[Week 33 - 2024] Trades Recap and Trade Setups

Hey Traders,

Early the week, the stock market extended its downside momentum but this was quickly recovered on the following day. Pressure were put on the FEDs to have an emergency rate cut to help the market (panic mode). VIX shot up but this was quickly reversed as fear subside.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 index fell sharply early on the week but recovered on the later week. Weekly 50 period exponential moving average has caught up in the weekly time frame but not on the monthly. Bullish momentum remains strong and short position should only be considered if price falls below the 4950 region.

Dollar Index (DXY)

The United States Dollar Index attempts recovers some of the prior week losses but with little movement. Price now can be seen trading sideways and at support region. If the support region does not hold, we can see more downside for the Dollar.

Spot Gold

Gold continues to trade at the upper region of the consolidation region. Price closed the week at the resistance region and upside potential remains strong, unless price trades below the lower region of the consolidation, below the 2330 region.

Trade Recap (Public Channel)

EUR/CAD (Analysis 32-1)

Prior week (Week 32) - Take Profit 1

Short at market reopening position reached Take Profit - 1 level where we announced to close / partial / risk free.

Trade Recap (Private Channel)

EUR/CHF (Week 32)

Prior week (Week 32) - Take Profit 2

Long at market reopening position reached Take Profit - 2 level where we announced to close / partial.

Trade Analysis / Setups

Copper - Front month (Analysis 33-1)

Analysis: Downside momentum has stalled and has begun to consolidate. If price rises to 4.21668 and fall to support with reversal confirmation at 4.06094, long position can be taken with initial target set at resistance level.

Long opportunity: Reversal confirmation at 4.06094 towards 4.21668 as Take Profit - 1 level.

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2024 Market Order Signal Accuracy Accuracy: 100% Wins: 10 Loss: 0

2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 10 Loss: 0

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