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Week 43 - 2020. Trades review and trade set ups

Hey Traders,


This week the market is busy digesting the pre-election news causing big swings throughout the week while closing the week without any confirmations.


Dollar Index (DXY)


The dollar ended the week red but still within the range. As of now, I am bearish on the dollar, as we identify a head and shoulders pattern on the daily.


If price breaks below the 92.0 region, we can potentially see a stronger movement towards the downside with the head and shoulders pattern formed on the weekly chart.

However, do be aware that 91.0 region is a strong support region. Those who have or are planning to enter short in the dollar index to minimise risk or to close once reversal confirmation is identified within the region.


S&P 500 Futures

Price has been struggling to keep up prices last week due to the stimulus deal. Be prepared for big movements next week as we move to earnings period.


Long position: Break and retest confirmation of 3480 towards recent high.


XAU/USD (Spot Gold)

Price has broke out of the ascending trend line (as seen in the lower time frame) and is starting to form a head and shoulders pattern (bearish).

Diving down into the 15m chart we can see a structure of the retest.


Long position: Break and retest confirmation of trend line towards 1914 as TP1.

Short position: Break and retest confirmation of recent low at 1896 region as TP1.



Trade Recap


Corn Futures (Exclusive Trade)


Initial analysis

Week 41 - TP5

Week 42 - TP7

Reached TP7 level where we announced to close / partial / risk free.

NZD/CHF (Exclusive Trade)


Initial analysis


Week 41 - TP2


Week 43 - TP3

Reached TP3 level where we announced to close position fully.


We then identified an opportunity to long this pair for potential retracement. With analysis sent exclusively on our telegram channel.


Reached TP3 level where we announced to close position fully.



NZD/USD (Exclusive Trade)

Reached TP1 level where we announced to close fully.

Dollar Index (41-1)

We analysed to long the dollar index last week upon market reopens and the position got stopped out. Our only loss for the week.



Trade Setups


GBP/JPY (Analysis 43-1)

Price is trading with in the range and is now resting at the ascending trend line.


Long opportunity: Break and retest confirmation at 137.84 region towards higher time frame descending trend line as take profit (1) target.


Short opportunity: Break and retest confirmation at 135.55 region towards 133.55 region as take profit (1) target.


NZD/CAD (Analysis 43-2)

Price is trading within the ascending channel and has broken out of the descending trend line (bullish).


Long opportunity: Break and retest of 0.8798 region towards 0.8826 region as take profit (1) level.

Short opportunity: Break and retest of 0.8758 region towards 0.8733 region as take profit (1) level and descending trendline as take profit (2) level.



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Cheers to the member who managed to pack some profits this trading week.

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