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Good day TT,
Last week was a very active week. With the US and Iran conflict etc. Now let’s head right up to the trades that I have done last week.
The rise and ease of tension last week has made the market react in a panic.
First, I will be sharing about Gold and S&P futures. The top products that has one of the most influence with the recent headlines.
Gold having reached one of the key level of resistance, reversed down and closed red for the week. Leaving a huge pin bar. I have closed my long positions and has shorted near the high of last week (phew!). Stop loss is at breakeven point now and I will be looking for opportunities to go short for Gold.
Reason: Weekly bearish pin bar Reversed from key resistance (weekly) Severely overbought
Because the reasons for entering shorts are not very strong. I will be switching to long if my stop loss is triggered.
Next up. S&P futures. Last week I have discussed that I would be shorting when the support is broken. Turns out it was broken! ….but it was a false break out. My stop was triggered and instead I took a long position back instead. Thankfully my short was just a hedge position so I did not lose much.
Reasons: Power of one Bullish engulfing
In the previous trade set up I have discussed about Sugar #11 trading at the region of key resistance and shared that I will be entering long when the resistance is broken.
Reasons Broke key resistance Power of 1
Last trade of the week that I will be sharing would be AUDNZD. There are signs of reversal and I took a long.
Reasons: Key support (weekly) Broken neckline (daily) Power of 1 (daily) Power of 2 (4hr)
I considered the reasons for this trade to be not strong as such my stop loss is quite tight. (1.5 ATR of the recent low)
Trade setup
GBPJPY has been trading in the range recently but in a descending triangle range (bearish)
Will go short if the key support line is broken
Copper futures has been trading in a range recently and has reversed from the key resistance level recently. I will be looking to enter a short if the recent neckline is broken and I have identified one of the key level of support where I will close my position (very optimistic target), and switch to entering long position.
If you would like to receive my trade signals and profit together with me. Do contact me in the link here.
Benefits include: Entering trade at the same time as me Questions and answers (inclusive of asking me to analyse specific product) Teaching & guidance so you can be independent in the future
That is all for this week. Cheers!
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