Trade Ideas: EURUSD Bearish Pin Bar + Inside Bar Combo Setup, GBPUSD Potential Bearish Fakey Setup – August 9th, 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 Setup
Relevant Key Levels: Resistance at 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.1110 and 1.1020’s.
Price Action: Double Inside Bar + Bearish Pin Bar forms over the past few days. A bullish pin bar formed at the 1.1000 support level late last week (not trading as counter-trend).
Current Notes: The short term remains bearish as prices remain contained below 1.1280 resistance.
Potential Trade Idea: We will consider selling short on any pockets of strength OR on a price action sell signal, whilst price remains below 1.1280 resistance, targeting a move back to the 1.1110 level, and then potentially much lower to 1.1020’s.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
GBPUSD – Potential Bearish Fakey Setup
Relevant Key Levels: Resistance 1.2820-70, 1.2770, 1.2580, 1.2380 to 1.2430. Support 1.1990.
Price Action: False break of Inside Bar structure mid this week, suggests the commencement of potential Bearish Fakey Pattern if prices break back down. A bearish pin bar formed mid-last week around the recent lows. 2 small tailed bars form at the recent lows.
Current Notes: The bias remains very bearish whilst prices remain below the 1.2400 to 1.2560 resistance area.
Potential Trade Idea: We will continue looking to sell short on any pockets of strength OR on a price action sell signal whilst prices remain below the 1.2400 to 1.2560 resistance area, targeting further declines towards 1.1990 area.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
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