USDJPY – SPOT: Giant Bullish Fakey Setup Triggers
Price Action: Price formed a Bullish Pin Bar Signal just above the 114.69 – 115.05 short-term support area, late last week.
Potential Trade Idea: We are considering buying on a pullback into the range of the recent Bullish Fakey Setup + Long Tailed Bar area, with risk management below the low of the Long Tailed Bar’s low.
NOTE – You can trade Spot USDJPY via the trading platform we use HERE.
S & P 500 – Cash: Waiting For A Pull Back To Key Resistance Area
Price Action: There is no new price action signal to note at this time.
Price moved higher from the recent Bullish Pin Bar signal that had formed late last week (We did not consider trading this signal as it had formed just under the short-term resistance area and against the recent short-term Bearish trend).
Potential Trade Idea: We are considering selling on a retracement higher and only after clear price action sell signal, whilst price remains under the 4484 – 4494 resistance area.
NOTE – You can trade S&P 500 Cash via the trading platform we use HERE.
GBPUSD – SPOT: Waiting For A Pull Back To The Recent ‘Event Area’
Price Action: Price formed a Giant Inside Bar Pattern, late last week (We are not considering trading this pattern as, given the huge size of this pattern, it would be hard to manage risk-reward).
Price exploded lower from the recent Bearish Pin Bar Signal that had formed just under the 1.3642 – 1.3667 short-term resistance area, mid-last week.
The prior Bullish Fakey Setup, failed (We did not consider trading this setup and hopefully saved some members on this market).
There remains a giant Bearish Pin Bar signal intact at 1.3642-67 resistance area (event area)
Potential Trade Idea: We are considering selling if price pulls back to the recent Bearish Pin Bar signal area, whilst price remains below the 1.3642-67 key resistance area (event area).
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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.