USDJPY, GBPUSD & BITCOIN – August 10th, 2022 » Learn To Trade The Market

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USDJPY – SPOT: Buying On Breakout Of Inside Bar Pattern

Price Action: Price formed an Inside Bar Pattern overnight.

Price moved higher from the Inside Bar Pattern that had formed late last week (We suggested trading the breakout of this pattern in the August 5th members’ daily newsletter).

Price moved higher from the Bullish Tailed Bar Signal that had formed just above the 131.49 short-term support level, early last week (We suggested trading this signal in the August 3rd members’ daily newsletter).

Potential Trade Idea 1: We are considering buying on a breakout of the current Inside Bar Pattern.

Potential Trade Idea 2: We are considering waiting to see if the current Inside Bar Pattern turns into a Potential Bullish Fakey Setup.

Potential Trade Idea 3: We are considering buying on a retracement lower to within the range of the recent Bullish Tailed Bar Signal that had formed just above the 131.49 short-term support level, early last week.

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

GBPUSD – SPOT: Double Bearish Pin Bar + Inside Bar (Combo Setup)

Price Action: Price formed a Double Bearish Pin Bar + Inside Bar (Combo Setup) overnight.

Price moved lower from the Inside Bar Pattern that had formed early last week (We did not consider trading this pattern, nor did we mention it at the time it formed).

Price moved higher from the Bullish Fakey + Pin Bar Setup that had formed over two weeks ago (We did not consider trading this signal, nor did we mention it at the time it formed).

Price moved lower from the recent Multiple Inside Bar Pattern that had formed just under the 1.2408 short-term resistance level (Event Area), over five weeks ago.

Potential Trade Idea 1: We are considering selling on a breakdown below the Double Bearish Pin Bars.

Potential Trade Idea 2: We are considering waiting to see if the current Double Bearish Pin Bar + Inside Bar (Combo Setup) turns into a Potential Bearish Fakey Setup.

Potential Trade Idea 3: We are considering selling on a retracement higher and after a price action sell signal, whilst price remains below the 1.2408 short-term resistance level (Event Area).

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

BITCOIN (BTCUSD) – Cash: Potential Bearish Multi-Bar Fakey

(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 formed a Potential Bearish Multi-Bar Fakey Setup overnight.

The Bearish Pin Bar Signal that had formed on Wednesday August 3rd failed (We suggested trading this signal in the August 4th members’ daily newsletter).

Price moved lower from the prior Bearish Pin Bar Signal that had formed last Saturday, July 30th (We suggested trading this signal in the August 1st members’ weekly newsletter).

Price broke below the $25339 old key support level over five weeks ago, which is a now key resistance level and an event area.

Potential Trade Idea 1: We are considering selling on a breakdown below the Mother Bar from the current Potential Bearish Multi-Bar Fakey Setup.

Potential Trade Idea 2: We are considering selling on a retracement higher to within the range of the prior Bearish Pin Bar Signal that had formed last Saturday, July 30th (Currently active).

Potential Trade Idea 3: We are considering selling on a retracement higher and after a price action signal, whilst price remains under the $25339 key resistance level (Event Area).

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.