Market Update: GBPUSD & S&P500 – August 8th, 2023
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
GBPUSD: Buying From Bullish Long-Tailed Pin Bar Setup
Comments: Price formed an Inside Bar Pattern on Monday, August 7th (We are not looking to trade this pattern).
Price moved slightly higher from the Bullish Long-Tailed Pin Bar Setup that had formed just above the 1.2580 – 1.2679 short-term support area on Thursday, August 3rd (We suggested buying from this signal in the August 7th members daily newsletter).
Potential Trade Signal: We are looking to buy on a retracement lower into the range of the most recent Bullish Long-Tailed Pin Bar Setup that had formed on Thursday, August 3rd (Buy limit: 1.2685 & Stop: 1.2560).
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S&P500 (Cash): Buying On A Retracement Lower & After Price Action Setup At Or Above 4329 – 4378 Support Area
Comments: Price formed a Bearish Pin Bar + Inside Bar (Combination Setup) on Monday, August 7th (We are not looking to trade this setup).
Price moved lower from the recent Bearish Pin Bar + Multiple Inside Bar (Combination Setup) that had formed on Tuesday, August 1st (We did not consider trading this setup).
Potential Trade Signal: We are looking to buy on a retracement lower and after a price action buy setup, at or just above the 4329 – 4378 short-term support area.
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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.
