The post below was written by world-class trader Nial Fuller who specializes in price action analysis.
You can find the original text here – “Weekly Trade Ideas: USDJPY, GOLD, DAX40 & BITCOIN – August 22nd to 26th, 2022“
Chart note: a necessary precondition for trading success is a broker offering the “New York Close Forex Charts” (a real 5 day chart that is consistent with the New York session close).
Table of Contents
Dollar Rate (USD / JPY): Buy on the bearish as long as the price is above the bullish Pin Bar signal
Price Action: The price rose against the small bullish Pin Bar signal that formed earlier last week (we did not consider trading this signal). The price rose from the previous bullish Pin Bar signal that formed on Thursday, August 11 (in the August 15 weekly newsletter, we suggested trading downwardly into the range of this signal and hopefully some traders came on board). Price rose from the recent bullish tailed bar signal that hit just above the short-term support level of 131.49 on Tuesday, August 2. (We suggest trading this signal from the August 8 weekly newsletter and hopefully some traders have come on board.)
Potential Trade Idea 1: We are considering buying on a lower mark, while the price remains above the previous bullish pin bar signal that formed on Thursday August 11 (currently active).
Potential Trade Idea 2: We are considering buying after a lower retracement, while price remains above the recent Tailed Bar bullish signal that hiked just above the short-term support level of 131.49 on Tuesday, Aug 2 (currently active).
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Gold Rate (XAU / USD): Sell after the retracement as long as below $ 1,787 – $ 1,805 of resistance area
Price Action: The price has dropped from the bearish Pin Bar signal that formed late last week (we did not consider or mention trading this signal). Price dropped from the bearish Pin Bar signal range that formed on Wednesday August 10 (we suggested trading this signal in the August 11 daily member newsletter).
Potential Trade Idea: We are considering selling on a higher retracement while the price remains below the $ 1,787 – $ 1,805 short-term resistance area that coincides with the last bearish Pin Bar signal that formed on Wednesday 10 August.
DAX 40 Course: Sell after correction during bearish Multi-Bar Fakey setup
Price Action: The price fell slightly against the Inside Bar formation that formed late last week (we didn’t consider trading this formation, nor did we mention it). The price has dropped slightly compared to the bearish Multi-Bar Fakey setup that emerged late last week (we didn’t consider trading this setup, nor did we mention it).
Potential Trade Idea: We are considering selling on a higher retracement, which is within the range of the last bearish Multi-Bar Fakey setup that started late last week.
Bitcoin Rate (BTC / USD): Sell on a bearish as long as price is below the bearish Pin Bar signal
Price Action: The price has exploded since the bearish Tailed Bar signal formed on Wednesday August 17 (we did not consider or mention trading this signal). Price fell below the recent bearish Pin Bar signal, which formed just below the key resistance level of $ 25,339 on Monday August 15 (we suggested trading above the range of this signal in our Daily Membership Newsletter).
Potential Trade Idea: We are considering selling on a higher retracement while price remains below the last bearish Pin Bar signal that formed just below the key resistance level of $ 25,339 on Monday 15 August.
More from Nial Fuller:
This post was written by world-class trader Nial Fuller and builds on his own price action trading strategies.
You can find the original text here – “Weekly Trade Ideas: USDJPY, GOLD, DAX40 & BITCOIN – August 22nd to 26th, 2022“
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