Trade Ideas – USDJPY: Breaks Higher From Bullish Fakey Setup & S&P500: Bearish Pin Bar Sell Signal – March 9th, 2022
USDJPY – SPOT: Breaks Higher From Bullish Fakey Setup + Long Tailed Bar
Price Action: There is no new price action signal to note at this time.
Price moved higher from the prior Bullish Fakey Setup + Long Tailed Bar that had formed just above the 114.15 – 69 short-term support area, over a week ago (We suggested buying on a retracement lower to within the range of this Fakey Setup in the February 28th to March 4th, 2022, weekly market newsletter).
Price moved higher from the recent Inside Bar Pattern that had formed, earlier this week (We did not consider trading this pattern as given the huge size of this pattern it would have been hard to manage risk-reward).
Potential Trade Idea: We are still considering buying on a retracement lower to within the range of the prior Bullish Fakey Setup + Long Tailed Bar Signal, whilst price remains above the 114.15 – 69 support area.
NOTE – You can trade Spot USDJPY via the trading platform we use HERE.
S&P 500 – Cash: Bearish Pin Bar Reversal Sell Signal
Price Action: Price formed a Bearish Pin Bar Signal just under the 4245 -70 short-term resistance area, overnight.
Price moved lower from the recent Bearish Fakey Setup that had formed, mid-last week.
Price briefly moved higher from the prior Bullish Pin Bar signal that had formed, over a week ago (We did not consider trading this signal as it had formed just under the short-term resistance area and against the recent short-term Bearish trend).
Potential Trade Idea 1: For more aggressive traders, we are now considering selling on a retracement higher to within the range of the current Bearish Pin Bar Signal, with risk management above the Pin Bar.
Potential Trade Idea 2: We are still considering selling on a retracement higher and only after clear price action sell signal, whilst price remains below the 4484 – 4494 resistance 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.