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Hey Traders,
All things were well until the later half of the week. Sharp decline of the indices, and crude oil. However, decline is still in the acceptable retracement zone for the indices.
Dollar index
Price has now formed a downward channel and is at the upper trend line. We can look to short upon confirmation. For long position, I will hold till price breaks the 93.40 resistance and retest confirmation.
I have a few members of the telegram channel asking how to identify confirmation. One way from the larger time frame, you can narrow it to the lower timeframe and identify structure. From the Dollar Index chart, when we narrow it to the 30mins / 1hr chart, we can identify a minor support region that has formed. We can then look out for break and retest from this support region before going short.
Prior to that we looked out for a break and retest confirmation of 92.55 area before going short. We reached TP1 zone and broadcasted on our telegram to close / take partial / risk free.
XAU/USD (spot gold)
Price is still trading in the range. I would wait for breakout and retest confirmation. However, if you are a risk taker, you can go long from this lower trend line of the symmetrical triangle.
Trade Recap
EUR/JPY (discussed last week)
Reached TP1 level and broadcasted to our telegram member to close / partial / risk free.
GBP/USD (exclusive trade)
Reached TP1 level and broadcasted to our telegram member to close / partial / risk free.
GBP/JPY (exclusive trade)
Reached TP2 level however broadcasted on our telegram channel to close full as price reaches back to TP1 level.
AUD/NZD (as discussed on week 34)
As discussed on Week 34, we proposed a risky trade where:
For short position:
Break and retest of area at 1.9328 towards support area at 1.0868 (risky trade)
Position has reached TP1 level and broadcasted to our channel to close / partial / risk free.
Trade Setups
EUR/JPY
Price is back to the range again. Wait for breakout confirmation and retest before entering position.
GBP/NZD
I am looking for long position for this pair. Wait for break of descending trendline and resistance (1.985 area) and retest confirmation before going long towards TP1 @ 1.998
NZD/CAD
Price broke out of support region @ 0.879 and we have a retest confirmation. I will be looking to short this pair after opening. TP1 zone @ 0.87485 and TP2 zone @ 0.869.
Sugar No.11 Futures
Wait for retest confirmation before going short. TP1 zone @ 11.67, TP2 zone @ 11.3
Corn Futures
Wait for break and retest confimation. TP1 zone @ 342. TP2 zone @ 334.
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Trade safe and stay safe traders!
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