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[Week 17 - 2024] Trades Recap and Trade Setups

Hey Traders,


What goes up, will eventually come down. The key point is when. We have identified stocks to be overbought for a few weeks and price has now finally look to correct itself as initial momentum comes from take profit and now market are in a panic to cover their position. The S&P500 closed lower for 6 days in a row, along with the NASDAQ facing more than 2% decline on Friday.


Risk off mood is strong with the tension rising in the Middle East, along with high sticky inflation in the United States. Oil prices continues to climb which can potentially affect inflation numbers as well.


Upcoming Economic Release:

Weekly Economic Calendar for Week 17
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 further declines

The S&P500 index fell further as it corrects the recent extended upside movement, towards the weekly 50 exponential moving average. If price continues fall further with the current steep momentum, key support level can be identified at previous high at 4800.



Dollar Index (DXY)

Dollar stalls as it build momentum for next direction

The United States Dollar Index stalls from the steep price movement from the prior week. With this stall in movement, we foresee a potential rise in volatility in the upcoming week for the Dollar, with a high possibility that it moves to the upside, towards the key resistance region.



Spot Gold

Gold trades in consolidation

Gold trades in consolidation throughout last week but tilted towards the upside as it approach to challenge the recent high. Next short term direction can be determined when price breaks out of the range as indicated.



Trade Recap (Public Channel)


No recap



Trade Recap (Private Channel)


NZD/CAD

NZDCAD Analysis

Result:

NZDCAD reached final Take Profit target

High risk short at market position reached final Take Profit - 3 level (in blue) where positions are closed fully.



Trade Analysis / Setups


USD/CAD (Analysis 17-1)

USDCAD Analysis

Analysis: Price is at the top side of range and has formed a head and shoulders pattern in the lower time frame. Short opportunity can be taken when price breaks out of the support level.


Short opportunity: Break and retest confirmation at 1.37287 region towards 1.36091 as Take Profit - 1 level.


 

2024 Market Order Signal Accuracy Accuracy: 100% Wins: 3 Loss: 0

2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 8 Loss: 0

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Stay safe out there and safe trading!

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