Trade Ideas – GBPJPY: Inside Bar Pattern, EURUSD: Waiting For Sell Signal & GOLD: Buying A Pullback – Feb 2nd, 2022
GBPJPY – SPOT
Price Action: Price formed an Inside Bar Pattern, overnight.
The recent Bearish Fakey Setup, failed (We did not consider trading this setup and hopefully saved some members on this market).
Potential Trade Idea: We are considering buying on a breakout above the current Inside Bar Pattern.
NOTE – You can trade Spot GBPJPY via the trading platform we use HERE.
Price Action: Price recently broke down below the 1.1185 – 1.1225 short-term support area but later reconnected back above that support area.
Price recently moved down below the prior Bullish Pin Bar Signal that had formed, early last week (We did not consider trading that signal and hopefully saved some members on this market).
Potential Trade Idea: We are still considering selling into strength and after a price action sell signal, whilst price remains under the 1.1383 – 1.1422 short-term resistance area.
NOTE – You can trade Spot EURUSD via the trading platform we use HERE.
GOLD – SPOT
Price Action: Price formed a Bearish Pin Bar Signal just under the $1805 short-term resistance level, overnight (We are not considering trading this signal as it didn’t form at any confluent level and we prefer to sell at or around key resistance areas).
Price formed a Bullish Tailed Bar Signal just above the $1782 short-term support level, late last week (We did not consider trading this signal as we prefer to buy on a deeper retrace to the key support areas).
Price recently collapsed back below the $1831 prior short-term support level. Overall we are in a broader sideways range with no clear direction – zoom out to see.
Potential Trade Idea: We are still considering buying on a retracement lower and after a price action buy signal, within or around the $1752 – $1764 key support area.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.