SP500 have a tendency to test the lows of last day before going higher , obviously that level need to hold for a chance of reversal , otherwise more down ahead
SP500 have a tendency to test the lows of last day before going higher , obviously that level need to hold for a chance of reversal , otherwise more down ahead
Ignored
for that reason I am going a scalp short , will be out at the lows of yesterday, short 1595
Last week overview
Gold 1 loss
AU 1 loss
NJ 1 BE
GU 1 win
GA 1 win
AJ half position win
SP500 3 trades 2 wins, 1 loss
Dax 2 trades 1 Win, 1 loss
EU 1 loss
GJ 4 trades 3 wins, 1 Loss
Looking at this chart EUR has long to go against CAD after breaking this trendline which capped it for last 2 yrs, however we need a weekly close above or near high of the yellow zone {image}
Ignored
I will be looking to buy EURCAD next week based on this weekly chart
Dax30 broke the support level last week with failed retest
however we could see another retest early in the week which we would give us a short opportunity, the reason I say that because FTSE100 still holding support and SP500 still sitting on support which could give us a bounce first , will wait and see
AUDJPY and NZDJPY both consolidating on support, the problem is the longer they stay there without a considerable bounce the more likely they will break that level
so something to watch for next week
Copper is looking vulnerable here, it is a short on a break of this support zone, has been tested many times , will see if its still strong enough to hold
going back to EU
There is something special about the 50 SMA and EU on daily chart, if you have a look through history you will see this relationship clearly
we can see this time it bounced off the SMA with possible reversal candle
Its in uptrend recently
Based on above I would long EU with stop 15 -20 pips below yesterdays low with potential target 61.8 fib extension , coincides with previous high
Dax30 broke the support level last week with failed retest however we could see another retest early in the week which we would give us a short opportunity, the reason I say that because FTSE100 still holding support and SP500 still sitting on support which could give us a bounce first , will wait and see {image} {image} {image}
Ignored
sp500 did bounce back to broken support, however this bounce might stretch up to the broken trendline, in which case it would be a better short entry with tighter stop
AUDUSD has been consolidating for few days now since the break of weekly support
I am looking to go short half position now and add on if market retraces further up to that broken support level, if market moves straight down will add to position too
SL would be just above the broken support level
Profit potentially the lower support level as illustrated on chart
