DXY Forecast Week 2016 October 10-14Orders:
SELL=97,3 SL=30 TP=96,5
BUY=96,3 SL=20 TP=97,1
BUY=95,6 SL=30 TP=96,4
Cme!
OPEC meeting, breakout of triangleMarket has been narrowing awaiting the OPEC meeting. Trading volume has declined going into tighter trading ranges (red triangle). This is a great example for a symmetric triangle. Breakout direction to be determined.
Also, the greater picture shows a slowing uptrend leading into a very long term triangle. Patience is required.
My bias would be leading to the downside breakout following the OPEC meeting, but I will wait and see.
Either way once braking out I am looking into getting into some short put or call spreads depending on direction
Lookign to test 200 MA and trend belowLooking to test 200 day MA and upsloping trend line in blue for the shorter term.
Overall the market is still in a buy territory, but a test of the 200 day MA might be likely.
Weather concerns for the upcoming fall and winter are not an issue yet. Physical demand as my sources tell me has been more than subdued over the sommer after the end user buying activity in the spring. Longer term the market seems to form a triangle and is looking for guidance. but looks heavy in the short term.
Normally at the blue support line I would recommend selling put spreads or puts, but I am concerned with overall pressure hence I am staying out of it. Maybe some small positions in selling put spreads might be good, but with limited risk IMHO
Rising wedge, but for now running into supportAs we see some support is coming in from our longer term trend channel as well as the lower Bbands.
So far the last three weeks have provided with the expected sideways action once reaching 50.
Selling calls has been the right strategy so far (51, 52 and 53 calls).
At this support I am covering my short calls, but will hold of selling any put spreads to see how the FOMC decision plays out. I would not be surprised to see no rate hike and crude test some downside targets.
For now, neutral, but getting ready to sell some downside put spreads once we breach the support (if we do)
Quite oversold, look for retracement as support is nearExpecting a breather as gold seems quite oversold. Look for overall sideways action for the next 5 to 10 trading days
On a weekly basis, 1200 level marks the middle BBands, hence expecting some support to come in.
Should we break 1200, downside targets of 1120, 110 as well as old lows at 1060
IMHO selling put spreads for the time being might be good to take advantage of the sideways move (or wait and see how it unfolds)
HO sideways or retracement lowerGood opportunity to sell some upside calls or call spread, above 1.60 strike for sideways or correction lower IMHO
Targets on downside middle BBands and lower trend line (orange).
(Time frame next 5-10 trading days)
I believe CME is a buyI believe that CME is a Buy... not for a super long hold but for a few weeks at least.
"MOVING ON UP"CME STRUCTURE IS MAKING HIGHER FOOTPRINTS OF PRICE.....
UNTIL IT CHANGES ITS PATH ,,,,LEAN ON THE TREND.
GOLD (xauusd) LONGLong position! Buy limit 10 lots at the price 1073.50 and second buy limit 100 lots at the price 1065.73. Both trades S/L 1060.00 & T/P 1087.00! Have a nice trades! Sincerely yours, Powerful Traders!
USDMXN (6M) LongI wanna buy, near the prices 16.90666-16.79000 (strong buyer's core). S/L 16.47824, T/P 18.13764
Where is the bottom in crude?Oversold on Bollinger, but Indicator momentum in line with new lows.
I am looking towards the extension of the previous lows this year to get to 34-35 for support, then 33 (old front month low of January 2009)
Until then, more of the effects of the OPEC meeting, which yielded more supply coming on line in the near future.
These levels are not worth shorting (for me at least), but to sit tight and observe until more meaningful things materialize IMHO
Target of 50.50 achieved after breakout of triangleRunning into the 200 day MA at 51, which should give some resistance, as well as the upper Bollinger bands.
If it breaks a little to the upside targets at
If a correction takes place levels to look out for at 4780-4820
NGAS Natural Gas Pitchfork Break DownNGAS Natural Gas Pitchfork Break Down
Natural Gas price has broken down out of its pitchfork channel from the peak of $3.1
Charting further test of support levels at 2.534, 2.471 and 2.437
I'm currently long and will be looking to reduce the average cost of my position by short selling.
Is March Wheat finally turning around?Wheat has been in free-fall since Dec. 19. After a strong buying day on Monday, sellers are keeping the price clamped down right at the 9 day EMA. This is one to watch as it's setting up for a possible rally if it can break through that resistance line.
Internal Geometry Projects To 2054.25 As Potential $ES ReversalTECH-NOTE:
From Twitter:
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#CME's $ESZ2014 eyes internal 1.414-Fib and 1-3-5 Line confluence:
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via @tradingview | $USD $JPY #nikkei #forex
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Worth following as it correlates positively well with $USDJPY
