Price Action Trade Ideas – 19th Feb 2020

Markets Discussed in This Week’s Trade Ideas: EURUSD, GOLD, SILVER and NZDJPY.

 

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

EURUSD Daily and 4 Hour Charts

Looking for Rotations Back Into Value

Price continues to sell off lower on the EURUSD and as yet we have not had any solid pullbacks or rotations higher into a value area. Nice job to anyone who has played the breakout and has made many pips on this large break and fall lower.

With markets that make aggressive moves either higher or lower such as this, we will often get a sharp pullback into the closest support or resistance level before a continuation. This is when many traders will be looking for the large pullback, but price will instead only make a sharp retrace before continuing. 

If that is to play out here we could get a sharp pullback into the overhead weekly level that is also a level price found support at on the 4 hour chart on the way lower.

Daily Chart

4 Hour Chart

 

GOLD Daily and 4 Hour Charts

Consolidation Breaks

At the start of the week we looked at this market for a potential breakout of the range consolidation area. Read the weekly trade ideas here. 

Now price has broken out of this level it could open the door for more trading opportunities including potential quick pullbacks into the old resistance and new potential support area.

As the daily and 4 hour charts show below this could be a solid level to watch for A+ bullish price action triggers.

Daily Chart

4 Hour Charts

 

SILVER Daily Chart

Watching for Potential Breakouts

This is a market we have been watching closely of late as price has been working within the close support and resistance range area.

Price has once again held at the support level and is moving to test the range resistance level.

If price can breakout of this level with aggressive price action it could open the door for potential breakout and breakout and intraday retest trade setups.

Read the lesson on how to find and trade intraday breakout trades here. 

Daily Chart

 

NZDJPY 4 Hour Chart

Watching for Range and Breakout Plays

At the start of the week we discussed this pair and the potential for range and also breakout plays.

Whilst price still holds we can look to continue playing both sides of the market, however a breakout soon would not surprise here on this pair.

This would then open a lot of trading opportunities such as straight breakout setups or quick breakout and retest trades.

4 Hour Chart

 

Trade Ideas Note: All views, discussions and posts in the ‘charts in focus trade ideas’ are the view of Forex School Online and are not recommendations or trading advice. All posts are general in nature and are not advice to buy or sell.

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

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