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[Week 39 - 2023] Trades Recap and Trade Setups

Hey Traders,

Although the FOMC kept rates unchanged, fear continue to rise in the market as yield rises while equities are weighed down. Major US indexes have also below their 100 days moving average, displaying a stronger bearish sentiment.

For the upcoming week ahead, Powell is scheduled to speak along with the US GDP and PCE releases.

Upcoming Economic Release:

Weekly Economic Calendar for Week 39
Credit: Time: +8 GMT

S&P500 Futures

The S&P500 index fell sharply, closing 4 days in a row on the previous trading week. Price is now trading at the key short term support level at 4370 region. Breaking out of this support level can indicate more downside for equities.

Dollar Index (DXY)

The 104.34 support prove to be a good short term support for the United States Dollar Index. Price fell towards the mentioned support earlier on the week but reversed and closed the week higher. The Dollar look to have more room for upside movement unless price breaks below the 104.34 support level.

Spot Gold

Gold extends towards the recent high but was met with selling pressure, with price falling towards the support region at 1915 region. Price now is trading in consolidation, with a range of between 1900 to 1950 region. Breaking out of this range can possibly indicate the next short term direction.

Trade Recap

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

Recap (Week 38 - 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

Soybean Futures - Front Month (Analysis 39 - 1)

Analysis: Price has fell sharply back to the bottom of the range where a retracement or consolidation is likely due.

Long opportunity: Long at market reopening as High Risk trade towards 1321.0 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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