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[Week 23 - 2024] Trades Recap and Trade Setups

Hey Traders,

The highlight of last week was the US PCE data which came in better than expected. The core PCE is the FED's favored measure of inflation and with the better than expected release, market rejoice with stock rebounding and yield turning lower as market believe economy is on pace for a potential rate cut by end of the year.

Next week we have the PMI and NFP in line which should keep a look out for.

Upcoming Economic Release:

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

S&P500 Futures

S&P500 reversed on Friday

The S&P500 index experienced downside pressure through out the week but recovered most of the move on Friday as it found support at the 5155 support region. Bullish price trend remains intact albeit elevated level.

Dollar Index (DXY)

Dollar trades sideways

The United States Dollar Index managed to trade above the key support level at 104.345 but trades sideways for the prior week. Price remains resilient as it trades above the key support level and if price breaks above the 105.425 resistance, bullish bias will resume.

Spot Gold

Gold trades within consolidation

Gold continues to trade within the consolidation zone. In the prior week, price trades towards the mid point resistance and trades back to the recent low and look to trades towards the low of the consolidation. Entry should only be considered if price breaks out of the consolidation.

Trade Recap (Public Channel)

EUR/CHF (Analysis 21-1)

EURCHF Analysis

Prior week (Week 22) - Take Profit - 1

EURCHF reached Take Profit (1)

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

Trade Recap (Private Channel)

No recap

Trade Analysis / Setups

WTI Futures - Front Month (Analysis 23-1)

WTI Analysis

Analysis: Price experienced a strong reversal from neckline resistance level at 80.60, possibly indicating further downside movement. 75.84 can be identified as the next key support level where a reversal confirmation can signal a long opportunity.

Long opportunity: Reversal confirmation at 75.84 region towards 78.92 as Take Profit - 1 level.


2024 Market Order Signal Accuracy Accuracy: 100% Wins: 5 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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