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[Week 25 - 2024] Trades Recap and Trade Setups

Hey Traders,


Risk on sentiment continued to dominate the market with the NASDAQ and S&P500 closing at record high again. However, divergence can be identified as the Dow and Russell did not experience the same. This once again tells us that the major indices are still being carried by technological stocks and can potentially be an issue if sell off in the technological sector is to happen.


Upcoming Economic Release:

Weekly Economic Calendar for Week 25
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 extends to record high

The S&P500 index extends its climb last week, reaching yet another record high, primarily carried by technology stocks once again. Breadth difference between sectors remains wide as we can see the Russell 2000 not making significant progress and instead turned down for the week. Price remains at an elevated level but short positions should only be considered when the 4950 support level is broken out of.



Dollar Index (DXY)

Dollar continues to find support at key level

The United States Dollar Index slipped during the mid week, when the FOMC decision was released and once again found support at key support level at 104.34. Price closed the week just below the short term resistance at 105.425, where if price breaks out from, could potentially trade towards the recent high.



Spot Gold

Gold continues to trade within consolidation

Gold continues to trade within the consolidation but closed the week higher, now at the short term resistance region at 2330 region. For shorter term traders, breaking out of this resistance region can potentially push price higher, but for longer term traders, positions should only be considered when price breaks out of the consolidation region.



Trade Recap (Public Channel)


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Trade Recap (Private Channel)


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Trade Analysis / Setups


EUR/CHF (Analysis 25-1)

EURCHF Analysis

Analysis:

1. Price pushed past key support level at 0.9681 without any consolidation / retracement

2. Wide price to daily 50 exponential moving average deviation

3. Price now at next level of support level


Long opportunity: Long at market reopening as High Risk trade towards 0.95569 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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