Trade Ideas: EURUSD: Pushing Higher From Pin Bar + Inside Bar Combo Setup & GOLD: Bullish Fakey Pattern Remains Intact – October 31st, 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 – Pushing Higher From Pin Bar Inside Bar Combo Setup
Relevant Key Levels: Resistance at 1.1190 and 1.1280. Support at 1.0805 and 1.0925, 1.1005 and 1.1050
Price Action: Price breaks up from the Bullish Pin Bar + Inside Bar combo pattern we discussed in yesterdays update. There is a prior bearish price action event area approaching at the 1.1190 to 1.1280 resistance zone.
Current Notes: Price may drift higher from the bullish pin bar signal in the short term, however the bias still remains bearish as prices remain contained below the overhead 1.1190 to 1.1280 resistance range. A break and close above that level would activate a short term trend change to bullish.
Potential Trade Idea 1: We will continue to consider buying from a bullish price action signal (eg: Pin Bar), whilst price remains above the 1.1005 to 1.1050 support area. Initial upside targets to 1.1190 and 1.1280
Potential Trade Idea 2: We will consider selling short on any short term bounce in prices and after a bearish price action sell signal, whilst price remains below the 1.1190 to 1.1280 resistance area. Initial downside targets to 1.0925 and 1.0805.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
GOLD – Surges After Bullish Tailed Bar + Fakey Pattern Remains In Tact
Trend: Neutral (short term). Bullish (long term).
Relevant Key Levels: Support at $1350, $1380, $1400 and $1440 to $1450’s area. Resistance at $1525 and $1550.
Price Action: Bullish Tailed Bar forms overnight (price held the low of the recent Fakey Pattern as well). Prior bullish fakey signal that formed recently is still active and in line with the trend. Bearish pin bar also formed previously (not trading this signal as it conflicts with bullish fakey pattern, and is counter to the long term bullish trend)
Current Notes: The short term bias moves to neutral. The long term bias is bullish whilst prices remain supported above the $1400 to $1440 key long term support area.
Potential Trade Idea: We will continue to consider buying after a price action buy signal whilst prices remain above the $1440 to $1450’s support area (eg: Pin Bar or Fakey pattern), targeting a move back up to the $1525 and potentially the $1550 area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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