Trade Ideas: GOLD Bearish Pin Bar, GBPJPY Bullish Pin Bar & CRUDE OIL Buying A Pullback – January 17th, 2022
GOLD – SPOT
Price Action: Price formed a Bearish Pin Bar Signal just under the $1834 short-term resistance level, late last week.
The prior Bearish Inside Bar Breakdown Pattern that had formed just under the $1834 short-term resistance level remains active.
Overall we are in a broader sideways range with no clear direction – zoom out to see.
Idea 1: For more aggressive traders, we are considering selling from the current Bearish Pin Bar Signal, whilst price remains below the $1834 short-term resistance area.
Idea 2: We are still looking to buy on a pullback and after a price action buy signal, within the $1752 – $1764 key support range (Prior Event Area).
NOTE – You can trade Spot GOLD via the trading platform we use HERE.
GBPJPY – SPOT
Price Action: Price formed a Bullish Pin Bar Signal just above the 155.92 short-term support level, late last week (We will consider this setup, despite there being some overhead resistance at 158.21. There has been strong bullish momentum on the chart recently which could see prices break out further).
The prior Bullish Multi-Bar Fakey Setup that had formed over a week ago, failed.
Idea: We are considering buying from the current Bullish Pin Bar Signal, with stops well below the Bullish Pin Bar’s low.
NOTE – You can trade Spot GBPJPY via the trading platform we use HERE.
CRUDE OIL – Futures
Price Action: Price had moved higher from the recent Inside Bar Breakout Pattern that had formed, late last week (Not considering trading this breakout pattern as it had formed just under the 84.91 – 85.41 key resistance zone, and we prefer buying on a deeper pullback to rejoin the existing trend).
Price had recently moved higher from the small bullish Pin Bar Signal that had formed, around two weeks ago (We mentioned trading this signal in the January 6th Newsletter).
Idea: We are still considering buying on a pullback and/or after a price action buy signal, whilst price holds above the $74.17 – $77.46 short-term support zone.
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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.