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Nial Fuller

Professional Trader, Author & Coach

Trade Ideas – USDJPY: Bullish Fakey Setup & S&P500: Bearish Fakey Setup – March 8th, 2022

Note On Charts: It’s important you are trading with a broker that offers True 5 Day New York Close Charts.

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USDJPY – SPOT: Buying A Pullback Into The Range Of Bullish Fakey Setup

Price Action: Price formed an Inside Bar Pattern, overnight (We are not considering trading this pattern as given the huge size of this pattern it would be hard to manage risk-reward).

Price moved lower from the recent Bearish Pin Bar Signal that had formed, late last week (We did not consider trading it nor did we mention it).

Price briefly 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.

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: Selling A Pullback Into The Range Of Bearish Fakey Setup

Price Action: There is no new price action signal to note at this time.

Price moved lower from the recent Bearish Fakey Setup that had formed, mid-last week.

Price broke and closed under the 4245 – 4270 prior key support area.

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 considering selling if price pulls back to within the range of the recent Bearish Fakey setup, with risk management above the Fakey Bar.

Potential Trade Idea 2: We are still considering selling on a retracement higher and only after clear price action signal, whilst price remains below the 4484 – 4494 resistance area.

NOTE – You can trade S&P 500 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.

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Nial Fuller

About Nial Fuller

is a Professional Trader, Investor & Author who is considered ‘The Authority’ on Price Action Trading. His blog is read by over 200,000+ followers and he has taught 25,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
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