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Chart Commentary Disclaimer: This should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.
Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – October 26th to 30th, 2020
GBPUSD – Trend changes to slightly positive after price breaks up from consolidation last week
Short Term Trend: Slightly Bullish
Short Term Key Levels: 1.2250, 1.2500, 1.2640 to 1.2660 area, 1.2725, 1.2810, 1.3000, 1.3170, 1.3265, 1.3480 (old major level)
Price Action Signals: Price recently surged from an Inside Bar that formed over a week ago.
Potential Trade Idea: Considering longs on price weakness, and after a price action buy signal, whilst prices remain contained above the 1.2800 support level, in anticipation of a move up to 1.3170 and 1.3265.
USDJPY – Multiple Bearish Price Action signals add more bearish pressure
Short Term Trend: Bearish
Short Term Key Levels: 101.00, 104.20 to 105.00, 106.10, 106.60 to 106.90 area, 109.35
Price Action Signals: A bearish Fakey Pattern is in the process of completing (potential to break down). Price collapsed from a Bearish Pin Bar last week.
Potential Trade Idea: Considering shorts on price strength whilst price remains contained below the 106.90 resistance level, in anticipation of a collapse back towards 104.20 and then possibly 101.00.
DAX – Massive bearish Head and Shoulders pattern breaks down
Short Term Trend: Bearish
Short Term Key Levels: 11225, 11570, 11920, 12280, 12400, 12630, 12800, 13000, 13300, 13800.
Price Action Signals: Price broke below the support neck line of a text book head and shoulders pattern early this week. The prior bullish Pin Bar from mid last week has failed.
Potential Trade Idea: Considering shorts on price strength whilst price remains contained below the 12630 to 12800 resistance area, in anticipation of a collapse back towards 11580 and then possibly 11225.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.