Updated: Sep 20
Trade review of the week again. The previous trade suggestion we looked at soybean. Prices went beyond expectation and I am preparing to take profit at around 940. Or when the daily candle show a significant red bar [eg more than 50% of the previous day candle]
Shorted GBPJPY as it was severely overbought (daily rsi >75, weekly near 70) hoping for a retracement, but prices seem to be falling even further. Will add more position with more confirmation
Entered long position when the S&P fell to the –mins 50MA and rebounded – prices has been very obedient with this line!! With the added sentiment that US and CHINA deal is going very well! But seriously, only time will tell as nothing is signed yet.
Shorted the AUDUSD as it points towards the 200SMA and the very important trendline! Prices reversed back once it went near it. BUYERS WERE SO SCARED AND DECIDED TO TAKE PROFITS. Will add more position slowly in when criterias are met. [ eg Power of 2 etc.]
Lets look at SUGAR ! Prices has been significant recovery and I am looking to go long at the retracement. Look at the chart below! A moderate rating resistance if price retraced, it will be a support now, with the support point at the 32% of the Fibonnaci retracement point. LOOK TO GO LONG HERE
Gold is also reaching one of the trendline it will be interesting to see if price will be able to break above it. If not down it goes !