[Week 38 - 2024] Trades Recap and Trade Setups

Hey Traders,

Risk on mood spur the market as the US stocks experienced a solid rebound after the sold off in prior week. The S&P500 closed higher every day in the previous week, despite September being seasonally weak. However, this also mean that market is pricing in a rate cut and thus limiting the upside movement during the FOMC decision.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 has closed higher every day for the previous week while finding support level at the 5440 region. Bullish momentum remains strong albeit at elevated level at higher time frame. Short positions should only be considered if price falls below the 4950 region.

Dollar Index (DXY)

The United States Dollar Index failed in its ascend and fell back to key support region at 100.525. Price has now formed a consolidation region between 100.525 and 101.525. Breaking out of this consolidation region can provide us the short term the direction of the dollar.

Spot Gold

Gold breaks out of the small consolidation, continuing its ascend towards the upside. Bullish upside remains strong but is slowly approaching extended level. For now, short consideration should only be considered if price falls back below 2415 region.

Trade Recap (Public Channel)

No Updates

Trade Recap (Private Channel)

WTI - Front Month (Week 37)

Prior week (Week 37) - Take Profit - 1

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

Trade Analysis / Setups

USD/JPY (Analysis 38-1)

Analysis: Price lies at key support region with a potential to reverse. However, downside pressure remains strong and going against the trend need some form of validation.

Long opportunity: Break and retest at 143.48 region towards 146.461 as Take Profit - 1 level.

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2024 Market Order Signal Accuracy Accuracy: 100% Wins: 11 Loss: 0

2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 11 Loss: 0

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