.png)
Hey Traders,
August was a tough month for stocks but it ended well as most stock indices closed the month higher. However, be cautious of putting more long positions in stocks as September is seasonally weak.
Employment report is out next week and any increment in unemployment rate can put more bearishness on the market.
Upcoming Economic Release:
S&P500 Futures
The S&P500 index closed higher but with small movement. Bullish price momentum remains as price trades above the 50 exponential moving average on the weekly time frame. Short position should only considered if price breaks out of the 4960 region.
Dollar Index (DXY)
The United States Dollar Index closed the week higher. Candlestick pattern is developed a piercing line pattern and has a possibility to trade higher. If price trades above 102.22, price can potentially continue trading higher while breaking out of 100.525 can potentially push price towards 99.365.
Spot Gold
Gold trades in consolidation in the prior week without much movement. Bullish momentum remains strong as price trades above the 50 exponential moving average and still maintaining breakout. However if price trades back to the consolidation, bullish sentiment will be lost.
Trade Recap (Public Channel)
No Updates
Trade Recap (Private Channel)
No Updates
Trade Analysis / Setups
USD/CAD (Analysis 36-1)
Analysis: Price can be seen as extended in the daily time frame and lies at 50% range within the consolidation region which can be viewed as a support level. In the lower time frame, price broke out of a smaller consolidation region with an extended move. In this kind of scenario, price is likely to retrace towards the lower region of the consolidation.
Long opportunity: Long at market reopening as High Risk trade towards 1.35483 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 10 Loss: 0 |
2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 10 Loss: 0 |
Join our telegram channel at: https://t.me/traineetraders
Instagram: https://www.instagram.com/trainingtraders/
Facebook: https://www.facebook.com/trainingtraders
Stay safe out there and safe trading!
Comments