Trade Ideas: EURUSD: Bearish Pin Bar + Inside Bar Combo Pattern & S&P 500: Bullish Pin Bar Signal – September 11th, 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.
EURUSD: Bearish Pin Bar + Inside Bar Combo Pattern Could Trigger Move Lower
Relevant Key Levels: Resistance at 1.1060 to 1.1110, 1.1180, 1.1280, 1.1325, 1.1430 and 1.1570. Support at 1.0805
Price Action: Bearish Pin Bar + Multiple Inside Bar combo pattern forms at/under 1.1060 resistance and in line with the bearish trend.
Current Notes: The short term bias remains bearish as prices remain contained below the overhead 1.1180 to 1.1280 resistance.
Potential Trade Idea: We will consider selling short on any pockets of strength or from a bearish price action sell signal (ie: bearish pin bar signal), whilst price remains below the 1.1180 to 1.1280 resistance area (prior event zone resistance). Initial downside targets 1.0805.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
S&P 500: Bullish Pin Bar Signal Could Trigger Move Higher
Relevant Key Levels: Support at 2940 to 2960, 2890 to 2915, 2860-90, 2800-2825. Resistance at 3030 and 3000
Price Action: Pin Bar forms at 2940-60 short term support range. Price surges to close above 2940 to 2960 resistance area and activates a bullish continuation.
Current Notes: The break and close above the 2940 to 2960 resistance has opened the door for a push back towards the old highs at 3000-3030 again. The bias remains very bullish whilst the 2800 to 2825 key support area holds firm.
Potential Trade Idea: We will continue to consider buying on a clear price action buy signal. A potential short term buy area exists at 2940-2960 or 2890-2915 support. Watch for price action signal at these key support areas. Upside targets to 3030.
NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.
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