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 30th to April 3rd, 2020
S & P 500
Trend: Very Bearish
Relevant Key Levels: Support at 2320 and 2200. Resistance at 2735, 2860, 2930 and 3020
Price Action: There is a prior inside bar between 2735 and 2860 resistance. (event area)
Current Notes: The bias is bearish whilst prices hold beneath 2735, 2870, 2930 and 3020
Potential Trade Idea: We will consider selling on a retracement higher AND after a clear price action sell signal whilst prices remain below the 2735 to 2860 resistance area, targeting a move back towards 2320 to 2200 area and then potentially lower.
Trend: Long Term Bullish
Relevant Key Levels: Support at $1445 and $1535 to $1565. Resistance $1690 to $1700.
Current Notes: Price tested and held above the $1445-$1455 major support recently.
Potential Trade Idea: We swill consider looking to buy on a substantial retracement lower, whilst prices still hold above the $1445-$1455 major support area, targeting a move back up to $1610 and then $1690-$1700 area.
Trend: Very Bearish
Relevant Key Levels: Resistance 0.6200, 0,6310 and 0.6445. Support 0.6000 and 0.5500
Price Action: Prior Pin Bar signal formed at 0.6310 area. (event area)
Current Notes: The bias bearish whilst prices remain below the 0.6310 and 0.6445 resistance area
Potential Trade Idea: Whilst prices remain under the 0.6310 to 0.6445 resistance area, we will consider selling short after a bounce in prices, and after a bearish price action sell to confirm an entry. Downside targets towards 0.6000 and 0.5500.
Get Daily Trade Ideas & Chart Analysis From Nial Fuller Every Day …
All Members of Nial Fuller’s trading courses & members area get access to Nial’s daily trade setups ideas newsletter. You will get potential trade ideas and technical chart analysis on Currency Pairs, Commodities, Stock Indices and more. For More Info Visit the Price Action Trading Course Membership Page Here.
Please Leave A Comment Below