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GOLD - WEEKLY UPDATE 1 NOVHello traders, gold is experiencing the same situation as the SPX index in the related idea in the link below. As we can see, the correlation between Gold and US Equities has been high during the last month, showing a coefficient above 60%. This relation is even higher on a weekly timeframe, where the coefficient. Despite the graphical patterns being different, the conclusions are similar. Gold is below the 100MA and seems to be about to break out a bearish triangle pattern. Should this happen, the first target would be 1829, coinciding with the lower part of the Fibonacci retracement, and the second one would be 1788. A positive breakout of the triangle instead would lead to the 1928 to be tested and a continuation of the uptrend after a retest. However, this is a less likely scenario at the moment, and would be anticipated by a close above the 100MA in case. Wating for a daily close outside the triangle, the trading range to exploit is 1860-1900.
COMEX:GC1!
by FTMO
1
SP500 WEEKLY UPDATEDear traders, the SPX recently broke the ascending trendline and, after retesting it, fell below the 100 moving average that acted as a support twice after the March fall, exactly on the top of the Fibonacci retracement area (yellow box). This is not a random level, as the market precisely set itself on a crucial level waiting for the next week results, before taking a direction. However, the period ranging from Nov to Dec is statistically a moment. The upcoming US election and its related uncertainty make us propend for a flat-bearish scenario, at least until the mid of the next week. The possibility is that the price will fluctuate inside the area 3230-3300 (red box) with traders benefiting from the ranging price. The first of the two levels that will be broken, will indicate the direction of the following move.
CME_MINI:ES1!
by FTMO
Gold Daily : 23 Oct 2020Last day of rather a slow week fo gold. After the current high of the week was reached on Wednesday, the new low of the week was made yesterday. This sort of balance can lead us a both was before markets will close today. Fortunately, we have a well-determined structure with first resistance in 1910 and support in 1903. If the market probes and accept above/below these levels, we can look for continuation. Important zones Resistance: 1910, 1925 Support: 1903, 1880 Macroeconomic releases X
COMEX:GC1!
by FTMO
Gold Daily: 22 Oct 2020Our prediction played out perfectly yesterday. We tested 1925 as support and rallied straight to 1935 where we have found high of the day. During the overnight session, Gold wasn't able to hold the 1925 level and currently is trading at weekly VWAP. By looking at structure 1925 will play a key role in today's session as well. If we manage to break it and prices will accept above, we can expect further upside to 1935 and eventually 1954 if we would have trending day. Rejection from 1925 will most likely take us somewhere between 1910 and 1905 which are weekly Pivot and naked POC. Important zones Resistance: 1925, 1935, 1954 Support: 1910, 1905, 1880 Macroeconomic releases X
COMEX:GC1!
by FTMO
Gold Daily : 21 Oct 2020After an initial rejection from the weekly wvap which was our resistance level, Gold held the strength and moved higher. As we have rallied over 1918 which was a key resistance level and accepted above, we are looking for continuation today to 1925 and 1935 that are higher levels of resistance. 1918 will be once again a key level of support, if we start losing it we are most likely going to see a test of weekly vwap once again and yesterday's point of control. Important zones Resistance: 1925, 1935 Support: 1918 Macroeconomic releases X
COMEX:GC1!
by FTMO
1
Gold Daily: 19 Oct 2020On Friday we could see Gold testing important resistance at 1918 and selling off from there. This would have been a bearish sign, but we had a rally in the early London session. As we are approaching the level of resistance once again, the level is more likely to break. Therefore we are looking for the upside expansion on the break of 1918 targeting 1925. If we start breaking below the 1900 level which is the naked POC from Wednesday session, that opens room for the downside to 1875-1880, with the lowest extreme at 1871 that is the key HTF level and 100 Daily MA. Important zones Resistance: 1918 Support: 1900, 1880 Macroeconomic releases OPEC-JMMC Meetings Fed Chair Powell Speaks
COMEX:GC1!
by FTMO
GOLD - WEEKLY UPDATE Dear Traders, even on a red day, gold managed to hold the 1917-1922 area of resistance during its attempt to test the 50d moving average. This area, identified by two red horizontal lines, is extremely important as it acted as a support for over one month, and now, after what we can call a "fake breakout" of the descending triangle, the price is back up. TARGET As long as gold manages to stay above 1917, out target is long to the 1940-1960 fiboacci extension area, identified by a red rectangle on the chart. If the view is bullish, then this is the perfect point for a Long. Our mental Stop Loss is located at 1915. THE ALTERNATIVE SCENARIO Should the previous scenario not play out, with the price breaking below 1917, it can retest the descending trendline that was broken upward by the Friday's candle, probably at the psychological level of 1900. WHAT TO PAY ATTENTION TO Tomorrow at 2.30pm CEST, data about US inflation MoM will be released. This is particularly important for gold as a low inflation lowers the cost of holding gold. If as, expected, inflation will be 0.2%, halved from the last month, it will be another positive factor. Also, the sensation is that, with the US election approaching, Gold will be bullish as long as the SP500 will be. Indeed, at this moment, higher SP500 price is also perceived as increased future downward risk. For this reason, much attention has to be given to SPX first, as it seems the leading market for all other instruments now, even for Bitcoin.
