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.
Members Weekly Trade Setups Ideas & Chart Analysis – April 20th to 24th, 2020
Relevant Key Levels: Resistance: 1.3190, 1.2770 and 1.2580. Support: 1.2020 and 1.1400.
Price Action: none.
Current Notes: Price collapsed below 1.2770 and 1.2580 resistance activating a short term bear market recently.
Potential Trade Idea: We will consider looking to sell after a price action sell signal at or just below either the 1.2580 or 1.2770 resistance level. Targeting a move back down to 1.2020 and then possibly 1.1400.
NOTE – You can trade Spot GBPUSD via the preferred trading platform we use HERE.
Trend: Long Term Bullish
Relevant Key Levels: Support at $1445 and $1535 to $1565 and $1590. Resistance $1690 to $1700.
Price Action: 2 Bearish Tailed bars form at recent highs around $1690, and prices sell off slightly. The False break down from the Inside Bar around $1590, 2 weeks ago turned into a bullish Fakey pattern, catapulting prices higher.
Current Notes: Short term support $1535 to $1565 area. Price tested and held above the $1445-$1455 major support recently.
Potential Trade Idea: We will still consider looking to buy on a retracement lower, whilst prices hold above the $1535 to $1565 short term support area, targeting a move back up to $1690-$1700 area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
Trend: Very Bearish
Relevant Key Levels: Support $18.80 to $21.00. Resistance $27.80, $36.00, $41.50 and $49.50.
Price Action: A bearish Tailed Bar / Pin Bar formed as a result of an Inside Bar false break late last week, this pattern then activated a larger bearish Fakey pattern as prices broke below the mother bar low.
Current Notes: Price remains very bearish whilst under the $36.00 and $41.50 levels (prior gap).
Potential Trade Idea: We will still consider selling after a price action sell signal (ie: Bearish Tailed Bar or Pin Bar), whilst prices hold below the $36.00 level, targeting a move back to the $20.00 t $21.00 region and then the $10.00 to $11.00 region or possibly lower.
NOTE – You can trade CRUDE OIL Cash via the preferred trading platform we use HERE.
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