Fed Meeting, War tension and recap of week 38Week 38 has been very eventful to say the least. On Wednesday we had the Fed raise interest rates by an expected 75 basis points for a third consecutive time. This created uncertainty within the markets which provided us traders with volatile conditions.
SPX went down 6.2% after the meeting on the 21st however the dollar gained even more strength which is continuing its increasing strength compared to main currieries such as the EURO and the GBP.
EUR/USD is now at 2002 levels (20 year low) and the dollar gains more strength over the Euro due to the uncertainty which is happening in Europe with the Russia/Ukraine War tensions growing even thinner this week.
Oil has also continued its downturn in price with a further 8% drop this week in price which makes the current month down 12%.
The UK interest rates also rose 2.25% to battle with the inflation fears, currently inflation in the Uk has dropped slightly Month on Month to 9.9% (10.1% in August). There are growing concerns in the UK and the BOE this week has admitted that the UK is now in a Recession.
More doom and gloom the for High-risk equities are on the arisen.
On a positive note, here was some of the trades we were able to get in on, some trade's took longer to form than others, some trades were taken as a result of the news this week.
Natural Gas Trade - Head and Shoulder Pattern with break of neckline.
SPX Trade - Reaction of the Feds Meeting on the 21st + Continuation of a Downtrend
ETH/USDT Trade - started the end of week 37 and carried onto week 38, we exited the trade on the 19th
USD/JPY - This was a volatile 24 hours following on from the 21st, the yen gained back some power, but this could be short lived as predictions are looking towards the 1998 high
Brent Oil - We have Been bearish on Oil for the month of September, we have a symmetrical bearish pattern which is one of my favourite patterns to trade.
I am currently taking this up as a hobby/ part time work and have been in this business for 2 years, any further information which could help will be welcomed massively as my goal is to provide useful information and chart ideas.
If you like the information and would either like to seem more weekly recaps or market forecasting for the upcoming week, please leave a like and a comment and I'll be sure to answer all questions provided.
Enjoy the rest of the weekend and all the best for week 39 see you soon!!
Candlestickpattern
Next target for EURUSD - 0,9685!Yesterday, EURUSD continued trading inside the news candle.
Like we said before, in case of break and re-test, we are heading down towards 0,9685.
You shouldn't enter right now. It's best to wait for a breakout or enter on a pullback.
This move could take some time to complete and it should not go above 0,9910.
EURUSD post FED EURUSD continues the downside move.
We now have a new low and price almost reaching the level that we shared before - 0,9800.
The direction remains the same even after the news and our next target is 0,9685.
Entries could be made after a pullback and rejection or break and retest of 0,9811.
We are not looking to buy while price is trading below 0,9910!
Gold's cruel wicks-a 1 hr analysisThis trade setup is tricky. Near the top there was some consolidation with higher closes. The most interesting candle here is the giant wicked shooting star. this is followed by a bearing engulfing.
But! A larger Bullish Engulfing brings price back high again. The next candle confirms that the bulls are losing out: spinning top. This is followed by a Bearish Engulfing.
However, just a few candles later, Gold sends a wick up very high again. This is after price came to a new found support.
At this support, price bounced off traveling about 50 pips up.
Gold sends a Bearish Engulfing with no upper shadow to break through the support and continue pushing down.
After breaking support, Gold sends wicks up to the support level several times and eventually goes down for a total of around 200 pips from top to bottom.
The difficulties in this trade are the terrible wicks. Without precise predictive entries, price moves too close to Stop Losses or pushes right through them (which happened to me every time!)
I had the overall trend picked out, but my entries were not ideal based on the movement which happened throughout the day. Namely, traveling wicks.
I think there are basically three optimal entries which are circled. These are based on previous levels of resistance/support. The final circle being the most optimal in terms of trade confirmation.
Bullish/bear idea Market looks bearish at the moment monthly and weekly candle are red .
So I’m watching the daily for sells and possibly buys .
I will take a sell with 1% risk to gain 3% if price breaks below 18,719 and I will take buys if price breaks above 19,622 with 1% and to try to gain 3% I’m giving this setup 24hrs to try to play out. If nothing happens I will simply reanalyze .
An easy but effective strategy for buying Nasdaq (backtesting)Hello everyone,
Nasdaq has been trading down this year, but it has made a new swing high and a higher low on daily timeframe after reaching a key zone (explained in the video).
