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GBPJPY – SPOT: Buying On A Breakout Above The Bullish Inside Bar + Pin Bar (Combo Setup)
Price Action: Price formed a Bullish Inside Bar + Pin Bar (Combo Setup) overnight.
Price moved higher from the Inside Bar Pattern that had formed earlier this week (We did not consider trading this pattern).
Price moved higher from the prior Bullish Fakey + Pin Bar Setup that had formed late last week.
Potential Trade Idea 1: We are considering buying on a breakout above the Bullish Inside Bar + Pin Bar (Combo Setup).
Potential Trade Idea 2: We are considering buying on a retracement lower to within the range of the prior Bullish Pin Bar Signal (Which is a part of the prior Bullish Fakey Setup).
NOTE – You can trade Spot GBPJPY via the trading platform we use HERE.
Price Action: Price formed an Inside Bar Pattern overnight (We are not considering trading this pattern).
Price bounced significantly higher from the 131.35 short-term support level late last week (We suggested buying on a retracement lower and after a price action buy signal or on a blind entry, at or around the 131.35 short-term support level in the June 13th, weekly newsletter and hopefully some traders got on board).
Potential Trade Idea 1: We are considering waiting to see if the current Inside Bar Pattern turns into a Potential Bullish Fakey Setup.
Potential Trade Idea 2: We are considering buying on a retracement lower and after a price action buy signal, at or around the 131.35 short-term support level.
NOTE – You can trade Spot USDJPY via the trading platform we use HERE.
Price Action: Price moved slightly lower from the ultra-small Bearish Pin Bar Signal that had formed earlier this week (We did not consider trading this signal).
Price moved briefly lower from within the range of the recent Bearish Inside Bar + ultra-small Pin Bar (Combo Setup) that had formed last Friday, June 17th.
Potential Trade Idea 1: We are considering selling on a retracement higher to within the range of the recent Bearish Inside Bar + ultra-small Pin Bar (Combo Setup) that had formed last Friday, June 17th.
Potential Trade Idea 2: We are considering selling on a retracement higher and only after a price action signal, whilst price remains below the $25339 short-term resistance level.
NOTE – You can trade BITCOIN & CRYPTO CURRENCY 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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