup also activated as prices broke back down below the prior Inside Bar structure.
Current Notes: The bias remains very bearish whilst prices remain below the 1.2780 resistance area.
Potential Trade Idea: Our Prior Trade Idea Update suggested we sell on a break back down below the low of the pin bar at 1.2495, this move has since triggered and prices collapsed lower, with prices testing the 1.2400’s support area. We will continue looking to sell short on any pockets of strength, targeting further declines towards 1.2400 and below.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
EURUSD Pin Bar 50% Entry Triggers
Relevant Key Levels: Resistance at 1.1325, 1.1430 and 1.1570. Support 1.1110.
Current Notes: The longer-term trend remains bearish as prices remain contained below 1.1430 and 1.1570 long term key resistance levels. Short term resistance at 1.1325-45 area.
Potential Trade Idea: We continue to consider selling short from the recent Pin Bar signal area (retrace into recent price action event area), targeting a move back to the recent low at 1.1110 to 1.1180 area, and then potentially much lower if that level fails.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
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