The new trading week is almost upon us and it brings, as every week does, plenty of money making trading opportunities in the forex, crypto, stock and commodity markets.
If you are not aware yet I have employed a new trading strategy last Monday and things are going very well, I finished the trading week with a 45% gain and a drawdown under 10%.
You can review the stats on myfxbook by clicking here.
Before I jump into this analysis I want to quickly let you know that I released a new trading course on Udemy, the course is directed only at the current trading strategy I am using and by following this link you can get a BIG DISCOUNT on your enrollment.
Ok, lets kick off the analysis with charting. I will only focus on daily charts and only the closest trading levels of importance.
I will not go over many charts as I don't have too much time to do this right now but I will begin releasing videos to back-up my analysis as I can do that quicker and explain it better than in blog posts. - But that will have to wait for now.
Do note that if you want to enlarge any image just click on the image and you will be taken to a new window where you can see the chart better. - If you want to consult me on the trade ideas then join my free trading room and send me a private message or ask me in the group.
WTI DAILY TRADING CHART - GOOD BUY POTENTIAL
WTI's daily trading chart shows good signs of price action heading higher as we found support at the bottom of the trading channel.
Price action found support on the bottom trendline so far 4 times (including right now) but the bulls do face 2 challenges before we can surely say that TP1 and/or TP2 can be reached.
I am bullish in the short run, right until the first (yellow) resistance, which can add up well with the dotted (white) bearish trend line.
If you are planing to trade this, maybe it's best to wait to see how price reacts to the two resistances mentioned above.
GOLD DAILY TRADING CHART - BULLISH FLAG CONFIRMED
Golds daily trading chart shows good signs of price action heading north, but Fridays candle worries me a little as it is a bearish pin bar, so what ever you decide to do here make sure you wait.
If you take a look at the 4H chart you will see the bullish plan pattern well and that there is a pretty strong bearish pin bar there... the good thing is that not all candlestick patterns are a 100% sure thing... so maybe price action will ignore this pattern and continue it's way up.
No one knows what will happen this is why risk management is essential...
I do have a buy trade here since Friday and I did earn well on Gold last week, but I will be ready to reverse my buy trade idea if I see signs of a reversal happening!
USDCHF DAILY TRADING CHART - GOOD SELLING CHANCES
USDCHF's daily forex chart shows very good signs of a reversal coming. The two reasons I believe this to be true are:
1. We are at a strong resistance level (0.99800)
2. Daily price action created my favorite reversal candlestick pattern
I have added two profit targets here, both are good for swing trading, but in any case we should wait for the markets to kick off on Monday and see how price action react before we make any conclusions.
Ok, I shared with you 3 different charts, unfortunately I don't have the time to share more... even tough I would love to, but I have a family and other duties to do!
I will end this post with the economic calendar (courtesy of ForexFactory)
As you can see we have a RED HOT forex trading week coming up with many important announcements, the 3 most notable are the NFP on Friday and the BOJ meeting on Wednesday morning EU time.
Now lets breakdown some of the announcements.
In the US, the most important release is the jobs report for October on Friday, where should get further signs that wage growth is accelerating.
In the EU, the focus will remain on the ongoing Italian budget fight, while markets will also keep an eye on the euro area October HICP figures after recent months' core inflation misses.
In the UK, the most important event is the budget release, while we should not expect any policy changes from the Bank of England on Thursday.
In China, the focus turns to October manufacturing PMI, while we expect the Bank of Japan to keep its 'QQE with yield curve control' policy unchanged on Wednesday.
Thats all folks! You make sure you seize the upcoming week one day at a time!