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 Setups Ideas & Chart Analysis by Nial Fuller – April 13th to 17th, 2020
Trend: Long Term Bullish
Relevant Key Levels: Support at $1445 and $1535 to $1565 and $1590. Resistance $1690 to $1700.
Current Notes: Short term support $1535 to $1565 area. Price tested and held above the $1445-$1455 major support recently.
Potential Trade Idea: We swill consider looking to buy on a retracement lower, whilst prices hold above the $1535 to $1565 short term support area, targeting a move back up to $1690-$1700 area.
Relevant Key Levels: Support at 101.15, 104.80 and 107.70. Resistance 111.70 to 112.00
Price Action: A tight Inside Bar cluster will likely break up or down early this week.
Current Notes: A short term sideways range exists between 112.00 and 101.15.
Potential Trade Idea: We will consider looking to trade the break out from the Inside Bar cluster (whatever direction it breaks). Upside targets 111.70’s or Downside targets 106.70 and potentially lower.
Trend: Very Bearish
Relevant Key Levels: Resistance 0.6050, 0.6195 and 0.6440’s. Support 0.5470
Price Action: Prior Inside bar break down between 0.6440 and 0.6195 (event area).
Current Notes: The bias bearish whilst prices remain below 0.6440 resistance area
Potential Trade Idea: We will consider selling short after a bounce in prices to around or just under the 0.6440 resistance area, and after a bearish price action sell to confirm an entry. Downside targets towards 0.6050.
S & P 500
Trend: Very Bearish
Relevant Key Levels: Support at 2200 and 2430. Resistance at 2860, 2930 and 3020
Price Action: There is a prior inside bar between 2735 and 2860 resistance. (event area). A bearish Pin Bar failed last week.
Current Notes: The bias is bearish whilst prices hold beneath 2860, 2930 and 3020
Potential Trade Idea: We will consider selling on a retracement higher AND after a clear price action sell signal whilst prices remain below the 2860 to 2930 resistance area, targeting a move back towards 2430 initially, and then potentially lower.
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