By Omar Eltoukhy (goldtrademaster.com)
Instead of posting my usual weekly outlook today that my members got on Sunday, I have opted instead to post the London Outlook from earlier. There are several reasons for this today. First of all, before the week began, we really needed to see some movement in the early part of the week to really decide the best course of action on many instruments. Second, the markets today have not moved outside the scope of the recommendations made earlier in the day. There are still plenty of opportunities available with the right moves from the markets. I felt this would be much more beneficial rather than taking a look at a weekly outlook that suggested we needed to see some movement first. I hope you enjoy both the written and video.
Remember this information is for EDUCATIONAL PURPOSES ONLY. I am NOT offering financial advise nor am I recommending the buying or selling of any financial instrument. Day trading is inherently risky, and you should never trade with capital you cannot afford to lose. Some of the terminology used refers to methods and tools available only to Triple Threat traders as part of the goldtrademaster.com program. Enjoy!
OUTLOOK BY INSTRUMENT:
GOLD: Even though yesterday’s single-hour 210+ pip move kept us out of gold, today is a completely different story. Very straightforward in my opinion. Look for bullish trades that close above 1113.23 for longs. Overall target is 1125. Although I don’t anticipate a reversal back down, we are really not clear until we break below 1093.75 which is a bit of a way back down from where we are. For me, gold right now is long or leave alone. Keep in mind today might end up being a transitional day to set us up for a big Thursday, but there is a great chance we get a great gold trade today.
SILVER: Thanks to one of our members, we now have 15.38 to watch for confirmation to the gold move higher. If we clear this level on silver, it will certainly have me staying in the gold long, since the 1113.23 level will most likely fire a long trade before 15.38 is hit on silver. If we see a rejection of this level back down, we might want to bail on our gold long. However, 15.38 might produce a secondary trade higher that would be worth taking on silver.
OIL: Yesterday’s trade on oil was fantastic and the standard signal we got produced a winner right down to the next mid-term fib of 43.75 even if you didn’t take my entry which was aggressive and a bit riskier. Today we have cleared this next level and we will be using the mid-term fib for possible rejections and a short setup. At the very least we need to get a good standard setup after refresh. The 50.00 level worked great on Brent yesterday to keep us in the crude trade and today it becomes an area to watch for a new signal if we have a deeper pullback. I am not keen on longs on oil right now, although there might be a risky PFT counter-trend setup if we re-take the mid-term fib on crude. However, if 50.00 doesn’t break to the upside on Brent while we might be in this risky long trade on crude, we should get out.
INDICES: FINALLY, all back on the same page, and that page is bearish. The FTSE, DAX and DOW are all in the same boat. On the DAX we have 11250 (one of our faves) to work from and a pullback and rejection from this area would be fantastic to setup a short. At the very least across all indices, we need a refresh and fresh signals lower. Ideally we get pullbacks and rejections first from major s/r areas. Personally though, I feel today might be a transitional day in the indices, and my primary concern is gold, followed by oil today.
LONDON OUTLOOK VIDEO:
Contact me directly with any questions about the wonderful program we have at: Omar@goldtrademaster.com