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[Week 07 - 2023] Trades Recap and Trade Setups

Updated: Mar 23

Hey Traders,


Last week was a relatively quiet week. The University of Michigan Consumer Sentiment report came out higher but the market was relatively unfazed. However, the Canada economy gave a shock to the market again as job report was way better than expected. Once again, at the state that we are in...are we in a recession?


Upcoming Economic Release:

Weekly Economic Calendar for Week 07
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 fails to climb above key resistance

The S&P500 retested the resistance zone again but failed and closed off the week in the red. However, this is still considered a healthy retracement as bullish bias still remains. If price were to breakout below 4050 support region, it can potential move back into the range, towards the 3963 region.



Dollar Index (DXY)

Dollar reverses from short term support.

In our previous post, we stated that it is difficult for the Dollar to to maintain beyond the 103.225 key resistance without any form of retracement. The United States Dollar continued the upside earlier on the week, past the 103.225 level but momentum could not sustain and fell back towards the 50 exponential moving average which also coincide with the minor support level at 102.100. Price eventually climbed back and looks to reach the 104.085 level.



Gold Futures

Gold experiencing consolidation from prior week dip

As mentioned on our previous post, since the prior movement was sharp, we expected a retracement towards 1900 or consolidation last week played out as per what we expected. Gold retraced towards the 1900 in a consolidation movement before ending lower at 1873 which is also a support region. If this support does not hold, we can potentially see more downside movement while if price were to break above the 1900, we can potentially see Gold trades towards the recent high.



Trade Recap


NZD/CAD (Analysis 6-1)

NZDCAD Analysis

Recap (Week 06 - Last Week) Take Profit - 2

NZDCAD reached Take Profit (2) level

Long at market position reached Take Profit - 2 level where we announced to close fully.



Cotton #2 Futures (Exclusive Trade)

Cotton #2 Analysis

Recap (Week 06 - Last Week) Take Profit - 2

Cotton #2 reached Take Profit (2) level

Short at market position reached Take Profit - 2 level where we announced to close / partial.



Soybean Meal Futures - Front Month (Exclusive Trade)

Soybean Meal Analysis

Recap (Week 06 - Last Week) Stopped

Soybean Meal stopped out

Short at market position stopped out.

Trade Analysis / Setups


WTI Futures - Front Month (Analysis 7-1)

WTI Futures Analysis

Analysis: WTI have been trading within the range for a relatively long period of time. We will look for reversal confirmation before taking a long near the support region and have our initial Take Profit set at the first ceiling of the range.


Long opportunity: Reversal confirmation at 73.82 support region towards 79.69 as Take Profit - 1 level.


 

Cheers to all our member who managed to pack some profits this trading week. Join our telegram channel at: https://t.me/traineetraders Instagram: https://www.instagram.com/trainingtraders/ Facebook: https://www.facebook.com/trainingtraders Stay safe out there and safe trading!

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