You are on page 1of 5

Trade Ideas: GBPUSD: Inside Bar, GOLD: Pin Bar & Crude

Oil: Gap Fill – May 21st, 2020


learntotradethemarket.com/forex-trading-commentary/trade-ideas-gbpusd-inside-bar-gold-pin-bar-
crude-oil-gap-fill-may-21st-2020

Nial Fuller, Nial Fuller May 21,


2020

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.

GBPUSD (Spot)

Trend: Bearish

Relevant Key Levels: Resistance: 1.3190, 1.2770 and 1.2640. Support: 1.2250, 1.2020
and 1.1400.

Price Action: An Inside Bar formed at 1.2250 (watch for potential bearish Fakey Setup or
clean break down). Price moved lower from the Bearish Tailed Bar that formed 2 weeks
ago.

Current Notes: Price collapsed below both 1.2770 and 1.2640 levels activating a short
term bear market recently.

Potential Trade Idea: We will consider looking to sell on any bounce in prices and after
a price action sell signal to confirm, whilst prices remain below the 1.2640 resistance
area. Targeting a move back down to 1.2250 to 1.2020 area and then possibly 1.1400.

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

1/5
GOLD (Spot)

Trend: Long Term Bullish

Relevant Key Levels: Support at $1445, $1535 to $1560 and $1640-60. Resistance at
$1740.

Price Action: A bearish Pin Bar formed at $1750 area (potential for short term sell off
back to $1660 support). Price broke up strongly from the Bullish Tailed Bar that formed
at $1675 recently.

Current Notes: Short term support sits at the $1560 area and $1640-60 area.

Potential Trade Idea 1: We will consider looking to sell after a price action sell signal
(Pin bar) at or just under the $1750’s resistance, targeting a short term move back to
$1660 support area.

Potential Trade Idea 2: We will continue to consider looking to buy on any short term
retracement lower and after a price action buy signal, whilst prices hold above the $1560
short term support area, targeting a move back up to $1740’s and beyond.

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

2/5
CRUDE OIL (WTI Futures)

NOTE – We suggest traders reconsider holding WTI futures over the weekend, and
if holding a trade at any point during the week, be explicitly aware the market can
gap substantially and move quickly. Also, be aware of swap or roll over costs being
extremely high at the current moment in time. Talk to your broker if you have
questions or concerns.

Trend: Very Bearish

Relevant Key Levels: Support $6.00, $10.00, $18.oo. Resistance $36.30 and $41.50
(prior gap area)

Price Action: none

Current Notes: Price remains very bearish whilst under the $36.30 and $41.50
resistance levels.

Trade Idea: We will consider selling after a retracement higher and after a bearish price
action sell signal, at either $36.30 or $41.50 resistance levels (old price gap), targeting a
move back down towards the $28.00 and possibly $18.00.

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

3/5
Members Get Daily Trade Ideas & Chart Analysis From Nial Fuller Every Day …
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
Membership Page Here.

Please Leave A Comment Below

About Nial Fuller


Nial Fuller is a Professional Trader & Author who is considered ‘The Authority’ on Price
Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+
students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout
Nial's Professional Trading Course here.

Recent

Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – May 18th to 22nd ,
2020

4/5
Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – May 11th to 15th,
2020

Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – May 4th to 8th,
2020

Trade Ideas: GOLD Fakey Signal + Pin Bar & USDJPY Inside Bar Breaks Down –
April 29th, 2020

Copyright © 2008-2020 Learn To Trade The Market

5/5

You might also like