Hello everybody ..welcome to our Weekly Bonus Analysis Video ..I’m Stef Breschi and today is Sunday 4th October 2015
Today we’ll be looking at the SP500 in which we have a long position, Gold and WTI Crude
(Daily Chart) in last week’s videos we predicted that price would re-test the 1830-1860 area of support and because our Fundamental Team were short term bullish we would look for a buy signal. This occurred with the bullish pattern which was completed last Wednesday so we went long just above 1900 with a Stop below 1860. Thursday and Friday the market went our way so we are enjoying a nice gain.
We now see a push up to the 50 sma and the 2000 level.
The blue chart shows the trade we are in which of course our STTS subscribers are benefiting from, and we’ll be keeping them posted next week on how we intend to manage this trade. Currently our target is at 2000 but we may well decide to start trailing the stop as we see a bit of a Q4 rally on the way.
(Daily) last week we said we could see the market retracing to test dynamic support at the rising 50 sma where we will be looking for a price action signal to go Long in the 1120-1125 area. But with a mid week close below the 50sma we felt there was further downside to come, which happened pre NFP data and in the volatile aftermath. We were looking to go Long but then post NFP, the market surged strong and fast and we were unable to get involved.
Next week we think the market will do what we’ve been predicting for some time which is to re-test 1170, then the 200sma and finally even the 1200$ level, so we will be looking to go Long on any retracement.
(Daily Chart) we have been sidelined as the market is still stuck inside the recent triangular consolidation. There was a fake upside breakout on Thursday which was then countered by a bullish pin bar on Friday. Though price is still stuck in the middle of the triangle, we see an imminent breakout and we prefer the upside, partly as stochastics are making higher lows and turning to the upside and because we believe the area of the 50Fib level of the recent fall together with the falling 200sma will act as a magnet. This means a push to the 50.00-50.50 level so we will be looking to position ourselves accordingly early next week.
Thank you for watching .. please take a look at our subscription service STTS (Short Term Trade Setups) which covers also gold and the major currencies and includes entry levels, stops and targets combined with our tried and tested risk management strategy
Come and find us on tff-onlinetrading/market analysis
Have a great week