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Candlestickpattern

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!!
CAPITALCOM:OIL_CRUDE
by LuxTradeVenture
1
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.
FX:XAUUSD
by Shanktown