Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – March 16th to 20th, 2020
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 – March 16th to 20th, 2020
GOLD
Trend: Long Term Bullish / Short Term Bearish.
Relevant Key Levels: Support at $1445. Resistance $1610, $1650 and $1690.
Price Action: Price collapsed after a false break above the previous high at $1690. A Bearish Pin Bar formed mid last week, providing a further catalyst for massive declines into the end of last week.
Current Notes: There is major prior support at the $1445 area. Price collapsed below the $1650 and $1610 key levels (now short term resistance).
Trade Idea: We will consider looking to buy at $1445 after a price action buy signal, targeting a move back up to $1610 to $1650 area initially.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
AUDUSD
Trend: Very Bearish
Relevant Key Levels: Resistance 0.6745 and 0.6445. Support 0.6200’s and 0.6000’s area.
Price Action: Price collapsed after a False break of an Inside bar setup (bearish fakey pattern), and a subsequent break down from an Inside Bar pattern, last week.
Current Notes: The bias bearish whilst prices remain below the 0.6745 resistance level.
Trade Idea: Whilst prices remain under 0.6745 resistance, we will consider selling short after a bounce in prices, and after a bearish price action sell to confirm an entry. Downside targets towards 0.6200′ and 0.6000.
NOTE – You can trade Spot AUDUSD via the preferred trading platform we use HERE.
S & P 500
Trend: Bearish
Relevant Key Levels: Support at 2320 and 2200. Resistance at 2735, 2870, 3020 and 3150-80 area.
Price Action: Price broke down from an Inside Bar pattern mid last week.
Current Notes: The bias is bearish whilst prices hold beneath 3020 and 3150-80 resistance area.
Trade Idea: We will consider selling on a retracement higher AND after a clear price action sell signal whilst prices remain below the 3020 resistance area, targeting a move back towards 2870 to 2735 area and then potentially lower.
NOTE – You can trade S & P 500 Cash via the preferred trading platform we use HERE.
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About Nial Fuller
Nial Fuller is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
Hi
Will you be continuing these weekly bulletins even in view of the current market volatility? I would certainly appreciate it but wondered if you might suspend them as the likely sensible setups are changing very fast
And why does he have to suspend it, you what are you even saying dude.
Thanks you very much for the analysis Mr Nial. Please i want to know how someone will approach the market in this kind of market condition that the market hardly retraces, just keeps on going in one direction
Thank you nial. I always get useful insight from your weekly analysis and tutorials.
Thank you Nial, the Almighty God bless you greatly for all your generous and insightful posts. I’m eternally grateful to you.
Okiti from Lagos, Nigeria.