SPI 200 Inside Bar Pattern Breaks Up & AUDUSD Bullish Fakey Setup » Learn To Trade The Market

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SPI 200 Inside Bar Pattern Breaks Up & AUDUSD Bullish Fakey Setup » Learn To Trade The Market


Note On Charts: It’s important you are trading with a broker that offers New York Close Charts, (a true 5-day chart that aligns with the true New York Close).
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Commentary Disclaimer: This 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.

SPI 200 – Cash

Key levels: 6511, 6561, 6658, 6761, 6862, 6900, 6920

Price Action: Price broke out above the 6920 key resistance level overnight, after recently surging higher from the Inside Bar Pattern that formed above the 6761 short-term support level late last week (discussed in Monday’s newsletter). Price saw strong buying pressure from the 50% range of the recent Bullish Tailed Bar that formed at the 6761 short-term support level mid-last week (discussed in the members newsletter last Thursday).

Potential Trade Idea: We are considering buying on a retracement lower to within the range of the prior Inside Bar breakout and giant bullish Tailed Bar (NOTE: Risk is defined by the low of the prior giant bullish Tailed Bar and thus, stop loss placement below that level would be optimum).

NOTE – You can trade Spot SPI 200 via the trading platform we use HERE.

AUDUSD – Spot

Key levels: 0.7562, 0.7620, 0.7705, 0.7806 – 0.7838, 0.8006

Price Action: Price invalidated the small Bullish Pin Bar signal overnight that formed above the 0.7620 short-term support level earlier this week. Price surged higher from the Bullish Fakey setup + Pin Bar signal earlier this week that formed at the 0.7562 major support level late last week (discussed in Last Friday’s newsletter). Price tested and held the 0.7562 major support level late last week.

Potential Trade Idea: We are still considering trading longs on a retracement lower to within the range of the Bullish Fakey + Pin Bar signal, whilst price remains above the 0.7562 major support level.

NOTE – You can trade Spot AUDUSD 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.

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About Nial Fuller

Nial Fuller is a Professional Trader, Investor & Author who is considered ‘The Authority’ on Price Action Trading. His blog is read by over 200,000+ followers and he has taught 25,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial’s Professional Trading Course here.

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