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 Ideas & Chart Analysis by Nial Fuller – September 9th to 13th, 2019
All charts illustrated are daily time frames unless marked otherwise.
EURUSD – Bearish Pin Bar Sell Signal Forms At 1.1020 Resistance
Relevant Key Levels: Resistance at 1.1110, 1.1180, 1.1280, 1.1325, 1.1430 and 1.1570. Support at 1.0805
Price Action: Bearish Pin Bar + Inside Bar combo pattern forms at/under 1.1020 resistance and in line with the bearish trend.
Current Notes: The short term bias remains bearish as prices remain contained below the overhead 1.1180 to 1.1280 resistance.
Potential Trade Idea: We will consider selling short on any strength or from a bearish price action sell signal (ie: bearish pin bar signal), whilst price remains below the 1.1180 to 1.1280 resistance area (prior event zone resistance). Initial downside targets 1.0805.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
S & P 500 – Bullish Break Out Above 2940-60 Resistance Re Activates Bull Market
Relevant Key Levels: Support at 2940 to 2960, 2890 to 2915, 2860-90, 2800-2825. Resistance at 3030 and 3000
Price Action: Price surges to close above 2940 to 2960 resistance area and activates a bullish continuation.
Current Notes: The break and close above the 2940 to 2960 resistance has opened the door for a push back towards the old highs at 3000-3030 again. The bias remains very bullish whilst the 2800 to 2825 key support area holds firm.
Potential Trade Idea: We will continue to consider buying on a clear Price Action buy signal whilst prices remain above the 2800-2825 support area. Potential short term buy areas exist at 2890 to 2915 support, and 2940 to 2960 support. Watch for price action signal at these key support areas.
NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.
GOLD – Any Potential Pull Back To $1440 Support Could Provide An Opportunity
Relevant Key Levels: Support at $1350, $1380, $1400, $1440 and $1480 area. Resistance at $1550
Price Action: none.
Current Notes: Price tested the recent highs at $1550 resistance and rejected back strongly. Despite the short term pull back, the bias is bullish whilst prices remain supported above the $1400 to $1440 key support levels.
Potential Trade Idea: We will consider buying after a minor retracement lower and after a clear price action buy signal around the $1400 to $1440 Support Area, targeting a move back up to $1525 to $1550 area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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