Market Update: GBPUSD & CRUDE OIL – Oct 16th, 2024
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
GBPUSD: Buying On Retracement Lower & After Price Action Signal At Or Above 1.3000 Support Level
Comments: Price is now trading just above the 1.3000 short-term support level as of this writing.
Potential Trade Signal: We are looking to buy on a retracement lower and after a price action buy signal, at or just above the 1.3000 short-term support level.
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CRUDE OIL: Buying On A Retracement Lower & After Price Action Signal At Or Around $64.71 – $66.13 Support Area
Comments: Price formed a Bullish Pin Bar Signal overnight (We are not considering trading this signal).
The recent Bullish Inside Bar + Small Pin Bar (Combination Setup) with a Giant Mother Bar that had formed on Friday, Oct 11th didn’t trigger (We did not consider trading this setup, nor did we mention it).
The prior Bullish Pin Bar Signal that had formed just above the $71.13 – $72.20 short-term support area on Wednesday, Oct 9th has been invalidated (We suggested buying on a retracement lower into the range of this signal on Thursday, Oct 10th Market newsletter).
Potential Trade Signal: We are looking to buy on a deeper retracement lower and after a clear price action buy signal, at or around the $64.71 – $66.13 short-term support area, which coincides with the recent Bullish Fakeout + Giant Tailed Bar Setup that had triggered on Wednesday, Oct 2nd.
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.