RSI is showing bullish signals on daily and H1 timeframes.
Buy on the m30, after candlestick signals on Fib levels, and catch your profits!
Goodluck,
Joe.
EURUSD on hold before the news EURUSD is rejecting the resistance zone but it looks like it is going to wait the news tomorrow.
Before that, it could continue trading sideways without forming lower lows.
You can look for aggressive entries on the rejection or wait for further confirmation for more conservative positions.
NZDJPY - Bullish SharkHave a closer look at NZDJPY, a 4hourly chart. My setting to the chart is (UTC +3), which means the candle close will happen at 1 pm (GMT +8).
For this setup, I will not wait for confirmation on the 1hourly chart. You will understand why if you have a strong trading foundation.
PROBABLE SWING OF EURUSD INTO 1.0140 PRICE LEVELAnticipating a buy around current price level on the EURUSD.
Price may tap into the lower regions of 0.99400 price area before the push up into the highs.
I will be looking for confirmations of the buy through candle stick patterns and formations around the current region
and also will be paying attention to liquidity.
Trade cautiously! This is for educational purposes. Past performances doesn't guarantee future results!
US30 into the Fed rate Light news week going into the Sunday opening until Wednesday when the interest rate is released. We could have one or two thing happen until the Wednesday release:
1) We see priced in data and a direction chosen into the lead up
2) We see price stall out until we enter the day into the rate release.
This is a market moving data release so this is one to take with precaution after the CPI data implied a 75-100 bp increase.
SPX trading into Fed rate releaseLight news week going into the Sunday opening until Wednesday when the interest rate is released. We could have one or two thing happen until the Wednesday release:
1) We see priced in data and a direction chosen into the lead up
2) We see price stall out until we enter the day into the rate release.
This is a market moving data release so this is one to take with precaution after the CPI data implied a 75-100 bp increase.
When to sell EURUSD? Yesterday, EURUSD continued trading sideways without being able to break below 0,9955.
Today, we are expecting another push down and for price to eventually reach 0,9880.
The best entry signal would be a push just above 1,0024 and then an immediate drop in price.
In case we see a rejection wick above the previous high that would give us an entry signal as well as good risk to reward ratio.
Da Bears and Gold-1hr candlestick This area showed potential to become a double bottom.
The white line is the yesterday's daily close. You can see how two Hammers were created.
This formation ended up being just part of a bounce of a larger bearish move.
The candle immediately following the second hammer is a large Bearish Engulfing which closed right at the level of support. The next candle has no upper wick and was able to push down. The Daily support now turned resistance.
If this Bearish momentum continues, we could see Gold continue to drop several hundred dollars.
Time to sell EURUSD again Yesterday we saw EURUSD trading mostly sideways.
It's now time for a continuation of the downside move towards 0,9880.
As of right now, we have a minor pullback.
As soon as we see another rejection, we may see the beginning of that next move.
We are looking for a breakout of 0,9880!
A new low on EURUSD EURUSD rejected the sell zone pretty strong
Now, we are looking for a continuation down and a new low.
All entries made at the sell zone could now go breakeven and expect further development of the trade.
Any new entries could be made below 1,0060.
We can see another push down on London open but this time, we are not expecting an impulse.
A Strong Uptrend Pattern!A significant price movement from the previous trading due to intrigue buyers backed by a high volume. Hence, the candlestick body closed above the MA50 line. This indicates a strong buying interest in CYPARK from the previous candlestick pattern toward the uptrend pattern.
MACD and OBV indicate a divergence pattern, hence, supporting the pricing uptrend towards the next price resistance.
The RSI indicators are not yet exceeded indexer 70, therefore, low probability of changes in trend reversal due to overbought or overvalued.
The Price of Control (PoC) is 0.42 and above the VWAP line which is possibly a long position trading strategy.
Let's save CYPARK in WL and watch out price movement towards the MA90 line as the next resistance price.
R 0.460
S 0.385
EURUSD sells Yesterday we saw a rejection of our sell zone on EURUSD
The downside move will be confirmed once we see a breakout below 1,0080.
That's when our entries will be confirmed or that's when we can also add to our positions.
A more aggressive entries could be made on another rejection of 1,0160 and after seeing some reversal candlesticks there.
Stops should be above 1,0080!