BITCOIN (BTCUSD) – CASH: Potential Breakdown From Multiple Inside Bar Pattern
(WARNING NOTE ON CRYPTO CURRENCY: As Bitcoin and crypto currency doesn’t form perfectly clean signals most of the time, we will only annotate the clearest and well-pronounced signals that form at confluent areas on the charts. Therefore not all price action signals/patterns will be annotated or discussed. TRADING BITCOIN AND CRYPTO IS HIGH RISK, CONSIDER A REDUCED POSITION SIZE UNTIL YOU ARE FAMILIAR WITH THESE MARKETS).
Price Action: Price formed an Inside Bar Pattern just under the 42608 short-term resistance level late last week.
Price had been forming a Multiple Inside Bar structure since last Wednesday.
Price moved significantly lower from the prior Inside Bar Pattern that had formed, over a week ago (We suggested trading this pattern in the April 10th, weekly newsletter and hopefully some traders got on board).
Potential Trade Idea 1: For more aggressive traders, we are considering selling on a breakdown below the current Inside Bar Pattern.
Potential Trade Idea 2: We are still considering selling if price pulls back to the prior Inside Bar breakdown area.
NOTE – You can trade BITCOIN & CRYPTOCURRENCY via the trading platform we use HERE.
S & P 500 – Cash: Potential Breakdown From Bearish Pin Bar + Multiple Inside Bar (Combo Setup)
Price Action: Price formed a Bearish Pin Bar + Multiple Inside Bar (Combo Setup) just under the 4421 – 4488 short-term resistance area late last week.
Price formed a Bearish Pin Bar Signal mid-last week (We suggested trading this signal in April 13th, members’ daily newsletter).
Potential Trade Idea: We are now considering selling on a breakdown below the current Bearish Pin Bar + Multiple Inside Bar (Combo Setup).
NOTE – You can trade S&P 500 Cash via the trading platform we use HERE.
GOLD – SPOT: Waiting For A Pull Back To Recent Pin Bar Signal (Event Area)
Price Action: Price formed an ultra-small Bullish Pin Bar Signal late last week (We are not considering trading this signal).
Price moved significantly higher from the prior Bullish Pin Bar Signal (Event Area) that had formed over 2 weeks ago (We suggested trading this signal in April 4th, weekly newsletter and hopefully some traders got on board).
Idea: We are still considering buying on a retracement lower to within the range of the prior Bullish Pin Bar Signal.
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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.