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[Week 19 - 2024] Trades Recap and Trade Setups

Hey Traders,


Major US stock indices managed to closed higher for the week despite experiencing some hiccup earlier on. US March employment data came in weaker than expectations, influencing a weaker Dollar. ISM report came in higher than expected, indicating a sticky inflation or even possibly a rise, as such, upcoming CPI and PPI will kept an eye on by market participants.


Upcoming Economic Release:

Weekly Economic Calendar for Week 19
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 index experienced an initial dip earlier on the week but managed to closed the week in the green, printing a bullish pin bar for the week. With this pin bar, price looks to continue towards the upside, unless the recent low is broken out of.



Dollar Index (DXY)

The United States Dollar Index weakened in the prior week, falling back towards the 50 period daily exponential moving average (EMA) and the short term support at 104.84. Price however managed to closed above the short term support. Price trend now trades at neutral level, unless price climbs back above 105.425, where it will resume to being tilted towards the upside.



Spot Gold

Gold painted another weekly candle, allowing the 50 period weekly exponential moving average (EMA) to catch up. However price continued to trade within the consolidation zone. A breakout of the consolidation zone between 2300 and 2430 can indicate the next mid term trend.



Trade Recap (Public Channel)


No recap



Trade Recap (Private Channel)


No recap



Trade Analysis / Setups


WTI Futures - Front Month (Analysis 19-1)

Analysis: Price is extended towards the downside where potential retracement or even reversal is likely possible. Price may continue to dip further and more positions will be considered. Risk adverse traders should only enter smaller position for this initial position.


Analysis: Long at market reopening as High Risk trade towards 79.66 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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