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[Week 27 - 2024] Trades Recap and Trade Setups

Hey Traders,

As we move towards the third quarter of 2024, all eyes were on the PCE report which indicated a modest cooling along with some wage pressure. The Dollar faced some downside pressure but was quickly recovered, ending the week with a small gain. In addition, stock indices has been consecutively strong in the month of July, short sellers should be aware.

This week economic calendar is heavily lined up despite a shorter trading week (US Independence Day)

Upcoming Economic Release:

Weekly Economic Calendar for Week 27
Credit: Time: +8 GMT

S&P500 Futures

S&P500 closed lower for the week

The S&P500 struggled in the prior week as it closed lower but move can be seen as negligible as bullish trend remains strongly intact. Our bias remains the same that stock indices are elevated but short position should only be taken if price breaks out of the 4960 support level.

Dollar Index (DXY)

Dollar continue to push towards the upside

The United States Dollar Index continues to climb higher albeit a smaller move when the prior week close. However, short term price momentum remains bullish as price looks to trade towards 106 region before attempting 107.

Spot Gold

Gold near unchanged within consolidation

Gold closed the prior week near unchanged but attempts to climb higher earlier on the week. Price continues to trade within the consolidation and positions should only be taken when price has broken out of mentioned consolidation zone.

Trade Recap (Public Channel)

AUD/JPY (Analysis 26-1)

AUDJPY Analysis

Prior week (Week 26) - Take Profit 1

AUDJPY reached Take Profit (1)

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

Trade Analysis / Setups

USD/CAD (Analysis 27-1)

USDCAD analysis

Analysis: Price has been trading sideways for a considerable period of time and next short to medium term direction can be determined from the breakout of mentioned consolidation.

Long opportunity: Break and retest confirmation at 1.3778 region towards 1.38697 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 1.36091 region towards 1.34820 as Take Profit - 1 level.


2024 Market Order Signal Accuracy Accuracy: 100% Wins: 7 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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