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 – Dec 2nd to 6th, 2019
GBPJPY – Looks set to break out higher from the recent sideways consolidation.
Trend: Bullish
Relevant Key Levels: Resistance 143.83. Support 138.98
Price Action Signals: None. (watch members daily commentary this week for updates)
Current Notes: The bias is bullish whilst prices remain above the 138.98 support area.
Potential Trade Idea: We will consider buying on any short term weakness in prices and after a bullish price action signal, whilst prices remain above the 138.98 support area. Initial upside targets to 143.83
NOTE – You can trade GBPJPY via the preferred trading platform we use HERE.
S & P 500 – Continuing to buy the dips whilst the uptrend remains intact.
Trend: Bullish
Relevant Key Levels: Support at 3075, 3030, 2960, 2860-80 and 2800 to 2825. Resistance at 3130.
Price Action Signals: Price recently broke up from a Bullish Pin Bar + Inside Bar combo that formed 2 weeks ago.
Current Notes: The bias is still very bullish whilst prices hold above 2960 to 3030 support area. A strong technical support base had formed after the last correction lower held firmly at the 2800 to 2825 key support area.
Trade Idea: We will consider buying on a retracement lower in prices and/or after a clear price action buy signal, whilst prices remain above the 2860 and 3030 support areas.
NOTE – You can trade S & P 500 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.
