Trade Ideas: EURUSD: Potential Inside Bar Break Down & GOLD: Waiting To Sell Short On A Retracement – November 20th, 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: Inside Bar Pattern Could Trigger A Break Down
Relevant Key Levels: Resistance at 1.1105, 1.1180 and 1.1280. Support at 1.0805, 1.0925 and 1.1005 to 1.1050
Price Action: An Inside Bar formed early this week.
Current Notes: The long term bias remains bearish as prices remain contained below the 1.1280 long term resistance range.
Potential Trade Idea: We will consider selling short on any short term bounce in prices and after a bearish price action sell signal (Pin Bar or Inside Bar break out) whilst prices remain below the 1.1180 resistance area. Initial downside targets to the 1.0925 – 1.1005 area.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
GOLD: Selling On Any Bounce Back Towards $1520 Resistance
Relevant Key Levels: Support at $1350, $1380, $1400 and $1440 to $1450’s area. Resistance at $1525 and $1550.
Price Action: A Bullish Pin Bar formed again at the $1450 early this week. Price remains contained below a recent Bearish Pin Bar that had formed just under the $1525 level several weeks ago. (event area)
Current Notes: Price may bounce in the short term, however, the short term bias is still bearish under $1525 resistance. The long term bias is still bullish whilst prices remain supported above the $1400 support area.
Potential Trade Idea: We will consider selling after a bounce in prices and after a price action sell signal to confirm a short entry (eg: Bearish Pin Bar) whilst prices remain below $1525 resistance area, targeting a move back down to the $1450’s area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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