Bindal FX Trade Plan - 1st to 5th February 2021

Trade Ideas & Chart Analysis Disclaimer: The below analysis should not be considered as considered financial advice or a recommendation to trade or invest in any financial product. Your individual circumstances and risk allowance have not been taken into consideration and are thus not reflected in the below analysis. The below is for educational purposes only. Read our full Risk warning and disclaimer here.

Analysis for 1st to 5th February

All scenarios are based on 'IF/THEN' scenarios that the Bindal FX traders map out and use whether it be on swing trades shown below, or intraday trades used in the Bindal FX LIVE room every day. If the price does not map out to the plan, we simply move on and look for a new opportunity rather than trying to 'manufacture' a position - to learn more about how to join our LIVE Trading Broadcasts and LIVE Trading Webinars email

Broker - The Bindal FX team primarily trade with the same broker - they are highly reputable and have excellent competitive spreads with lightning-fast execution. Having a good broker with tight spreads is crucial to successful trading. To find out if they are more competitive than your current broker, or to open a live or demo account, you can learn more about them here.


Key Support: 1835
Key Resistance: 1875

GOLD - we highlighted this for a potential short a few weeks ago, and it did give us some great intraday moves in the Bindal FX Live room. However, on the higher time frames overall it has been in consolidation. On Friday 29th January we saw a potential failed break up, finding the previous high and creating a double top with subsequently a firm push down. The potential trade set up is fairly simple here, we are looking for a break below support, to create a lower low, and then a pullback to the Bindal Green Pivot. As long as the green pivot holds, we will be looking for a short on the break of the 123. This setup is void if we break above the double top.

Weekly Market Outlook


Short Term Trend: Range
Key Support: 0.8870
Key Resistance: 0.8920

USDCHF - overall this has been in a firm down trend for quite some time, but has spent the last 2 months consolidating nicely. You will see from the chart below (4-hour chart) that we have a confluence of setups that could trigger, with an ascending triangle and inverse H&S pattern. Of course, at Bindal FX we do not chase the initial breakout and will always wait for the 123 to happen. We will be looking for price to break above the neckline before retesting - on the retest as long as it holds above the Bindal Green pivot we will be looking to go long on the break of the 123. As this is on the 4-hour chart it may take a week or 2 to set up, so we will be waiting patiently and only taking it if the setup maps out as shown below.

Weekly Market Outlook


Key Support: 33,000; 29,200
Key Resistance: 40,200; 42,000

BITCOIN - Bitcoin went on a big bullish rampage crossing over $40,000 in early January. Since then, it has been consolidating in a holding pattern, almost like it's catching its breath. In the past week we have seen a nice push up above established resistance after a really solid double bottom had formed. (Those of you who joined us in the All day LIVE Webinar on 28th January 2021 will have taken the long Bitcoin Trade with us in the Live Room where we banked a huger +9R - see the chart below - do join us for the next one!). The Bindal Green pivot is really important here - because of the sharp nature of the pullback we would like to see a mini-123/double bottom at the Bindal Green Pivot - if we see that it is holding then this will be a very good sign for another push higher, potentially to all time highs. This will still be tradeable if price dips below Green, but then breaks back above with retest. This setup is void if the double bottom breaks.

Weekly Market Outlook

Weekly Market Outlook

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BindalFX 123 system is simple to follow, Trading Mastery is a Child's Play. When you follow the system with discipline, Trading becomes effortless.