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[Week 46 - 2023] Trades Recap and Trade Setups

Hey Traders,


Powell speech last week affirm the hawkish Fed's stance, but market did not take much consideration into it, possibly due to the series of softer US economics numbers recently. Stock indexes closed the week higher for the second consecutive week, tilting back towards bullish price movement, with the NASDAQ leading the way.


CPI will be the key highlight for this week. A higher reading will most definitely result lead to risk off activities. Keep a lookout.


Upcoming Economic Release:

Weekly Economic Calendar for Week 46
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 tilt back to bullish

The S&P500 index trades back above the 4370 region, shifting back to bullish bias. However, price is met with minor resistance level and if broken out of, may look to trade towards the 4550 region. However, trading below the 4370 will shift the index back to neutral bias.



Dollar Index (DXY)

Dollar index climbs back to range

The United States Dollar Index recovered most of the previous week's move, trading back within the range. The Dollar Index looks to maintain the bullish bias and looks to trade towards the high of the range again.



Spot Gold

Gold price has begun to weaken

Gold fell lower, breakout out of minor support level at 1960 region. Shifting the bias from bullish back to neutral. Price looks to trade towards the 1915 support region. If the new support does not hold, the price of Gold will shift towards bearish.


Trade Recap


Soybean Futures - Front Month (Analysis 39 - 1)

Soybean Analysis

Recap (Week 45 - Last Week) Take Profit - 2

Soybean reached Take Profit (2) level

High risk long at market reopening position finally reached Take Profit - 2 level where we announced to close / partial.


Soybean Meal Futures - Front Month (Analysis 44-1)

Soybean Meal Analysis

Recap (Week 45 - Last Week) Take Profit - 2

Soybean Meal reached Take Profit (2) level

Long position reached Take Profit - 2 level where we announced to close fully.



NZD/CHF (Analysis 45-2)

NZDCHF Analysis

Recap (Week 45 - Last Week) Take Profit - 1

NZDCHF reached Take Profit (1) level

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


Corn Futures - September (Analysis 33-1) LATE UPDATE

Corn Analysis

Recap (Week 40) Take Profit - 1

Corn reached Take Profit (1) level

High risk 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 46-1)

WTI Analysis

Analysis: Price experienced a steep downside, causing it to be overextended. Price has begun to consolidate with potential to tilt higher.


Long opportunity: Reversal confirmation at 79.49 support region towards 78.65 as Take Profit - 1 level.


 

​2023 Market Order Signal Accuracy

Accuracy: 90.2%

Wins: 37

Loss: 4

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Stay safe out there and safe trading!

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