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 6th to 10th, 2020
Relevant Key Levels: Resistance: 1.3190, 1.2770 and 1.2580. Support: 1.2020 and 1.1400.
Price Action: Multiple Inside Bar cluster formed over past few days.
Current Notes: Price collapsed below 1.2770 and 1.2580 resistance activating a short term bear market recently.
Potential Trade Idea: We will consider looking to sell after a price action sell signal at or just below either the 1.2580 or 1.2770 resistance level. Targeting a move back down to 1.2020 and then possibly 1.1400.
Trend: Very Bearish
Relevant Key Levels: Support $18.80 to $21.00. Resistance $27.80, $36.00, $41.50 and $49.50.
Price Action: Pin Bar formed at $36.00 resistance levels recently. Gap in prices formed at $41.50 area (remains unfilled)
Current Notes: Price remains very bearish whilst under the $36.00 and $41.50 levels (prior gap).
Potential Trade Idea: We will consider selling on any bounce in prices and after a price action sell signal whilst prices hold below the $36.00 level, targeting a move back to the $21 region or possibly lower.
HSI (Hang Seng Index)
Relevant Key Levels: Support: 20000, 21000 and 22100. Resistance 24800, 25280, 25880 and 26850.
Price Action: Price collapsed dramatically after breaking below the neckline support of the giant head and shoulders pattern recently (event area).
Current Notes: The short term bias is Bearish below the 24800 to 25880 resistance zone. Long term chart shows a classic bearish head and shoulders pattern which has triggered lower.
Potential Trade Idea: We will consider selling on a retracement higher and retest of the key resistance area around 24800 to 25880 OR a price action sell signal around those levels, targeting a move back towards the 21,000 area (recent swing lows).
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