Trade Ideas: Selling CRUDE OIL Inside Bar + Pin Bar Pattern & Selling GBPUSD Inside Bar + Tailed Bar Pattern
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.
CRUDE OIL – Looking To Sell The Inside Bar + Bearish Pin Bar (Combo Pattern)
Relevant Key Levels: Support at $51.20, $54.00 to $55.00 Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: Inside Bar + Pin Bar Combo pattern forms overnight. The prior Inside Bar pattern had false broken up and has the potential to become a Bearish Fakey Pattern if prices break back down below the mother bar.
Current Notes: Price had collapsed lower 2 weeks ago after testing the $60.20 resistance zone (prior event area). The bias is bearish whilst prices remain contained beneath the $60.20 to $63.20 major resistance zones.
Potential Trade Idea: We will consider selling the Inside Bar + Pin Bar combo signal from current prices, expecting a break down towards the $54.00 to $55.00 target area initially, then lower if these levels fail.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
GBPUSD – Looking To Sell The Inside Bar + Bearish Tailed Bar (Combo Pattern)
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2820-70, 1.2770 and 1.2580. Support 1.2380 to 1.2430.
Price Action: Inside Bar + Bearish Tailed Bar Combo pattern forms overnight, potential to break down from here. Another Inside Bar structure broke down mid this week and remains active. A giant Bearish Fakey recently activated lower and remains active.
Current Notes: Price rotated towards the 21 Day EMA again this week, and repelled lower. The bias remains very bearish whilst prices remain below the 1.258o to 1.2780 resistance area.
Potential Trade Idea: We will continue looking to sell short on any pockets of strength OR look to sell the break down from the current Inside Bar + Tailed Bar combo setup, targeting further declines towards 1.2400 and below.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
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