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[Week 38 - 2023] Trades Recap and Trade Setups

Updated: Sep 23, 2023

Hey Traders,

Major indices traded sharply lower on the last day of the week, reversing the upside move experienced earlier the week, closing the week in the red. This was primarily led by AI stocks such as Adobe and Nvidia, is this the end of the AI bubble? Perhaps it is due to the rising concern of yield as yield continued to climb higher, supporting the Dollar.

The upcoming scheduled is packed with highly impactful news. The main focus will be on the FOMC with expectation of no change in policy. Any deviation from the expectation can negatively impact risk on sentiment.

Upcoming Economic Release:

Weekly Economic Calendar for Week 38
Credit: Time: +8 GMT

S&P500 Futures

SP500 ended the week sharply lower

The S&P500's traded higher than the previous week's high but did not ended the week higher. Price remains at the neutral zone and 4370 remains a critical support. If the support level does not hold, we can potentially see more downside for equities.

Dollar Index (DXY)

Dollar continues its ascend with higher yield

The United States Dollar Index trades in consolidation as anticipated. Price trades back to the previous higher and ended the week near the high. The Dollar looks to trade higher supported by the increase in yield. However, if price dips below the 104.355 support region, it can potentially trade towards the 103.12 support region.

Spot Gold

Gold looks to trade towards support level

At the start of the week, Gold faced pressure due to the strong dollar. However, after reaching the support level at 1910 region, price reverses back towards the range between 1916 and 1930 region despite the Dollar trading higher. Price did reach the top the range and price has shown signs that it would trade back towards the bottom of the range.

Trade Recap

Dollar Index - Front Month (Analysis 37-1)

Dollar Index Analysis

Recap (Week 37 - Last Week) Take Profit - 1

Dollar Index reached Take Profit (1) level

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

Trade Analysis / Setups

WTI - Front Month (Analysis 38-1) Second Position

WTI Analysis

Analysis: Price continues to trade towards the upside and can be considered overextended and due for a correction. We have expected that price can potentially trade higher when we took our first position last week (with recommendation of only placing a small position size).

Short opportunity: Short at market reopening as High Risk trade towards 89.32 as Take Profit - 1 level.


​2023 Market Order Signal Accuracy

Accuracy: 88.57%

Wins: 31

Loss: 4

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Stay safe out there and safe trading!

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