GBPUSD – SPOT
Recently, price moved lower from the prior Bearish Multiple Inside Bar Pattern + Pin Bar Signal (Combo Setup) that had formed just under the 1.3667 – 1.3739 short-term resistance area, late last week (We discussed this trade idea in our January 21st Trade Ideas Newsletter).
Potential Trade Idea 1: We are considering buying on retracement lower to within the 50% range of the current Bullish Pin Bar Signal, whilst price holds above the 1.3360 – 1.3419 short-term support area (Prior Event Area).
Potential Trade Idea 2: We are still considering selling if price pulls back to the recent Bearish Multiple Inside Bar Pattern + Pin Bar Signal (Combo Setup) breakdown area, whilst price remains under the 1.3667 – 1.3739 short-term resistance area.
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
GOLD – SPOT
Price Action: Price formed a Bullish Tailed Bar Signal just above the $1831 short-term support level, overnight (Not considering trading this signal as we prefer to buy on a deeper pullback to key support areas).
Price recently moved higher from the prior Bullish Tailed Bar Signal that had formed, early last week, and closed above the $1831 prior short-term resistance level.
Things have turned mildly Bullish as we are now above the $1831 short-term prior resistance area. There is a major resistance level at $1877. 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 signal, within or around the $1782 – $1805 short-term support area.
NOTE – You can trade Spot Gold via the trading platform we use HERE.
CRUDE OIL – Futures
Price Action: Price formed a Bullish Tailed Bar Signal + Inside Bar Pattern (Combo Setup), overnight (We are not considering trading this signal as it had formed just under the major resistance range – Prior Event Area and the prior Bearish Pin Bar Signal remains active and we prefer to buy on a deeper retracement lower to key support areas).
Potential Trade Idea 1: For more aggressive traders, we are still considering selling from the recent Bearish Pin Bar Signal, with stops well above the Pin Bar’s high.
Potential Trade Idea 2: We are still considering buying on a retracement lower and/or after a price action buy signal, whilst price holds above the $74.17 – $77.46 short-term 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.