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AUDUSD – SPOT
Price Action: Price formed a Giant Bearish Pin Bar Signal just under the 0.7171 short-term resistance level, overnight.
Price formed an Inside Bar Breakout Pattern, earlier this week (We did not consider trading this pattern as it is an incredibly wide pattern which makes it hard to manage Risk-Reward and the market is very choppy at the moment).
Potential Trade Idea 1: We are considering selling on a higher retracement to within the 50% range of the current Giant Bearish Pin Bar Signal, with stops above the Pin Bar’s high.
Potential Trade Idea 2: For more aggressive traders, we are considering selling from the current Giant Bearish Pin Bar Signal, with stops above the Pin Bar’s high.
NOTE – You can trade Spot AUDUSD via the trading platform we use HERE.
GBPUSD – SPOT
Price Action: Price formed a Bearish Pin Bar Signal just under the 1.3606 – 1.3667 short-term resistance area, overnight (We suggested selling if price pulls back to the prior Bearish Multiple Inside Bar Pattern + Pin Bar Signal (Combo Setup) breakdown area in the Members February 2nd Newsletter and price sold off from that breakdown area).
The recent Bearish Pin Bar Signal, failed.
Potential Trade Idea: We are now considering selling on a higher retracement to within the range of the current Bearish Pin Bar Signal which also aligns with the prior Multiple Inside Bar + Bearish Pin Bar Signal (Combo Setup) breakdown area, whilst price remains under the 1.3606 – 1.3667 short-term resistance area.
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
CRUDE OIL – Futures
Price Action: Price formed an ultra-small Bearish Pin Bar Signal, overnight (We are not considering trading this signal as it is against the current Bullish trend and we prefer to buy on a pullback to the $84.91 – $85.41 short-term support area – Also an Event zone).
Price formed an ultra-small Bullish Pin Bar Signal just above the $87.06 short-term support level, earlier this week (We did not consider trading this signal as we prefer to wait for a pullback to the $84.91 – $85.41 short-term support area – Also an event zone).
Potential Trade Idea 1: For more aggressive traders, we are still considering buying on a retracement lower and after a clear price action buy signal, at or around the $84.91 – $85.41 short-term support area (Minor Event Area).
Potential Trade Idea 2: We are still considering buying on a deeper pullback and/or after a price action buy signal, whilst price holds above the $74.17 – $77.46 short-term support area.
NOTE – You can trade CRUDE OIL Futures via the trading platform we use HERE.
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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.