Trade Ideas: USDJPY Surges From Pin Bar Signal and S&P 500 Breaks To New All Time Highs – October 30th, 2019
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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.
USDJPY – Price Surges After Bullish Pin Bar Signal, Now Watch For Break Out Above 108.90
Trend: Bullish (short term)
Relevant Key Levels: Resistance at 108.50 and 108.90. Support at 104.60 and 106.80.
Price Action: Prices just broke up from the Bullish Pin Bar that formed recently at 108.50 remains intact.
Current Notes: Price could now surge higher after closing above the 108.90 resistance level. The recent break and close above 108.50 could see prices break out of the recent sideways congestion and activate a short term uptrend.
Potential Trade Idea: We will consider buying after a price action signal whilst prices remain above the 106.80 support area (eg: Inside Bar break out or Pin Bar signal) Upside Targets to 108.90 and then 110.000 and possibly beyond.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
S & P 500 – Break Out Above 3030 All Time High Signals Longer Term Trend Continuation
Relevant Key Levels: Support at 2960 to 2980, 2860 to 2890 and 2800 to 2825. Resistance 3030.
Price Action: Price breaks out to new highs clearing and closing above the 3030 level. Price recently surged higher from a giant Bullish Pin Bar Signal with a large tail that formed above the 2860-90 support area.
Current Notes: A break above 3030 activates a longer-term break out pattern. A strong technical support base has formed after prices held firmly at the 2860 to 2890 support area. The trend remains bullish whilst the 2800 to 2825 key support area holds.
Potential Trade Idea: We will continue to consider buying on ANY retracement in prices OR after a clear price action buy signal (eg: Pin Bar Signal) whilst prices remain above the 2860 to 2890 support area. Initial upside targets to 3030.
NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.
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