Trade Ideas: Crude Oil: Bearish Pin Bar Signal Under $57.50 Resistance & GBPUSD: Selling The Bounce Around 1.2380 to 1.2500 Resistance – September 6th, 2019
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).
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.
CRUDE OIL: Looking To Sell From The Bearish Pin Bar Signal Whilst Prices Remain Under The $57.50 Resistance Level
Relevant Key Levels: Support at $50.00 to $51.20, $54.00 to $55.00. Resistance at $63.50, $60.30 and $57.50.
Price Action: A Bearish Pin Bar forms right at $57.50 resistance in line with the down trend, late this week. Over the past few weeks, the price tested the $57.50 resistance area and sold off several times. A bearish Pin Bar formed right under $57.50 resistance recently leading to a strong sell off. Price had re-tested the event area resistance around the $57.50 to $60.20 area and rejected lower several weeks ago.
Current Notes: The bias is still very bearish whilst prices remain contained beneath the overhead $57.50 to $60.20 resistance area. Price had collapsed lower several weeks ago after testing the $57.50 to $60.20 resistance major zone.
Potential Trade Idea: We will consider selling short on any retracement higher OR from a bearish price action signal (ie: Current Bearish Pin Bar Signal), whilst price remains below the $57.50 to $60.20 resistance area, targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
GBPUSD: Looking To Sell Into The Counter Trend Bounce Around The 1.2380 to 1.2500 Resistance Area
Relevant Key Levels: Resistance at 1.2580 and 1.2380 to 1.2430. Support at 1.1990.
Price Action: Price bounced from a large Pin Bar forms that formed at 1.1990 support recently (didn’t trade as this was a as counter-trend signal). The bearish 4 bar Fakey activated and broke down last week (mentioned in a recent update). An inside bar pattern also broke down late last week.
Current Notes: Prices reached our recent long term target level at 1.1990 long term support and have bounced strongly. If we eventually break back below 1.1990 the door can re-open to significantly lower prices. The trend still remains very bearish whilst prices remain below the 1.2380 t 1.2430 resistance area.
Potential Trade Idea: We will consider selling short on any pockets of strength or from a bearish price action sell signal (ie: A Bearish Pin Bar Signal), whilst price remains below the 1.2380 t 1.2430 resistance area (prior event zone resistance).
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
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