Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – June 29th to July 3rd, 2020


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 – June 29th to July 3rd, 2020

GBPUSD (Spot) – Bearish Under Prior Pin Bar Event Area

Trend: Short Term Bearish

Relevant Key Levels: Support: 1.2150 to 1.2250. Resistance: 1.2640 to 1.2770 and 1.3190.

Price Action: Price has continued to sell off after the bearish Pin Bar that formed at the 1.2640 resistance level over 2 weeks ago. (now an event area)

Current Notes: Price is strongly contained below the prior Pin bar event area around 1.2640. Price recently tested the top of the trading range around the 1.2640 resistance area and we are now heading back down towards the low side of the trading range around the 1.2150 to 1.2250 area.

Potential Trade Idea: We will consider selling on any strength and/or after a price action sell signal whilst price holds below the 1.2640 to 1.2725 resistance area (eg: Pin Bar or Inside Bar), targeting a move back down to the 1.2150 to 1.2250 support area.

Watch the members only daily newsletter this week for more trade ideas and updates.

NOTE – You can trade Spot GBPUSD via the preferred trading platform we use HERE.

GOLD (Spot) – Bullish Above $1660 Support

Trend: Bullish

Relevant Key Levels: Support: $1535 to $1560 and $1640 to $1660. Resistance at $1740 to $1765 area.

Price Action: A large Bullish Pin bar formed late last week right above the $1740 level.

Current Notes:  A clean break out above the key $1765 resistance area is likely to see a continuation of the up trend. There is short term support at the $1640-60 area.

Potential Trade Idea: We will consider buying on any weakness in prices or after a price action buy signal to confirm an entry (eg: Pin Bar), whilst prices hold above the $1660 support level. Targeting a move to the $1800 area initially and then potentially towards $1900.

Watch the members only daily newsletter this week for more trade ideas and updates.

NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.

CRUDE OIL  (WTI Futures) – Filled The Prior Gap, Potential Downside From Here.

NOTE – We suggest traders reconsider holding WTI futures over the weekend, and if holding a trade at any point during the week, be explicitly aware the market can gap substantially and move quickly. 

Trend: Short Term Neutral / Long Term Bearish

Relevant Key Levels: Support: $18.oo and $28.00 and $31.15 and $34.50. Resistance: $41.50 (prior gap area)

Price Action: Price filled the price Gap at the $41.50 level and formed a bearish Pin Bar signal mid last week. Price broke up from a strong Bullish Pin Bar that formed at the $34.50 support level around 2 weeks ago.

Current Notes: Price recently broke out above the $34.50 short term resistance level and has just re-tested the $41.50 major resistance level. (gap fill event area).

Potential Trade Idea: We will continue to consider selling after a bearish price action signal (eg: Pin Bar) at or just under the $41.50 resistance level (prior gap fill event area), targeting a move back down towards the $34.75 to $31.15 area potentially the $28.00 level.

Watch the members only daily newsletter this week for more trade ideas and updates.

NOTE – You can trade CRUDE OIL Futures via the preferred trading platform we use HERE.

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