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).
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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 4th to 8th, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily charts unless marked otherwise.
Relevant Key Levels: Resistance 1.1490, 1.1615 and 1.1820. Support 1.1218 to 1.1300.
Price Action: 2 Bearish Pin Bars form late last week.
Current Notes: The bias is still bearish beneath 1.1490 to 1.1615 resistance, thus we continue to prefer selling into any strength or on a clear price action sell signal. The downside move targets 1.1220 area.
Trade Idea: Consider looking to sell short from current Pin Bar sell signals, targetting the 1.1220 area
Relevant Key Levels: Resistance 1.3290. Support 1.2660, 1.2800 and 1.2920
Price Action: Bullish Pin Bar that formed above the 1.2920 area 2 weeks ago remains intact.
Current Notes: Whilst above 1.2920 support we prefer to buy on weakness and expect prices to drift higher to or beyond 1.3290 resistance.
Trade Idea: Whilst the pin bar signal remains in tact above 1.2920 support, we will consider buying on any weakness, targetting the 1.3290 area.
NOTE – Due to the ongoing BREXIT situation in UK, we are not personally holding GBP related trades over the weekend presently.
Relevant Key Levels: Support at $1237, $1266, $1280. Resistance at $1305 and $1355.
Price Action: None to mention.
Current Notes: Traders can look for price action buy signals on the daily chart between $1266 to $1280’s support area. The current upward swing targets a move higher into $1305 and $1355.
Trade Idea: Whilst $1266 to $1280’s support holds firmly, we will consider buying on a price action signal on the daily chart, targetting a move to $1305 and $1355.
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