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Good day TTs,
This week was huge. Correction level for US stock indices (which i luckily hedged in time), with Gold struggling to keep the prices up despite the risk off situation. Over the weekends we have the Chinese PMI reports that came out way worse than expected. Expecting Monday opening would be in the red.
Now let us move to the trade recap for last week.
Trade Recap
USDJPY
In last week's post, I have already anticipated the Yen pair to gain back in value as the risk off situation escalate. However the real reason was because last week close with a huge bearish engulfing and I took an early risk to enter a short for USDJPY while adding more position to the different JPY pair.
Reason: Broke support level
Respecting 1Hour 50EMA
CADCHF
Another risk off currency, Swiss Franc. Saw this beautiful set up after the neckline was broken.
Reason:
Head and shoulders pattern (with neckline broken)
Respecting 1Hour 50EMA
EURUSD
Was expecting EURUSD to close in the late in Friday (i would have been bearish), but price reversed at the 1HR 50EMA again! With so many recent evidence that it is a good support line. This trade was a higher risk as we have a huge resistance level just a few pips away from us. So entered at half the position size.
Reason:
Trendline
Respecting 1HR 50EMA
Trade Setups
S&P 500 Index / Futures
If prices continues to fall, we can expect to enter a substantial amount as price approaches the 50EMA line. (curently approximately 2650~2700). Price has been respecting this EMA as a support level.
That is all for this week. Happy and safe trading!
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