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Nial Fuller

NIAL FULLER
Professional Trader, Author & Coach

Weekly Trade Ideas Newsletter: GBPUSD, SPI200 & GOLD – April 12th to 16th, 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).
Download a demo of our Preferred Broker & Charting Platform Here.

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

Key levels: 1.3570, 1.3620, 1.3671, 1.3702, 1.3760, 1.3917, 1.4002, 1.4236

Price Action: Price formed a bullish Tailed Bar signal just above the 1.3671 key support level late last week. Price formed a bearish Pin Bar signal just above the 1.3671 – 1.3702 support zone late last week (we had mentioned not considering trading this signal as it had formed just above a key support zone – discussed in last Friday’s members newsletter).

Potential Trade Idea: We are considering trading longs on a retracement lower and after a price action buy signal on the 4 hour or daily chart time frame, at or just above the 1.3671 major support level.

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

SPI 200 – Cash

Key levels: 6511, 6561, 6658, 6761, 6862, 6900, 6920

Price Action: Price formed an Inside Bar + Pin Bar combo pattern just above the 6920 support level late last week. Last Tuesday, price broke out strongly above the 6920 key resistance level (discussed in last Thursday’s daily newsletter). Early last week, price surged higher from the Inside Bar Pattern that formed above the 6761 key support on Monday last week (discussed in last Monday’s weekly newsletter). Price saw strong buying pressure from the 50% range of the prior Bullish Tailed Bar that formed at the 6761 short-term support level two weeks ago (discussed in the members newsletter two weeks ago).

Potential Trade Idea:

Trade Idea 1: We are considering waiting for a potential bullish Fakey setup (false break down below the Inside bar + Pin Bar combo pattern and reversal back up), at or just above the 6920 support level.

Trade Idea 2: We are considering trading longs on a retracement lower to within the range of the prior Inside Bar breakout and the Giant Bullish Tailed Bar. (NOTE: Risk is defined by the low of the prior Giant Bullish Tailed Bar and thus, stop loss placement below that level would be optimum).

NOTE – You can trade SPI 200 Cash via the trading platform we use HERE.

GOLD – Spot

Key levels: $1676, $1755 – $1764, $1790, $1816, $1823, $1852, $1861, $1874

Price Action: Price formed a bullish Tailed Bar signal just under the $1755 – $1764 resistance zone late last week (we are not considering trading this signal as it has formed just under a key resistance level, however, price could see a short-term retracement higher if it breaks above that resistance zone). Last Thursday price broke above the recent Inside Bar pattern that formed just under the $1755 – $1764 resistance zone early last week (we discussed not trading this signal, as it was counter-trend, and had formed just under a key resistance zone). Price saw strong buying pressure from the $1676 key support level two weeks ago.

Potential Trade Idea: We are staying on the sidelines early this week. We will recap on Tuesday if price breaks out above the $1755 – $1764 resistance zone.

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

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Please Leave A Comment Below With Your Questions or Feedback.

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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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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  1. Moses April 13, 2021 at 12:36 am

    Thanks Nial.

    Reply

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