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Writer's pictureTyler - Training Traders

[Week 40 - 2024] Trades Recap and Trade Setups

Hey Traders,


The US PCE report and the stimulus from China put pressure onto the United States Dollar in the prior week. Escalation in the Middle East put some pressure near the end of the session but Gold was unfazed most likely because price is already in an elevated level.


The US Job Report is scheduled next week along with Powell speech on the US economic outlook.


Upcoming Economic Release:

Weekly Economic Calendar for Week 40
Credit: ForexFactory.com Time: +8 GMT


S&P500 Futures

S&P500 met with pressure from Middle East tension

The S&P500 index momentum has slowed in the prior week albeit closing higher. Bullish momentum continue to remains strong with no sign of weakness.



Dollar Index (DXY)

Dollar closed the week lower

The United States Dollar closed lower, breaking out of key resistance level at 100.525. Price look to trade towards 99.365. If momentum persist, we can see the Dollar being extended and long position can be considered at that point.



Spot Gold

Gold ascend higher, approaching extended level

Gold closed the week higher again and is approaching extended level as price deviation from the weekly 50 exponential moving average continue to extend. If price momentum persist, we can potentially find short opportunity when price reach the 2750 ~ 2800 region.



Trade Recap (Public Channel)


No Updates



Trade Recap (Private Channel)


WTI - Front Month (Exclusive Trade)

WTI Analysis

Prior week (Week 39) Take Profit - 2

WTI reached Take Profit (2) level

Long at market reopening position reached Take Profit - 2 level which we announced to close fully.



Trade Analysis / Setups


Soybean - Front Month (Analysis 40-1)

Soybean Analysis

Analysis: Price can be seen as extended in the weekly time frame. Short is considered as a potential short term retracement.


Short opportunity: At market reopening as high risk trade towards 1049.75 as Take Profit - 1 level.



 

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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Stay safe out there and safe trading!


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