Daily Market Update: S&P500 & USDJPY – Nov 27TH, 2024
NOTE: This market newsletter is based on analysis conducted using the daily chart timeframe. Each market discussed is accompanied by a corresponding price chart for clarity and reference.
S&P500 – CASH: Buying On Retracement Lower To Within The Range Of Bullish Pin Bar Signal
Comments: Price formed a Bullish Pin Bar Signal overnight.
Price moved higher from the recent Bullish Fakeout + Pin Bar Setup that had formed on Tuesday, Nov 19th (We suggested buying on a retracement lower into the range of this Setup in the Nov 20th daily newsletter and hopefully some traders got on board).
Potential Trade Signal 1: For more aggressive traders, we are looking to buy on a retracement lower to within the range of the current Bullish Pin Bar Signal that had formed overnight.
Buy Limit: 6000
Stop Loss: 5950
Take Profit: 6150
Potential Trade Signal 2: We are looking to buy on a deeper retracement lower and after a price action buy signal, at or around the 5840 – 5888 short-term support area.
To Trade This Market With Our Preferred Broker, CLICK HERE
USDJPY: Buying On Retracement Lower & After Price Action Setup At Or Above 151.27 – 152.10 support area
Comments: Price is now trading just above the 51.27 – 152.10 short-term support area as of this writing.
Price moved lower from the recent Inside Bar Pattern that had formed on Friday, Nov 22nd (We did not consider trading this pattern).
The prior Bullish Pin Bar Signal that had formed on Tuesday, Nov 19th failed (We suggested buying on a retracement lower into the range of this setup in the Nov 20th daily market newsletter).
Potential Trade Signal: We are looking to buy on a retracement lower and after a price action buy signal, at or just above the 151.27 – 152.10 short-term support area.
To Trade This Market With Our Preferred Broker, CLICK HERE
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
