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).
You Can Download a Free Trial of the Broker & Charting Platform we use HERE.
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 – March 11th to 15th, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily charts unless marked otherwise.
EURUSD – Prices lower after double bearish pin bar setup.
Relevant Key Levels: Resistance 1.1490, 1.1615 and 1.1820. Support 1.1218 to 1.1300.
Price Action: The 2 Bearish Pin Bars we discussed in last weeks commentary has activated a large move lower.
Current Notes: Price has sold off aggressively last week, closing below 1.1218 support. The bias is still bearish beneath 1.1490 resistance, thus we continue to prefer selling into any strength or on another clear price action sell signal. The downside move targets 1.1220 area and potentially lower.
Trade Idea: Whilst under 1.1490, consider looking to sell short on any pockets of strength, targetting the 1.1220 area.
GOLD – Bullish above $1281 support.
Relevant Key Levels: Support at $1237, $1266, $1280. Resistance at $1305 and $1355.
Price Action: Several very small tailed bars form right at $1280 support.
Current Notes: The bias is bullish above the $1266 to $1280’s support area. The current upward swing still targets a move higher into $1305 and $1355.
Trade Idea: Whilst $1266 to $1280’s support holds firmly, we will consider buying on a clear price action buy signal on the daily chart, targetting a move to $1305 and $1355.
S & P 500 – Pin bar signal suggests price is about to turn higher.
Relevant Key Levels: Resistance 2820. Support 2600, 2690, 2500-2550, 2440 and 2320.
Price Action: Price has now formed a bullish pin bar signal above 2690 support. Price sold off from the inside bar pattern we discussed last week.
Current Notes: Whilst price holds above the 2690 level we prefer buying on weakness where possible. Given the strong swing higher of late, the market is likely to regain momentum and drift back towards 2820 again or even higher.
Trade Idea: Given the pin bar signal above 2690 major support, traders can consider buying on any weakness OR on another price action buy signal on the 4 hour or daily chart. Targetting the 2820 area initially.
Get Trade-Ideas & Chart Analysis From Nial Fuller Every Day … All Members of Nial Fuller’s trading education courses & members area get access to Nial’s daily trade setups ideas newsletter. You will get potential trade ideas and detailed chart analysis on Currency Pairs, Commodities, Stock Indices and more, every trading day. To Subscribe visit the Membership Page Here.
Note: – Download a Free Trial of the Broker & Charting Platform We Use HERE.
Please Leave A Comment Below