This page is based on the potential trading setups covered here – https://greedy.ro/2024/08/27/forex-potential-trading-setups-5/
DXY
For DXY, this was the expected move –
I was expecting the support at 100 to hold because it’s a key level and we might see it being broken only after the FOMC rate cuts call.
So far, we’re on track, I still believe that the price will make a new high over 102 and then we might see a strong move below, but only if we’ll see the rate cuts at the FOMC meeting on 18 Sept. Until then, we will have the CPI and PPI news next week, and they will probably show strength in the economy, thus pushing the dollar higher.
XAUUSD
I was and still am bullish on gold, this was the setup on last post
I’ve seen a lot of pressure lately on gold, and I decided to revert the position. I’m not highly confident on this move, as I’m still bullish on gold, but we have a bearish divergence on weekly, and the potential for rate cuts and the economy going well (based on the data) gives a bearish sentiment for gold.
It’s not a big position, and I’ll closely monitor it in case i see bullish signs, and if i take a SL and it breaks through those equal highs, I’ll consider going back long on retest.
SPX
For SPX, I mentioned that I was bullish and I’ll be looking for long opportunities, entering on the next support zones. This was the expected price movement –
And this was the price movement since last post.
On the daily we had a lot of selling pressure, therefore I haven’t found an opportunity to enter on this symbol.
EURUSD
Although EURUSD was not part of my plan for this period, I took advantage of the weakness that I’ve seen on the dollar and took a long on the EURUSD pair. We also had a hidden bullish divergence in place.
BTCUSD
Last post I said that I’m neutral on bitcoin and was waiting to see how the price moves.
The price rejected from those areas, on smaller timeframe (4h), but wasn’t enough to change the trend. I guess that my bias was wrong in this time period.
Those were closely monitored, the first one rejected from the imbalance from the left so I closed it as it was clear we’d go towards the next support area, and the next one rejected from the previous support turned into resistance, so wasn’t gonna keep the trade open as it was clear we have tons of selling pressure going on.
I had another entry lower but sadly it wasn’t filled – I was targeting the wick resolve confluence with the area of support from the past.
NDX
I don’t really trade NDX that often therefore it’s not on my watch list, but last post I mentioned this move –
And this was the price movement.
We had a swing failure pattern and we price dumped to the next support area, where we’re at right now. Based on the selling pressure that we had until now, I don’t trust this support area much, we might see next week the price going up to solve the candle pressure and based on how it retraces to the support, I would potentially consider a long position, but I’ll keep an eye on it on smaller timeframes – and will enter only if I see the trend changing. Right now I’m neutral on it and I expect it to actually go for the low below 17.5k potentially, so I’m not rushing to go long.
However, if the price breaks support, I’ll take a short call, and if it turns out to be a false breakout and we go back over support, I’ll also take the long position to hedge and will close the other one accordingly.
Conclusion
Not a bad couple of weeks, the market is still unsure where to go from here, I had 1 TP on EURUSD and 2 breakeven trades on BTC, I also had the long position on gold that I closed on profit and I’m currently on a very small profit on a short on the same pair, but I’m not highly confident on it so we’ll see how it goes.
Nevertheless, this is how trading is sometimes.