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[Week 24 - 2024] Trades Recap and Trade Setups

Hey Traders,


The European Central bank (ECB) made the decision to cute rate send equities higher on the session. In addition, Gold took a sharp fall after China announce a pause in purchase for their reserves, and fell even further on Friday after the release of the Non-Farm Payroll (NFP) which strengthens the United States Dollar due to weakness in the release.


All eyes will be on FOMC on the upcoming week as the market is optimistic on the US cutting rates soon after the ECB decision.


Upcoming Economic Release:

Weekly Economic Calendar for Week 24
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 makes a new record high

The S&P500 index continues its bullish momentum and momentarily reached a new record high last week. Bullish price momentum remains strong unless price falls below the 5,200 level where bias will tilt towards neutral in the short to medium term and bearish if price breaks below 4,950.



Dollar Index (DXY)

Dollar continues to find support at key level

The United States Dollar Index initially broke out of key support level but upon the NFP release, price still respected the key support level and closed the week higher. Price now formed a double bottom on the lower time frame and bullish bias remains only if price trades above 105.425.



Spot Gold

Gold closed the week near low of consolidation

Gold trades higher earlier on the week but experienced sharp price movement towards the downside as China announced that it will pause buying physical gold and with the strengthening of the Dollar after the NFP release. Gold trades towards the low of the consolidation and if it breaks out, price may potentially experience more downside movement.



Trade Recap (Public Channel)


EUR/CHF (Analysis 21-1)

EURCHF Analysis

Prior week (Week 23) - Closed

EURCHF reached Take Profit 3 level

High risk short at market position reached Take Profit - 3 level where we announced to close fully.



Trade Recap (Private Channel)


NZD/CAD

NZDCAD Analysis

Prior week (Week 23) - Closed

NZDCAD reached Take Profit 1 level

High risk short at market position posted on our alumni telegram channel reached Take Profit - 1 level where we announced to close fully.



Trade Analysis / Setups


Wheat Futures - Front Month (Analysis 24-1)

Wheat Futures Analysis

Analysis: Price has experienced a steep downside price momentum that can now be viewed as extended. This can be measured by comparing the deviation between price and the 50 period exponential moving average (4hour). In addition, there is considerable amount of days closing lower.


Long opportunity: Long at market reopening as High Risk trade towards 638.00 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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