[Week 16 - 2024] Trades Recap and Trade Setups

Hey Traders,

Risk off sentiment heavily influenced the market last week primarily due to the tension between Israel and Iran. Stock indices fell across the board with Gold trading higher but met with profit taking as the week ends.

Bitcoin has plunged as the Middle East tension continues to rise over the weekend. Expect risk off sentiment when market reopens.

Upcoming Economic Release:

S&P500 Futures

The S&P500 index experienced another week of decline as we have been constantly stressing due to the over extension of price. With the recent decline, the weekly 50 exponential moving average finally get the chance to catch up to price and can be seen as a support level.

Dollar Index (DXY)

The United States Dollar Index broke out of the previous recent high and looks to extend towards the resistance level at 107.025. Current short term support is identified at 105.425, which falling pass can price back towards the 104.84 region.

Spot Gold

Gold extends higher earlier on the week but met with strong selling pressure towards the end of the week. Recent weekly candlestick formed a candle body, indicating market indecision, with a potential of leading price towards the long awaited reversal.

Trade Recap (Public Channel)

NZD/CAD

Result:

High risk long positions were closed fully upon reaching final target at 0.8243.

Trade Recap (Private Channel)

EUR/CHF

Result:

High risk short at market position reached Take Profit - 1 level where we announced to close / partial / risk free.

Trade Analysis / Setups

WTI Futures - Front Month (Analysis 16-1)

Analysis: Price formed a consolidation pattern where next short term direction can be determined through a breakout.

Long opportunity: Break and retest confirmation at 87.45 region towards 89.67 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 84.60 region towards 82.56 as Take Profit - 1 level.

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Stay safe out there and safe trading!