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Writer's pictureTyler - Training Traders

[Week 47 - 2024] Trades Recap and Trade Setups

Hey Traders,


With the uncertainty of election over, new uncertainty emerges on tariffs, elevated P/E and rising yield. Commodities also took a beating with oil trading back to key support level while agricultural product traded lower.


The upcoming week will be focused on PMI reports from both the US and Euro region.


Upcoming Economic Release:

Weekly Economic Calendar for Week 47
Credit: ForexFactory.com Time: +8 GMT


S&P500 Futures

S&P500 closed lower with new uncertainties

The S&P500 closed the week lower, closing at minor support region at 5,900 region. Bullish price trend remains strong but price is beginning to show sign of weakness with weak upside and frequent downside and retracement. However, bearish trend can only be confirmed if price trades below 4950 region.



Dollar Index (DXY)

Dollar trades at resistance level

The United States Dollar Index closed sharply higher at 107.025, previous high level. Price can be seen at an elevated level and may begin retracement or consolidation.



Spot Gold

Gold trades sharply lower due to stronger Dollar

The extended level of Gold price continued to face retracement, closing sharply lower in the week prior. Price looks to continue trading towards to 50 weekly period exponential moving average, currently targeted at the 2430 region which is also high level of the previous consolidation zone.



Trade Recap (Public Channel)


Gold (Analysis 45-1)

Gold Analysis

Prior week (Week 46) Take Profit - 3

Gold reached Take Profit (3) level

High risk short at market reopening position reached Take Profit - 3 level where we announced to close fully.



Trade Recap (Private Channel)


No Updates



Trade Analysis / Setups


EUR/CAD (Analysis 47-1)

EURCAD Analysis

Analysis: Price has broken out of the consolidation region with a sharp movement from the top. Momentum can be deemed overextended and a reversal at the 1.49122 region can lead to further downside movement.


Short opportunity: Reversal confirmation at 1.49122 region towards 1.48247 as Take Profit - 1 level.



 

2024 Market Order Signal Accuracy Accuracy: 100% Wins: 14 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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