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GBPUSD – SPOT
Price Action: Price formed a Bearish Multiple Inside Bar Pattern + Pin Bar Signal (Combo Setup) just under the 1.3667 – 1.3739 short-term resistance range, overnight.
Potential Trade Idea 1: For more aggressive traders, we are considering selling on a breakdown below the current Bearish Multiple Inside Bar Pattern + Pin Bar Signal (Combo Setup), whilst still remaining under the 1.3667 – 1.3739 short-term resistance range.
Potential Trade Idea 2: We are still considering buying on a pullback and after a price action buy signal, whilst price holds above the 1.3360 – 1.3419 short-term support zone (Prior Event Area).
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
CRUDE OIL – Futures
Price Action: Price formed a Bearish Pin Bar Signal just under the 84.91 – 85.41 major resistance range (Prior Event Area), overnight.
Price had recently moved higher from the small Bullish Pin Bar Signal that had formed, around three weeks ago (We mentioned trading this signal in January 4th Newsletter).
Potential Trade Idea 1: For more aggressive traders, we are considering selling from the current Bearish Pin Bar Signal, with stops well above the Pin Bar’s high.
Potential Trade Idea 2: We are still considering buying on a pullback and/or after a price action buy signal, whilst price holds above the $74.17 – $77.46 short-term support zone.
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.