Good day traders and everyone else!
Last week we had some fireworks in the indices markets, when Donald Trump and Kim-Jong of the North-Korea upped their rhetoric and the threat of nuclear war rose. As always, the markets have become numb to these events so we saw some late day recovery in most indeces. During these times i won't be holding any crucial positions over weekends, because if something were to happen, some of these markets would be gap-and-go and never look back (gold, chf, some indices).
Also, from the US, Producer Price index and CPi both sucked, so according to some analysts, bye-bye rate hikes. Since i am no economist, i just try to trade the reaction to these datas and help myself with visual aids, trendlines, fibos, key levels etc.
Let's review some charts for the week ahead
GBPUSD H4. Triple bottom and historic level taken out barely and not on a closing basis. This is a 3-drive pattern, that our master Dale Pinkert advocates and also a spring in Wyckoff, so lets see, if this one is a ripper.
USDJPY daily break below key level
USDJPY m30 - batman pattern. I love this pattern on the indices, appearing once in a while here and there. In an uptrend this more often than not signifies a continuation of the trend, but currently this appears on a downtrend so this one will be interesting to watch.
EURGBP daily range top here
SPX daily. For now the retreat in the markets has been orderly and no panic whatsoever.
DAX daily hit 200 SMA and bounced. Wait, no, it didn't bounce. It just stalled. Weak.
GBPJPY daily sitting also on 200 SMA, be cautios of false breaks. In this kind of situation, look for retest and fail or reentry.
XAUUSD Daily. Gold attacking the 1300 area again. This one is on high alert.
EURAUD still on radar, maybe will try to jump on this with a tiny position just to be in the market. Maybe not. Nothing to see here yet.
WTI daily - was looking for at least 47.20 area this week. Still looking but all options open.
WTI weekly. Yeah
Bitcoin daily. Key fib target hit. Careful now chasing the price. Of course it's not a problem for you long term investors ;)
ETHUSD massive underperformance
Thank you for reading, guys and girls. Feel free to leave a comment below. Happy weekend!
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