Trade Ideas: GBPUSD Price Surges From Tailed Bar Signal & EURUSD Potential Fakey Setup – April 13th, 2021
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Commentary Disclaimer: This 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.
EURUSD – Spot
Key levels: 1.1704, 1.1833, 1.1988, 1.2180, 1.2243
Price Action: Price formed a Multiple Inside Bar + Pin Bar combo pattern just above the 1.1833 short-term support level overnight (we are not trading this signal as it would effectively be trading a breakout into a key resistance level, and the overall trend is still technically bearish). Last Thursday Price invalidated the recent bearish Pin Bar signal, that formed above the 1.1833 short-term support level early last week (we had mentioned not considering trading this signal as it had a narrow range, formed in no man’s land, and was just above the 1.1833 short-term key level – discussed in last Thursday’s members newsletter).
Potential Trade Idea:
Trade Idea 1: We are considering selling short on a retracement higher and from a price action sell signal at or around the 1.1988 key resistance level.
Trade Idea 2: We are considering trading longs from a Potential Bullish Fakey setup (False break down below the Multiple inside bar pattern and then reversal back up), at or around the 1.1833 short-term support level.
NOTE – You can trade Spot EURUSD via the trading platform we use HERE.
GBPUSD – Spot
Key levels: 1.3570, 1.3620, 1.3671, 1.3702, 1.3760, 1.3917, 1.4002, 1.4236
Price Action: Price moved higher from the bullish Tailed Bar signal that had formed just above the 1.3671 key support level late last week (discussed in Monday’s weekly newsletter). Price formed a bearish Pin Bar signal just above the 1.3671 – 1.3702 support zone late last week (we had mentioned not considering trading this signal as it had formed just above a key support zone – discussed in last Friday’s members newsletter).
Potential Trade Idea: We are still considering trading longs on a retracement lower and after a price action buy signal on the 4 hour or daily chart time frame, at or just above the 1.3671 major support level.
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
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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.