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Weekly Forex Trade Setups Ideas by Nial Fuller –February 19th to 23rd, 2018
EURUSD – Euro/dollar uptrend intact, waiting for pullback to get long
Last week, the EURUSD moved higher as price rebounded following a decline to 1.2200 area the previous week. Notice the false break of key resistance (failed breakout) up near 1.2520 that occurred last Friday, this could lead to a pullback this week as this is a formidable resistance level having given rise to a pin bar reversal a few weeks back. However, the uptrend is still intact and so we are continuing to view any downward pullbacks as potential buying opportunities near support. We will look to be a buyer at or near 1.2200 near-term support or possibly the 21 day ema (blue level) following a clear 4-hour or daily chart price action buy signal.
Gold – Gold reversal signal pushes prices higher
Gold pushed higher last week after our February 12th commentary in which we discussed the bullish pin bar signal (reversal buy signal) that had formed the previous week and that could lead to a push higher. We can see price made a powerful up-move from this pin bar mid-week last week, netting anyone who traded it a very nice profit. Price neared resistance up near 1360.00 on Friday, reversing intra-day to end lower and signaling that it may rotate lower this week. However, as we have been discussing in recent weeks, we remain bullish on this market and looking to buy it on pullbacks to support. Traders can watch for a rotation lower from here and keep an eye on 1306.00 support as well as the high of the previously mentioned pin bar at that level as we could see a bounce from there. Watch for buy signals on weakness to get long near the previously mentioned areas.
S&P500 – S&P500 bulls regain control as price rebounds
The S&P500 exploded higher last week as volatile market conditions continued following the bullish pin bar reversal buy signal that we discussed in last week’s commentary. We remain very bullish on this market (looking to buy) whilst it is above the recent lows where price hammered-in support at 2530.00; this is likely to be a very strong support level in the coming days and weeks. Traders can watch for rotations lower followed by 4-hour or daily chart time frame price action buy signals to get long whilst above 2530.00 -2488.00 area.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn To Trade The Market, the world’s foremost trading education resource.