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[Week 23 - 2023] Trades Recap and Trade Setups

Hey Traders,


Equities surges throughout the week with technology stocks leading again. The Non-farm payroll beats estimates but the Dollar was mostly unfazed as unemployment rate increases and only a modes wage growth. The market has been optimistic and has not been concerned with inflation. This also means that if inflation comes back into the picture again, the risk on will likely experience a sharp retracement.


Upcoming Economic Release:

Weekly Economic Calendar for Week 23
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

As anticipated, the S&P500 pushes towards the upside towards the 4300 major resistance zone, coinciding with the 61.8% retracement of the recent major dip. Although large caps is now back to bullish, small caps stocks (Russell 2000 as reference) remains in bearish territory and the divergence is only getting wider.



Dollar Index (DXY)

The United States Dollar Index trades in consolidation at the resistance region. Price momentarily broke out of minor support but price retraces back to the consolidation. The Dollar continues to look strong especially with the market expectation of another rate hike in June.


Spot Gold

Gold trades in a range between 1940 and 1980 region. If price continues to descend sharply towards 1940 region, price can potentially retrace towards 1955 region or back to 1980, high of the consolidation. However, if the above scenario does not play out, short position should be considered if price breaks out of the 1940 region, towards 1910 region.



Trade Recap


Corn - July Futures (Exclusive Trade)

Recap (Week 22 - Last Week) Take Profit - 1

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



Trade Analysis / Setups


Soybean Meal - July Futures (Analysis 23-1)

Analysis: Price has been experiencing strong downtrend and is likely due for a retracement short term or a reversal medium term. Price has formed a bullish structure, a inverse head and shoulders. Await for neckline breakout for confirmation.


Long opportunity: Breakout and retest confirmation at 404.5 region towards 413.2 as Take Profit - 1 level.

 

Cheers to all our member who managed to pack some profits this trading week.

​Year 2023 Market Order Signal Accuracy

Accuracy: 91.3%

Win: 21

Loss: 2

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Stay safe out there and safe trading!

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