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Forex review blog for you

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Daily Trade Setups Ideas & Chart Analysis by Nial Fuller – Jan 31st, 2019

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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).
You Can Download a Free 30-day Trial of the Broker & Charting Platform We Use HERE.

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.

Daily Trade Setups Ideas & Chart Analysis by Nial Fuller – Jan 31st, 2019

TECHNICAL PRICE ACTION ANALYSIS:

All charts illustrated are daily chart time-frames unless marked otherwise.

GBPUSD 

Trend: Bullish

Relevant Key Levels: Resistance 1.2920 and 1.3290. Support 1.2480, 1.2660 and 1.2800.

Price Action: Inside bar forms on daily chart, market sells off below mother bar low of this inside bar structure and is now pushing back up to attempt to trigger a bullish fakey setup. A giant bullish pin bar still exists in tact from 1.2660 support.

Current Notes: Chart generally bullish, buy weakness whilst support at 1.2660 holds.

Potential Trade Ideas:

1 – Consider buying if bullish fakey triggers above inside bar

2 – Consider buying on any weakness whilst prices hold above 1.2660 support.

NOTE – Due to BREXIT, the situation in UK, we are not personally holding GBP related trades over the weekend presently.

USDJPY

Trend: Bearish

Relevant Key Levels: Resistance 112.00 and 109.70. Support 104.60

Price Action: Multiple bearish Pin bars / bearish tailed bars form under/at resistance. Major break down recently occurred below 112.00 and 109.70 key levels

Current Notes: The bias is bearish beneath 112.00. We continue to look for sell signals from overhead resistance.

Potential Trade Idea: We will consider selling on a bearish price action signal under 112.00. Targetting a move back to 104.60.

S & P 500

Trend: Neutral

Relevant Key Levels: Resistance 2600, 2690 and 2790-2800. Support 2500-2550, 2440 and 2320.

Price Action: Price has reconnected above 2600 and is headed towards a major event area at 2790-2800 resistance. Bullish pin bar forms off 2400 which has led to prices recovering after the recent collapse.

Current Notes: The bias is bullish above 2600, and bearish under 2790-2800.  We are looking for buy signals from support and sell signals from resistance.

Potential Trade Ideas:

1 We will consider buying at or just above 2600

2 We will consider selling short at or just under 2790-2800

Want Trade Ideas & Chart Analysis Every Day ? – All Members of Nial Fuller’s trading education courses get access to Nial’s members daily trade setups ideas newsletter. You will get potential trade ideas and detailed chart analysis on at least 10 Currency Pairs, Commodities, Stock Indices and more, every trading day. For more info visit the Trading Course Membership Page Here.

Note: –  Download a Free 30-day Trial of the Broker & Charting Platform We Use HERE.

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