Note on Charts: It’s important you are trading with a broker that offers True 5 Day New York Close Charts.
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GBPUSD – SPOT: Bearish Fakey Setup Triggered
Price Action: Price formed an ultra-small Bearish Tailed Bar Signal, overnight.
Price briefly moved lower from the recent Bearish Fakey + Tailed Bar Setup that had formed, earlier this week (We suggested trading this Setup in the April 6th, members’ daily newsletter).
Price broke down below the recent Multiple Inside Bar Pattern that had been forming since last Friday.
Potential Trade Idea 1: For more aggressive traders, we are still considering selling on a higher retracement to within the range of the Bearish Fakey + Tailed Bar Setup, with risk management above the Fakey Setup.
Potential Trade Idea 2: We are still considering selling on a higher retracement and after a price action sell signal, within the 1.3272 – 1.3357 short-term resistance area.
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
BITCOIN (BTCUSD) – CASH: Buying After A Pullback To Support Area
(NOTE: As Bitcoin doesn’t form perfectly clean signals most of the time, and as this market has random levels of liquidity and can be very volatile, we will only annotate the clearest and well-pronounced signals that form at confluent areas of the chart. TRADING BITCOIN AND CRYPTO IS HIGH RISK, USE A REDUCED POSITION SIZE UNTIL YOU ARE FAMILIAR WITH THIS MARKET).
Price Action: There is no new price action signal to note at this time.
The prior Bullish Pin Bar Signal from late last week has now failed (we did not consider trading this signal, nor did we mention it).
Potential Trade Idea 1: For more aggressive traders, we are considering buying on a retracement lower and only after a clear price action signal on the daily or 4 hourly chart time frame, at or just above the 42596 short-term support level.
Potential Trade Idea 2: We are considering buying on a deeper retracement lower and after a price action buy signal on the daily or 4 hourly chart time frame, at or just above the 37559 short-term support level.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.