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
Price Action: There is no price action signals to note at this time.
Price sold off right from the prior Bearish Multiple Inside Bar Pattern + Pin Bar Signal (Combo Setup) breakdown area (We suggested selling if price pulls back to that area in the Members February 2nd Newsletter).
The recent Bullish Tailed Bar Signal, failed (We didn’t note this signal nor did we consider trading it).
Potential Trade Idea: We are still considering selling if price pulls back to the prior Bearish Multiple Inside Bar Pattern + Pin Bar Signal (Combo Setup) breakdown area, whilst price remains under the 1.3667 – 1.3739 short-term resistance area.
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
GBPJPY – SPOT
Price Action: Price exploded higher from the recent Inside Bar Breakout Pattern that had formed, early last week (We suggested buying the breakout above that pattern in the February 2nd Newsletter).
Potential Trade Idea: We are still considering buying if price pulls back to the recent Inside Bar Breakout area.
NOTE – You can trade Spot GBPJPY via the trading platform we use HERE.
CRUDE OIL – Futures
Price Action: There is no price action signal to note at this time.
The recent Bearish Tailed Bar Signal, failed (We did not consider trading this signal and hopefully saved some members on this market).
Price moved significantly higher from the prior Bullish Tailed Bar Signal + Inside Bar Breakout Pattern (Combo Setup) that had formed just under the $84.91 – $85.41 prior resistance area – which now acts as a short-term support area, also a minor event area.
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.