GOLD, BTCUSD & USDJPY – May 6th, 2022 » Learn To Trade The Market

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GOLD – SPOT: Selling From Bearish Pin Bar Signal

Price Action: Price formed a Bearish Pin Bar Signal overnight.

Price moved lower from the recent Bearish Pin Bar Signal that had formed late last week.

Potential Trade Idea: We are considering selling from the current Bearish Pin Bar Signal.

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

BITCOIN (BTCUSD) – Cash: Price Collapses From Bearish Fakey Setup

(WARNING ON CRYPTO: TRADING BITCOIN AND CRYPTO IS HIGH RISK, CONSIDER A REDUCED POSITION SIZE AND LOWER LEVERAGE UNTIL YOU ARE FAMILIAR WITH THESE MARKETS).

Price Action: Price moved lower from the recent Multiple Inside Bar Pattern that had formed late last week (We suggested trading this pattern in the April 29th, members’ daily newsletter).

Price moved lower from the prior Bearish Pin Bar Signal (Event Zone) that had formed just under the 42608 short-term resistance over two weeks ago (We suggested trading this signal in the April 24th, weekly newsletter and hopefully some traders got on board).

Potential Trade Idea 1: For more aggressive traders, we are considering selling on a retracement higher to within the range of the recent Multiple Inside Bar Pattern.

Potential Trade Idea 2: We are considering selling on a retracement higher to within the range of the prior Bearish Pin Bar Signal (Event Zone).

NOTE – You can trade BITCOIN & CRYPTO CURRENCY via the trading platform we use HERE.

USDJPY – SPOT: Buying Break Up From Bullish Multi Bar Fakey Setup

Price Action: Price formed a Bullish Multi-Bar Fakey Setup overnight.

Price had been forming a Multiple Inside Bar Pattern since last Monday.

Price moved higher from the prior Bullish Multi-Bar Fakey Setup that had formed over a week ago (We suggested trading the pullback to this setup in the April 28th, members’ daily newsletter).

Potential Trade Idea 1: For more aggressive traders, we are considering buying on a breakout above the current Multiple Inside Bar Pattern.

Potential Trade Idea 2: We are considering buying on a retracement lower to within the range of the prior Bullish Multi-Bar Fakey Setup.

NOTE – You can trade Spot USDJPY 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.