Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – August 10th to 14th, 2020

Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – August 10th to 14th, 2020

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 – August 10th to 14th, 2020

AUDUSD (Spot) – Looking to buy on a minor retracement to support, then expecting a trend continuation higher.

Short Term Trend: Bullish

Short Term Key Levels: 0.6560, 0.6670, 0.6970, 0.7050-60, 0.7200.

Price Action Signals: Price moved up from a bullish Tailed Bar that formed last week right above the 0.7050-60 support level.

Potential Trade Idea: We will consider trading long after a retracement to around the 0.7050-60 support area and after a price action buy signal on the 4 hour or daily chart timeframe to confirm an entry, in anticipation of a continuation higher towards 0.7200 and then potentially 0.7395.

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

GOLD (Spot) – Looking to buy on a deeper retracement to major support, then expecting a strong bounce.

Short Term Trend: Bullish

Short Term Key Levels: $1560, $1640, $1670, $1790, $1816, $1905 to $1915, $1980, $2000, $2070

Price Action Signals: Price broke out from a huge Multiple Inside Bar pattern mid last week, sending prices above the key $2000 level. Price recently broke up from a Bullish Pin Bar and subsequent Inside Bar pattern that formed around the $1790 to $1816 area (price action event area).

Potential Trade Idea: We will consider trading long after a deeper retracement to around the $1905 support level (low of huge mother bar from recent Inside Bar break out pattern), and after a price action buy signal on the 4 hour or daily chart timeframe to confirm an entry, in anticipation of a move higher back towards $2000 and then possibly back to $2070.

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

S&P 500 (Cash) – Looking to buy on a minor retracement to support, then expecting a trend continuation higher.

Short Term Trend: Bullish

Short Term Key Levels: 2800, 2970, 3140-50 area, 3210-20 area, 3290, 3398

Price Action Signals: Price broke up strongly from the 2 successive Bullish Pin Bars that formed at the 3210 support level over a week ago (price action event area). Price had also broken up strongly from multiple Bullish Pin Bars that formed around the major 3140-50 support area several weeks ago (price action event area).

Potential Trade Idea: We will consider trading long after a retracement in prices and /or after a price action buy signal on the daily chart timeframe to confirm an entry, whilst the 3150 to 3210 support area holds (price action event area), in anticipation of a move higher back towards 3290 and then potentially 3398 (old high).

NOTE – You can trade S&P 500 Cash 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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