Trade Ideas: GBPUSD: Bearish Fakey Pattern Triggers & GOLD: Pin Bar + Inside Bar Combo Pattern To Trigger Correction Back To $1480 Support – August 30th, 2019
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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.
GBPUSD – Bearish Fakey Pattern Activates, Expect A Move Lower Towards 1.1990
Relevant Key Levels: Resistance 1.2820-70, 1.2770, 1.2580, 1.2380 to 1.2430 and 1.12250. Support 1.1990.
Price Action: A bearish 4 bar Fakey has activated lower mid this week. A counter-trend bullish Pin Bar that formed at the start of last week has triggered a move higher into the end of last week. (didn’t trade as counter-trend signal)
Current Notes: Prices could move down to re test 1.1990 long term support, and if we break below this level the door opens to significantly lower prices. The bias remains very bearish whilst prices remain below the 1.2400 to 1.2560 resistance area.
Potential Trade Idea: We will consider selling short on any pockets of strength or from the current Fakey signal, whilst prices remain below the 1.2400 to 1.2560 resistance zone, targeting further declines towards 1.1990 area (and further if we break and close below this key level).
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
GOLD – Pin Bar + Inside Bar Combo Pattern Activates
Relevant Key Levels: Support at $1350, $1380, $1400 and $1440-$1450 area. Resistance at $1550
Price Action: Price looks to be breaking lower from a Bearish Pin Bar + Inside Bar Combo pattern, this setup could trigger a short term correction back to $1440 to $1480’s area. (not trading short signals as trend is still very bullish).
Current Notes: The bias is bullish whilst prices remain supported above the $1400 to $1440 key support levels. The strategy of choice continues to be buying on any pockets of weakness.
Short Term Trade Idea 1: We consider buying on a price action buy signal after a retracement to around the short term $1440 to $1480 support area, targeting a move back to $1525 to $1550 area.
Long Term Trade Idea 2 : We will continue to consider buying on a retracement, and after a clear price action buy signal (ideally a bullish pin bar reversal) after a retracement to around the longer-term $1400 to $1440 support area, targeting a move back to $1525 to $1550 area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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