Nial Fuller

NIAL FULLER Nial Fuller
Professional Trader, Author & Coach

Weekly Trade Ideas: GBPUSD, GBPJPY & SPI 200 – August 2nd to 6th, 2021

Note On Charts: It’s important you are trading with a broker that offers New York Close Charts, (a true 5-day chart that aligns with the true New York Close).
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Commentary Disclaimer: This 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.

GBPUSD – SPOT

Price Action: Price had recently moved up higher from the Inside Bar pattern that had formed at the 1.3670 – 1.3729 short-term support zone, over a week ago. A few days ago, price false broke below the 1.3670 – 1.3729 area and had quickly reconnected back above this support zone, which could be considered bullish in the short term. If you look at the weekly chart, there is a large Bullish Pin Bar and also a very large Fakey setup if you look closely.

Potential Trade Idea: We are considering looking for longs if price pulls back to around the recent Inside Bar breakout area (This is also around the re-connection area), whilst price remains above the 1.3670 – 1.3729 short-term support zone.

NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.

GBPJPY – SPOT

Price Action: Yesterday, price moved lower from the two consecutive bearish Pin Bar signals that had formed just under the 153.44 – 154.06 short-term resistance range,  late last week. Price surged higher from the bullish Pin Bar signal that had formed at the 148.45 – 149.06 key support zone,
over a week ago.

Potential Trade Idea: We are considering trading shorts if price pulls back to within the range of the two consecutive bearish Pin Bar signals, whilst price remains below the 153.44 – 154.06 short-term resistance range.

NOTE – You can trade Spot GBPJPY via the trading platform we use HERE.

SPI 200-Cash

Price Action: Yesterday, price broke out higher from the Inside bar + Pin bar combo pattern that had formed just above the 7380 – 7402 short-term support zone, late last week. Last week, price broke out above the short-term consolidation range that had formed between the 7168 to 7402 levels.

Potential Trade Idea: We are considering trading longs on a retracement lower to around the Inside Bar breakout area, whilst price holds above the 7380 to 7402 key support zone.

NOTE – You can trade Spot SPI 200-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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