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[Week 34 - 2023] Trades Recap and Trade Setups

Hey Traders

Last week was light on economic release but rising yield remains the main topic of discussion. With Britain's CPI reporting higher than expected along with Evergrande's filing of bankruptcy, market sentiment edges towards more fear.

Next week lined up will be heavy as key highlight will be Jackson Hole Summit along with Powell's speech. There are also Europe and US PMI scheduled that all of you should look out for.

Upcoming Economic Release:

Weekly Economic Calendar for Week 34
Credit: Time: +8 GMT

S&P500 Futures

The S&P500 closed in decline for three weeks in a row, with price falling below the 50 daily exponential moving average (EMA). Price now rests at minor support level at 4370 region. If market remains the fear, price can potentially retrace towards the 50 daily EMA before falling towards the next support level at 4300 region. Trading above the 50 EMA will display a shift to risk on sentiment in the market.

Dollar Index (DXY)

The United States Dollar closed the week at the descending trend line and the 200 daily simple moving average (SMA). With the recent run towards the upside, the Dollar can be seen as extended and is due for a consolidation or retracement. We personally took and announced a short trade as shown here.

Spot Gold

As yield continues pushing towards the upside, Gold faced immense pressure throughout the week. Although still early, price is showing signs that it can potentially fall towards the lower of the range at 1680 region. For now, price is due for a consolidation or retracement. We expect strong buying at the 1860 region and if price do experience a retracement, price can potentially head towards 1912 region.

Trade Recap

WTI - Front Month (Analysis 33-2)

Recap (Week 33 - Last Week) Take Profit - 1

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

Trade Analysis / Setups

Wheat - December Futures (Analysis 34-1)

Analysis: Price began to turn higher as resistance at 632.0 is broken out of and now a support level. A retest confirmation at the 632 support region can potentially fuel price further towards the upside.

Long opportunity: Retest confirmation at 632 support region towards 644.75 as Take Profit - 1 level.


​2023 Market Order Signal Accuracy

Accuracy: 87.5%

Wins: 28

Loss: 4

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Stay safe out there and safe trading!

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