Broad market analysis. 30 May 2019.
Updated
Crude Oil
Bought and got stopped.
I am now looking for a retest of the lows to get in. Am seeing it make a double bottom and rallying.
I think the shorts covered. Sellers are out. Those that shorted previous support turned resistance around 65$. Time for buyers to step in.
Especially if the price goes to test the lows slowly. But the right way, not like trending down, that would not be good either.
Copper
Copper went up on hopes that the economy recovered, and the supplies are low, and the "electric car market will boom".
Copper is on sale I think. In support area. I am looking for the perfect entry before it rallies.
Scientific news: "New Copper Material Could Replace Precious Metals in Electronics".
Rare earth metals I heard could be hard to get soon...
British Pound
The pound made a near full retrace on "trade war hopes".
Basically the raw unfiltered logic behind this trade is simple: the idiots that bought on "trade war hopes" are getting out. Full retrace.
There could be some Pound pairs that give good entries to short still. But otherwise they have nothing special...
Australian Dollar
Trending down. Potential entries on several pairs. If I short I will look for the most interesting pair.
Right now my eyes are on AUDCAD resistance seemed to react, I will enter if there is a double top.
AUDJPY looks like it is bottoming so I would not touch that one.
Swedish Krona
It is rallying now? Looks like it wants to retest all time low before dying.
Sweden still think they are going to remain a developped country.
The communist path they chose is slowly but surely leading them to 90s soviet union.
Little reminder "GDP fell as much as 50 percent in the 1990s in some republics,
Russia leading the race to the bottom as capital flight, industrial collapse, hyperinflation and tax avoidance took their toll."
Bitcoin
Almost forgot Bitcoin. I keep posting about it how could this happen...
Already short, enjoying pretty high funding (already got more than 25% of my risk back).
If I was not short already I would look for the perfect entry.
The raw idea is: the idiots that FOMO bought on "bottom hopes" because of some golden cross get liquidated / rekt.
S&P 500
Another full retrace to look for. "Trade war hopes".
Bonus: Grains
I have no idea where to enter. I cannot just jump in blind and take hits like the one yesterday.
Going to wait and see... I just do not know how to trade these sharp spikes...
Bought and got stopped.
I am now looking for a retest of the lows to get in. Am seeing it make a double bottom and rallying.
I think the shorts covered. Sellers are out. Those that shorted previous support turned resistance around 65$. Time for buyers to step in.
Especially if the price goes to test the lows slowly. But the right way, not like trending down, that would not be good either.
Copper
Copper went up on hopes that the economy recovered, and the supplies are low, and the "electric car market will boom".
Copper is on sale I think. In support area. I am looking for the perfect entry before it rallies.
Scientific news: "New Copper Material Could Replace Precious Metals in Electronics".
Rare earth metals I heard could be hard to get soon...
British Pound
The pound made a near full retrace on "trade war hopes".
Basically the raw unfiltered logic behind this trade is simple: the idiots that bought on "trade war hopes" are getting out. Full retrace.
There could be some Pound pairs that give good entries to short still. But otherwise they have nothing special...
Australian Dollar
Trending down. Potential entries on several pairs. If I short I will look for the most interesting pair.
Right now my eyes are on AUDCAD resistance seemed to react, I will enter if there is a double top.
AUDJPY looks like it is bottoming so I would not touch that one.
Swedish Krona
It is rallying now? Looks like it wants to retest all time low before dying.
Sweden still think they are going to remain a developped country.
The communist path they chose is slowly but surely leading them to 90s soviet union.
Little reminder "GDP fell as much as 50 percent in the 1990s in some republics,
Russia leading the race to the bottom as capital flight, industrial collapse, hyperinflation and tax avoidance took their toll."
Bitcoin
Almost forgot Bitcoin. I keep posting about it how could this happen...
Already short, enjoying pretty high funding (already got more than 25% of my risk back).
If I was not short already I would look for the perfect entry.
The raw idea is: the idiots that FOMO bought on "bottom hopes" because of some golden cross get liquidated / rekt.
S&P 500
Another full retrace to look for. "Trade war hopes".
Bonus: Grains
I have no idea where to enter. I cannot just jump in blind and take hits like the one yesterday.
Going to wait and see... I just do not know how to trade these sharp spikes...
Note
Things looking good with the pound, moderately strong recovery/reversal.Things looking bad with Oil, stopped again DAMN.
Saudi Arabia has an emergy meeting I wonder why.
Shorted the AUD, we'll see what happens next.
S&P continuation down, below the 200MA. Rekt.
No trendline to bounce on this time.
Copper consolidating, hasn't gone lower or much lower.
Bitcoin did exactly this I posted the top part, nice scam:
Swedish Krona looking like a double top but too early for me to enter.
Note
Copper strong v shape recovery. What a candle.I am aiming for at least a 10 cent gain.
EURSEK is bouncing but I did not enter because this nigh spreads were too big.
Should have left a pending order, would have gotten filled at 7 am. But actually no because it could have gotten filled before when spreads were 5 times as much.
Pound is hesitating. Possible we revisit the lows before bouncing.
I do not see another interesting pound pair right now.
I don't know if I keep making these ideas.
All I do is give my watchlist and vaguely what I am looking for, not sure how useful. I don't want to get into details too much.
Maybe it is better if I post 1-2 trades a week that I take.
Note
Copper 2.7 made new high/testing yesterday high.Actually there is a TL resistance here. Rejected yesterday, might break today.
Clearly some people are giving it some importance. If we make it above these people mayb buy the break and push the price up.
Going up 5% is easy.
Anything is possible, even this:
So many factors influencing the price...
Reasons to go up reasons to go down.
So probably best to consider the price just recovers then hesitates to go anywhere...
Note
Pound up up up up...Take profit at the resistance imo...
Can keep going or can slow down or can just reverse very quickly up there...
Note
Copper I think we could be at the start of a new trend. A deep retrace on wave 1 is normal...The pound basically got to target.
Oil kept going down. This is why you have a tight stop. Mine was too tight thought. Especially for a low timeframe like this. Should have been a winner.
Pretty sad.
Note
Some people got absolutely shrekt going against the mexican peso.That week open!!!
I guess it was all a fake breakout after all... Back to baseline then.
USDCNH which I am shorting gapped down a little but bulls are still in denial I assume.
I wish it did the same thing USDMXN did...
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