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 – Nov 4th to 8th, 2019
Hang Seng – Bullish Fakey Triggers Strong Move To Fill Gap At 27600
Trend: Bullish
Relevant Key Levels: Support: 24815 and 25340 to 25440 area. Resistance: 27640, 28000, and 29000.
Price Action: The Bullish Fakey Pattern we discussed in last weeks Trade Ideas update has broken higher significantly. The old gap in prices has now also been filled as of late last week.
Current Notes: The bias has shifted bullish in the short term. Price recently filled the price gap left previously at 27640.
Potential Trade Idea: We will continue to consider buying after a retracement in prices and after a price action buy signal (eg: Fakey Setup or Pin Bar signal), whilst price remains contained above the 24800 to 25340 support area. Upside targets 27640 and 28000 initially (gap-fill event area)
NOTE – You can trade HSI via the preferred trading platform we use HERE.
S&P 500 – Major Break Out Above 3030 All Time Highs
Trend: Bullish
Relevant Key Levels: Support at 3030, 2960 to 2980, 2860 to 2890 and 2800 to 2825. Resistance (none)
Price Action: Price breaks out to new highs clearing and closing above the 3030 level. Price recently surged higher from a giant Bullish Pin Bar Signal with a large tail that formed above the 2860-90 support area.
Current Notes: The break out and close above 3030 activated a longer-term break out pattern. A strong technical support base has formed after prices held firmly at the 2860 to 2890 support area. The long term trend remains bullish whilst the 2800 to 2825 key support area holds.
Potential Trade Idea: We will continue to consider buying on ANY retracement in prices OR after a clear price action buy signal (eg: Pin Bar Signal) whilst prices remain above the 2860 to 2890 support area.
NOTE – You can trade S&P 500 via the preferred trading platform we use HERE.
EURUSD – Bullish Pin Bar Supporting Prices Above 1.1050 to 1.1100 Support
Trend: Neutral
Relevant Key Levels: Resistance at 1.1190 and 1.1280. Support at 1.0805, 1.0925, 1.1005 to 1.1050 and 1.1100
Price Action: Bullish Pin Bar formed right under the 1.1190 key level late last week (needs to break through key level to activate). Price pushed up from a large Bullish Tailed Bar mid-last week. There is a prior bearish price action event area approaching at the 1.1190 to 1.1280 resistance zone.
Current Notes: The short term bias is bullish above 1.1050 to 1.1100 support. The long term bias remains bearish as prices remain contained below the 1.1280 resistance range.
Potential Trade Idea 1: We will continue to consider buying from a bullish price action signal (eg: Pin Bar), whilst price remains above the 1.1050 to 1.1100 support area. Initial upside targets to 1.1280
Potential Trade Idea 2: We will consider selling short on any short term bounce in prices and after a bearish price action signal (eg: Pin Bar) within the 1.1280 resistance area. Initial downside targets to 1.1050 to 1.11000 area.
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.
