Trade Ideas: GBPUSD Surges From Fakey Setup & SPI 200 Pin Bar + Inside Bar Combo Pattern – April 20th, 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.

GBPUSD – Spot

Key levels: 1.3570, 1.3620, 1.3671, 1.3702, 1.3760, 1.3917, 1.4002, 1.4236

Price Action: Yesterday, price surged aggressively from the Bullish Fakey +  Giant Tailed Bar setup that had formed within the 1.3671 – 1.3759 key support range late last week (Price initially false break down below the inside bar pattern that we discussed in the previous newsletter, before aggressively reversing back up to form a Bullish Fakey setup – discussed in April 19th weekly newsletter). Price broke out from the Inside Bar + Pin Bar combo pattern that had formed just above the 1.3671 key support level early last week (discussed in last Wednesday’s newsletter). Price moved higher from the bullish Tailed Bar signal that had formed just above the 1.3671 key support level over a week ago (discussed in the 12th – 16th weekly newsletter).

Potential Trade Idea: We are still considering trading longs on retracement lower to within the range of the Bullish Fakey + Giant Tailed Bar setup (second chance entry), whilst price remains above the 1.3671 – 1.3759 key support range.

NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.

SPI 200 – Cash

Key levels: 6511, 6561, 6658, 6761, 6862, 6900, 6920

Price Action: Yesterday, price formed a Bullish Pin Bar + Inside Bar combo pattern at all-time highs. Price broke out from the Multiple Inside Bar Pattern that had formed just above the 6862 – 6920 major support level early last week (discussed in the April 14th members newsletter). Price didn’t end up triggering the potential Bearish Fakey + Pin Bar setup that had formed just above the 6862 – 6920 major support zone early last week (We had mentioned not considering trading this potential Bearish Fakey + Pin Bar signal, as we are in an aggressive uptrend and the setup had formed just above the 6862 – 6920 major support zone – discussed in last Thursday’s members newsletter). Over a week ago, price broke out strongly above the 6920 major resistance level (discussed in April 8th newsletter).

Potential Trade Idea:

Trade Idea 1: We are considering trading longs on a retracement lower to within the range of the recent Multiple Inside Bar Breakout, whilst price remains above the 6862 – 6920 major support zone.

Trade Idea 2: Aggressive traders might consider trading longs from the Bullish Pin Bar + Inside Bar combo signal, in anticipation of the recent bullish momentum continuing and taking prices to new all-time highs.

NOTE – You can trade SPI 200 Cash 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.