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 – July 15th to 19th, 2019
All charts illustrated are daily time frames unless marked otherwise.
GBPUSD – Major Bearish Fakey Sell Signal Could Trigger If Prices Break Back Down
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2820-70 and 1.2770. Support 1.2430.
Price Action: A Pin Bar formed late last week next to an inside bar structure. There is now potential for a Bearish Fakey to activate if prices break back down the low of the Pin Bar signal. A bearish Pin Bar that formed 2 weeks ago activated a strong move lower (now event area resistance).
Current Notes: The short term bias remains bearish whilst prices remain below the 1.2780 to 1.2970 resistance area.
Potential Trade Idea: We will consider selling if the current Pin Bar Setup breaks back down below the low at 1.2495, targeting a deeper rotation back towards the old 1.2430 to 1.2500 support area or potentially lower if those levels fail.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
EURUSD – Multiple Price Action Sell Signals Suggest Sellers Maintain Control
Relevant Key Levels: Resistance at 1.1325, 1.1430 and 1.1570. Support 1.1110.
Price Action: Bearish Pin Bar formed late last week. The 2 prior pin bars still act as short term ‘event area’ resistance.
Current Notes: The longer-term trend remains bearish as prices remain contained below 1.1430 and 1.1570 long term key resistance levels. Short term resistance at 1.1325-45 area.
Potential Trade Idea: We will consider selling short from the 50% retracement area of the current bearish Pin Bar signal OR just under that prior ‘event area resistance’, targeting a move back to the recent low at 1.1110 to 1.1180 area, and then potentially much lower if that level fails.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
S&P 500 – Looking To Buy Any Pull Backs Whilst Bullish Trend Continues
Relevant Key Levels: Support 2946-60, 2860-90, 2800, 2690-2730. Resistance 3000.
Price Action: Inside Bar setup breaks up late last week. The Bullish Fakey setup that commenced several days ago has triggered to the upside.
Current Notes: Prices are very bullish whilst prices remain atop the 2860-90 support zone. The long term bias is bullish whilst prices remain atop the 2800 major support area. Any retracement lower is likely to see strong support from buyers around 2860-2890 short term support area.
Potential Trade Idea: We will continue to consider buying from the current Fakey signal ‘Event Area support’ (on any pullbacks towards 2960’s area support). Upside targets to 3000 area and beyond.
NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.
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