Disclaimer: The views on the posts and charts are for educational and illustration purpose only, as past performance is not necessarily indicative of future performance. They are provided for general information only and therefore should not be taken as any offer or solicitation to do any investment or trade.

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Forex and Index CFD Trade Ideas & Chart Analysis (28 Jan – 01 Feb 19)

1.(UK 100 Index GBP1 CFD)

 

Big Picture – Bearish

Resistance : 6 910 Support : 6 535

One Good Trade Idea

A bearish double top pattern looks to be forming and we will be looking at the break of the neckline at 6 798 on close to confirm it. Wait for a price action sell signal below the neckline on daily or 4 hourly chart

 

2.(EURGBP)

Big Picture – Bearish 

Resistance : 0.8810     Support : 0.8620

One Good Trade Idea

Last week on 20 Jan 19, I posted here to look for a sell signal below resistance at 0.8939, well, the signal came the very next day with a bearish pin bar on the very next day. It was followed by 3 consecutive long down bars to close below target support of 0.8655. Price may pullback from 0.8820 support and we shall look to sell further below resistance of 0.8810 for the support target at 0.8383 back in Apr 17.

3.(USDCNH)

Big Picture – Bearish

Resistance : 6.8258 Support : 6.5995

One Good Trade Idea

I also posted here last week to look out for the same pattern to sell near the resistance 6.8258. The same pattern repeated as prices respected the resistance level and last Fri closed with a long down bar. There is a short term support nearby at 6.7374 and we may see some consolidation near that level before it breaks down further if the same pattern repeats.

4.USDJPY

Big Picture – Bearish

Resistance : 109.77 Support : 107.65

One Good Trade Idea

USDJPY has pullback to the resistance level near 109.77 and we are looking to sell if the bear emerges from this consolidation area as the winner. Look for this confirmation with a price action sell signal.

Happy Trading!
One Good Trade