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 – Nov 18th to 22nd, 2019
GBPUSD – Inside Bar Break Out Triggers
Trend: Bullish
Relevant Key Levels: Resistance 1.3000. Support at 1.1990, 1.2250, 1.2380 to 1.2580 area and minor support at 1.2780.
Price Action: Price breaks higher last week from a multiple Inside Bar pattern right above the 1.2780 short term support level.
Current Notes: The short term bias moves to bullish whilst price is supported above both 1.2380 to 1.2580 support area.
Potential Trade Idea: We will consider buying on any weakness and/OR after a price action buy signal (eg: Inside Bar break out), whilst prices remains above the 1.2580 support area. Upside Targets to 1.3000.
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.
AUDUSD – Waiting For Bounce To Sell Short At Event Area
Trend: Bearish
Relevant Key Levels: Resistance 0.7205, 0.7080, 0.7050, and 0.6900 area. Support 0.6700
Price Action: Price sells off from a double Long Tailed Pin Bar pattern that formed under the 0.6900 resistance level recently (event area).
Current Notes: The bias is bearish whilst prices remain below the 0.7050 to 0.7080 resistance levels.
Potential Trade Idea: We will consider selling short on any short term bounce in prices and/OR after a bearish price action sell signal (eg: Pin Bar) whilst prices remain below the 0.6900 and 0.7080 resistance levels. Initial downside targets to 0.6800 and 0.6700 area.
NOTE – You can trade AUDUSD via the preferred trading platform we use HERE.
S&P 500 – Waiting For Retracement To Buy Again
Trend: Bullish
Relevant Key Levels: Support at 3030, 2960, 2860-80 and 2800 to 2825. Resistance (none)
Price Action: Price broke up from a bullish Pin Bar late last week.
Current Notes: The bias is bullish whilst prices hold above the 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.
Potential Trade Idea: We will consider buying on a retracement lower in prices and/or after a clear price action buy signal (eg: Pin Bar Signal or Inside Bar Signal), whilst prices remain above the 2860 to 3030 support area.
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.
