Note On Charts: It’s imperative 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). Download a demo of our Preferred Broker & Charting Platform HERE.
Chart 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.
Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – October 5th to 9th, 2020
S&P 500 (Cash) – Bull Market resumes momentum after 3230 support holds.
Short Term Trend: Neutral to Slightly Bullish
Short Term Key Levels: 2800, 2970, 3140-50 area, 3210-30 area, 3290, 3398 to 3430, 3500, 3585.
Price Action Signals: A Bullish Fakey setup triggered last week. A Pin Bar reversal formed late last week.
Potential Trade Idea: The bullish Fakey we discussed triggered last week and price subsequently pulled back providing a long opportunity as we anticipated. We will consider the same strategy of trading longs on a price pull back this week, targeting a move back to 3430 initially.
NOTE – You can trade S&P 500 Cash via the preferred trading platform we use HERE.
GOLD (Spot) – Watching for buying opportunities at nearby support.
Short Term Trend: Slightly Bearish
Short Term Key Levels: $1560, $1640, $1670, $1790, $1816, $1866, $1905 to $1915, $1980, $2000, $2070
Price Action Signals: Price moved up from a Bullish Fakey setup that formed at $1860 support level early last week (this signal is counter trend).
Potential Trade Idea: Considering longs on price weakness and after a price action buy signal around the key $1790 support level (prior major level), in anticipation of a bounce back to the $1905 and potentially higher to $1975-$2000 area)
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
CRUDE OIL (Futures) – Bearish momentum gaining traction after multiple Inside bar patterns break down
Short Term Trend: Bearish
Short Term Key Levels: $28.60, $34.50, $38.60, $41.50 to $42.50 area, $43.50, $48.50.
Price Action Signals: Price broke down from an Inside Bar pattern around the $38.60 level mid last week.
Potential Trade Idea: Considering trading shorts on price strength and after a price action sell signal (eg: bearish Fakey or Pin Bar), whilst price holds below the $41.60 to $43.50 resistance area, targeting a move back to $38.60 and then $34.50.
NOTE – You can trade CRUDE OIL Futures via the preferred 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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