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 – December 9th to 13th, 2019
GBPUSD – Strong Break Out Above The 1.3000 Resistance Level Last Week
Trend: Bullish
Relevant Key Levels: Resistance: 1.3380. Support at 1.2380 to 1.2580, 1.2780 and 1.3000
Price Action: Price broke out above a major key level at 1.3000 recently. Price broke up from a Multiple Inside Bar pattern recently.
Current Notes: Price breaks above the 1.3000 level to complete a bullish continuation of the recent uptrend. Price looks to be supported above the 1.2580 support level.
Potential Trade Idea: We will consider buying on any short term weakness and/OR after a price action buy signal, whilst prices remain above 1.2780 support area.
NOTE – We will not personally be holding trades over the weekend due to potential price gaps at this time during ongoing BREXIT discussions/deals in the UK.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
GOLD – Pin Bar Signal Triggers Sell Off From $1480 Resistance Level Late Last Week
Trend: Short Term Bearish / Long Term Mildly Bullish
Relevant Key Levels: Support at $1350, $1380, $1400 and $1440 to $1450’s area. Resistance at $1525 and $1550.
Price Action: Price moved lower from the Bearish Pin Bar Signal that formed mid last week (discussed in prior daily members newsletter). Price also still remains contained below the recent Bearish Pin Bar that had formed just under the $1525 level several weeks ago. (event area)
Current Notes: The short term bias is still slightly bearish under the $1525 resistance area. The long term bias is still mildly bullish whilst prices remain supported above the $1400 support area.
Potential Trade Idea: We will continue to consider selling after a retracement higher in prices and/OR after a bearish price action sell signal to confirm a short entry, whilst prices remain below the $1525 resistance area, targeting a move back down to $1450’s and possibly the $1400 area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
EURUSD – Pin Bar Signal Triggers Sell Off From The 1.1105 Resistance Level Late Last Week
Trend: Bearish
Relevant Key Levels: Resistance at 1.1105, 1.1180 and 1.1280. Support at 1.0805, 1.0925
Price Action: Price sold off from the Bearish Pin Bar signal that formed at the 1.1105 resistance level last week. (mentioned in prior daily members newsletter).
Current Notes: The long term bias remains bearish as prices remain contained below the 1.1180 to 1.1280 long term resistance range.
Potential Trade Idea: We will consider selling short on any short term bounce in prices and/or after a bearish price action sell signal (pin bar), whilst prices remain below the 1.1180 and 1.1280 resistance areas. Initial downside targets to 1.0925.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
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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.
