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.
Weekly Trade Ideas & Chart Analysis by Nial Fuller – August 12th to 16th, 2019
All charts illustrated are daily time frames unless marked otherwise.
GBPUSD – Bearish Fakey Pattern Triggers
Relevant Key Levels: Resistance 1.2820-70, 1.2770, 1.2580, 1.2380 to 1.2430. Support 1.1990.
Current Notes: The bias remains very bearish whilst prices remain below the 1.2400 to 1.2560 resistance area.
Potential Trade Idea: We will continue looking to sell short on any pockets of strength OR on a price action sell signal whilst prices remain below the 1.2400 to 1.2560 resistance area, targeting further declines towards 1.1990 area.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
USDJPY – Inside Bar Setup Forms Under 106.80 Resistance
Relevant Key Levels: Resistance 112.00, 111.00, 109.00, 107.80 and 106.80. Support 104.60
Price Action: Inside Bar forms within a counter-trend bullish pin bar late last week (will become bearish setup if prices break down). False Break and reversal occurred at 109.00 resistance which has led to a subsequent collapse in prices back below 106.80 support.
Current Notes: Price bias has turned aggressively bearish last week, slicing back below the major 106.80 support level.
Potential Trade Idea: We will consider selling short on a retracement back to or just under the 106.80 to 107.80 resistance zone, targetting a move to 106.80 and then 104.60.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
CRUDE OIL – Looking To Sell Under The $57.50 to $60.20 Resistance This Week
Relevant Key Levels: Support at $51.20, $54.00 to $55.00. Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: Pin Bar + Inside Bar breaks up late last week (not trading as counter-trend). Price breaks down from a double inside bar setup mid last week. A giant bearish fakey setup triggered several weeks ago (event area resistance)
Current Notes: The bias is bearish whilst prices remain contained beneath the $57.50 to $60.20 resistance level. Price had collapsed lower several weeks ago after testing the $60.20 resistance zone.
Potential Trade Idea: We will consider selling short on any pockets of strength whilst prices remain below the $57.50 to $60.20 resistance area, targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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