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 – Feb 11th to 15th, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily candlestick charts unless marked otherwise.
EURUSD – Continuing to sell on any strength whilst under 1.1490 resistance.
Relevant Key Levels: Resistance 1.1490, 1.1615 and 1.1820. Support 1.1218 to 1.1300.
Price Action: The 2 bearish tailed bars at resistance we mentioned last week have led to a strong sell-off. Price had recently false broke above 1.1490 and reconnected back down.
Current Notes: The bias is still bearish beneath 1.1490 to 1.1615 resistance.
Trade Idea: Consider looking to sell short on any strength whilst 1.1490 resistance holds, targetting 1.1350 1.1200 area.
GBPUSD – Bullish pin bar signal suggests upside move to 1.3200’s may be imminent
Relevant Key Levels: Resistance 1.3290. Support 1.2480, 1.2660 and 1.2800 and 1.2920.
Price Action: A substantial long-tailed bullish pin bar has formed last week on the daily chart, right at 1.2920 key level.
Current Notes: The bullish pin bar could take prices higher if support holds near the lower tail (around low 1.2800’s), expect a move right back to the recent highs near 1.3200’s
Trade Idea: Consider buying on any weakness between 1.2800 to 1.2920 support, whilst prices hold above the tail of the bullish pin bar on a closing basis (if prices don’t close below the tail on daily time frame)
NOTE – Due to the ongoing BREXIT situation in UK, we are not personally holding GBP related trades over the weekend presently.
CRUDE OIL – Multiple inside bar signals suggest a move back to $50.00 is possible
Relevant Key Levels: Resistance: $58.20 and $54.50 Support: $42.30
Price Action: There a large inside bar pattern on the daily time frame that could break down early this week. A large inside bar pattern had already broken down on the daily time frame last week.
Current Notes: The bias remains bearish beneath the $54.50 and $58.20 resistance levels. We are looking for sell signals from near or just under resistance. Expecting a move back to $50.00 area or lower.
Trade Idea: We will consider selling on a bearish price action signal from around /under the $54.50 resistance area. Targeting a move back to $50.00 initially and potentially lower.
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