OANDA:XAUUSDLong
by FTMO
3
S&P500 Market AnalysisAfter the big impulse move on Monday, S&P500 broke the daily structure to the upside for the first time since the start of September. We bounced from 100-DMA with a short-trap, which builds up our idea for a long setup. The most favorable entry price can be found around the POC of the HVN we are currently trading in, which is around 3244. If the price reaches the level before running to the high of the HVN at 3400, we can consider taking this long. Acceptance below Friday's low will open the door to much lower prices with key areas of interest at 3107 that is HVN POC and 200-DMA and 3000 that represents a big figure, yearly VWAP, and bottom of the HVN.
CME_MINI:ES1!
by FTMO
EURUSD - what to expect next week (24-28 Aug)After a month of sideways price action, it is amost time for EURUSD to pick a direction. Indeed, as we can see, the price will face a compression soon as the ascending trendline and the channel midline are about to meet. This attention area is indicated by the orange triangle. The direction of the breakout will most likely indicate which side of the channel be broken also. This compression will lead the breakout to reach the respective target box.
by FTMO
1
GOLD WEEKLY - 17 JULGold spot seems to be taking a break from its astonishing ride in the last couple of months. SHORT SCENARIO Despite still quoting above the previous all time high of 2011 highlighted with the blue area, at the moment the priority is downwards. Indeed, the price of XAU is currently below the 8daily moving average (which was strongly broken downwards ) and inside the Fibonacci retracement area of the last leg down (the small green rectangle), meaning that if not broken to the upside, the next movement will be a continuation of the short term downtrend with another leg down. Any level within those could be good for opening a short position, even if a retest of the moving average would be the perfect signal, with targets indicated by the arrows in the chart LONG SCENARIO Instead, should the price broke both the 8 moving average and the Fibonacci retracement area to the upside with a daily close, the two targets would be the previous high and the green rectangle (Fibonacci extension of the last leg up), respectively.
FX:XAUUSD
by FTMO
GBPUSD 1:2 RR - Whats your edge in the market?Hi, I have just recorded this video to demonstrate the effectiveness and ease to find your edge with our strategy. Any funded traders, attacking a challenge - you need to watch this too! A 1:2 RR requires a 33% win rate and above, here you can see 100%+ gains YTD risking just 2% per trade on your account. Simple trade with no bias and no emotion to any specific trade outcome - simply follow the strategy - trading can be mechanical, simple and emotionless. I hope this video helps demonstrate how we trade and how we ensure we have an edge in the markets. Drop us a DM, let us know what you think and if you have any questions. Regards Darren
Education
by pow_removetheguesswork
1
Dax daily: 31 Jul 2020Congratulations to all traders who went short with us yesterday. Another success to add to our analysis records. Just as we expected, Dax slipped away from the consolidation range and took a prudent southern direction right after the open. The momentum was rapid and the price pierced through two support levels. If you were aiming our target at 12 592, we congratulate you for a lovely 200 points of profit. Important zones Resistance: 12 494, 12 592 Support: 12 278, 12 151 Statistics for today Detailed statistics in the Statistical Application Macroeconomic releases NIL Today's session hypothesis Dax shifted to the new territory after yesterday's sell-off and bounced off the support at 12 278. The disappointing print of German GDP was the movement catalyst and chances are the bearish momentum will prevail. The price is currently in between two S/R zones and might possibly stay there as Friday's session are usually slower. We anticipate the overnight gap to get closed.
EUREX:FDAX1!
by FTMO
Dax daily: 30 Jul 2020Dax hasn't really gone anywhere yesterday. There was almost no volatility in the market and the situation resembled a calm before the storm. The price was oscillating in the narrow consolidation range below 12 882. The FOMC has supported the price slightly towards the end of the session and Dax closed in positive numbers for the day. Important zones Resistance: 12 882 Support: 12 592 Statistics for today Detailed statistics in the Statistical Application Macroeconomic releases NIL Today's session hypothesis Today's analysis will not bring any breaking news. Ultimately just for the fact that Dax hasn't moved anywhere yesterday, our hypothesis remains unchanged. The resistance at 12 882 is now a key zone and we rather anticipate shorts, in spite of yesterday's positive close related to temporary volatility caused by FOMC. The consolidation of the past days doesn't provide relevant signals and we have to wait for some serious price action. Remember that no trade is a good trade, sometimes. There is a row of macroeconomic events from the Eurozone in the early London session, yet all of those have low importance.
EUREX:FDAX1!
by FTMO