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[Week 25 - 2020] Trades Recap and Trade Setups

Updated: Sep 20

Good day Trainee Traders,


Market is in a dilemma right now as the COVID-19 situation could get worsen as seen in the US and in Beijing, China. Be prepared for another panic ride if the situation gets worsen from here.


Last week, all of our set up were invalid or stopped as the market went side ways due to the indecision. However, we did took a few trade.


Trade Recap


WTI (Light crude oil)

Reasons:

Rejection of previous high (support) 50EMA at 1-hour



Trade Setup


EUR/USD

Price is currently within the downward channel. We can look to enter the trade at either reversal of the channel resistance/support or the break out of these levels.


GBP/AUD

Price has broken the support level and now turned resistance. We can look to short after a bearish candle stick confirmation


GBP/JPY

Price is now at one of the key support region of both descending trend line and support region. We can look to long when the upper trend line is broken or short when the support zone is broken.


WTI (Light crude oil)

Price now has formed a rectangle pattern or double top pattern. Price way break up above where we could go long on the retest or at the 34.6 region after candlestick confirmation.


Gold futures

Similarly to oil, price is trading side ways. We can look to long on the support region of 1678 after candlestick confirmation or retest after breakout of the resistance level.


That is all for this week. Trade safe and stay safe!

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