September Special: Get 45% Off Life-Time Access To Nial Fuller's Price Action Trading Course & Daily Newsletter (Ends September 30th) -
Nial Fuller

Professional Trader, Author & Trading Coach

Trade Ideas: GBPUSD Bearish Fakey Signal Could Trigger & USDJPY Bias Remains Bearish Under 106.80 Resistance – August 28th, 2019

author thumb
By in Forex Trading Commentary & Trade Signals by Nial Fuller Last updated on | One Comment

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.

GBPUSD – Looking To Sell If Potential Fakey Signal Triggers On A Break Down

Trend: Bearish

Relevant Key Levels: Resistance 1.2820-70, 1.2770, 1.2580, 1.2380 to 1.2430 and 1.12250. Support 1.1990.

Price Action: False Break above Inside Bar early this week, could trigger a Bearish Fakey if prices break back down below the mother bar low. 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: 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 if the potential Fakey signal triggers lower, 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.

USDJPY – Looking To Sell Whilst Price Is Contained Under The 106.80 to 107.80 Resistance Range

Trend: Bearish

Relevant Key Levels: Resistance 112.00, 111.00, 109.00, 107.80 and 106.80. Support 104.60

Price Action: Inside Bar forms early this week (impossible to trade as a break out lower as the mother bar too wide). Prices broke down from the Pin Bar + Multiple Inside Bar pattern (discussed in prior commentaries). A False Break and reversal occurred at the 109.00 resistance level several weeks ago, leading to a subsequent collapse in prices below long term key levels.

Current Notes: Price rallied strongly last week but is being contained at overhead resistance. The bias has turned aggressively bearish last week, slicing back below the major 106.80 support level.

Potential Trade Idea: We will consider selling short on a clear price action sell signal or on any pockets of strength whilst prices remain below the 106.80 to 107.80 resistance zone, targeting a move to 106.80 and then 104.60.

NOTE – You can trade USDJPY via the preferred trading platform we use HERE.

Members Get Daily Trade Ideas & Chart Analysis From Nial Fuller Every Day …
All Members of Nial Fuller’s trading courses & members area get access to Nial’s daily trade setups ideas newsletter. You will get potential trade ideas and technical chart analysis on Currency Pairs, Commodities, Stock Indices and more. For More Info Visit the Course Membership Page Here.

Note: –  Download a Free Trial of the Broker & Charting Platform We Use HERE.

Please Leave A Comment Below 

Print Friendly, PDF & Email

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. Viet July 11, 2019 at 12:32 am

    Nial, Im from Vietnam. I cannot describe how much I admire you.
    Never imagine some simple candle patterns have such power on the market.
    I always dream to be a successful trader living my free life with beloved but have never reached it after some years of ups and downs…a lot of pain, loss …
    I want to have a life like you, being happy with beloved wife and daughter and enjoy trading, please help me by posting more about your price action applications, I promise with you and with myself that I will appreciate every piece of experience from your posts.
    Many appreciation, admiration, loves and best wishes from me to you.

    • Nial Fuller July 12, 2019 at 1:53 am

      Your comment is very appreciated, it is good to hear from traders in Vietnam.


Leave a Comment

Your email address will not be published. Required fields are marked *