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Forex review blog for you

My Forex review blog for you

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Trade Ideas: Crude Oil: Bearish Pin Bar Signal Under $57.50 Resistance & GBPUSD: Selling The Bounce Around 1.2380 to 1.2500 Resistance

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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).

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.

CRUDE OIL: Looking To Sell From The Bearish Pin Bar Signal Whilst Prices Remain Under The $57.50 Resistance Level

Trend: Bearish

Relevant Key Levels: Support at $50.00 to $51.20, $54.00 to $55.00. Resistance at $63.50, $60.30 and $57.50.

Price Action: A Bearish Pin Bar forms right at $57.50 resistance in line with the down trend, late this week. Over the past few weeks, the price tested the $57.50 resistance area and sold off several times. A bearish Pin Bar formed right under $57.50 resistance recently leading to a strong sell off. Price had re-tested the event area resistance around the $57.50 to $60.20 area and rejected lower several weeks ago.

Current Notes: The bias is still very bearish whilst prices remain contained beneath the overhead $57.50 to $60.20 resistance area. Price had collapsed lower several weeks ago after testing the $57.50 to $60.20 resistance major zone.

Potential Trade Idea: We will consider selling short on any retracement higher OR from a bearish price action signal (ie: Current Bearish Pin Bar Signal), whilst price remains below the $57.50 to $60.20 resistance area, targeting a move back to $54.00 and then $51.00.

NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.

GBPUSD: Looking To Sell Into The Counter Trend Bounce Around The 1.2380 to 1.2500 Resistance Area

Trend: Bearish

Relevant Key Levels: Resistance at 1.2580 and  1.2380 to 1.2430. Support at 1.1990.

Price Action: Price bounced from a large Pin Bar forms that formed at 1.1990 support recently (didn’t trade as this was a as counter-trend signal). The bearish 4 bar Fakey activated and broke down last week (mentioned in a recent update). An inside bar pattern also broke down late last week.

Current Notes: Prices reached our recent long term target level at 1.1990 long term support and have bounced strongly. If we eventually break back below 1.1990 the door can re-open to significantly lower prices. The trend still remains very bearish whilst prices remain below the 1.2380 t 1.2430 resistance area.

Potential Trade Idea: We will consider selling short on any pockets of strength or from a bearish price action sell signal (ie: A Bearish Pin Bar Signal), whilst price remains below the 1.2380 t 1.2430 resistance area (prior event zone resistance).

NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.

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All Members of Nial Fuller’s trading courses & members area get access to Nial’s daily trade setups ideas newsletter. You will get potential trade ideas and technical chart analysis on Currency Pairs, Commodities, Stock Indices and more. For More Info Visit the Course Membership Page Here.

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

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