By: Omar Eltoukhy
Hey traders! This week has been a little tougher than our usual weeks, but this is completely understandable considering where we have come from last week. Tuesday saw some great moves, followed by a Wednesday where we saw things get into position again. I think today should be a fitting and wonderful end to the trading week!!
Keep in mind some of the terminology has to do with the system our team uses in the program. That said, I have tried to point out the actual areas since I know many of you reading this will not have the actual tools. Also keep in mind that this is a VERY tough week to trade ANY market, so please use caution. And AS ALWAYS, this information is for educational purposes only. It is NOT a recommendation to buy, sell or trade any instrument or financial vehicle.
Contact me directly with any questions about the wonderful program we have at: Omar@goldtrademaster.com
OUTLOOK BY INSTRUMENT:
GOLD: I like our chances today. We should either see a reversion to the bottom of the range like Tuesday OR a breakout of “big green” today. In either case, there is an excellent and easy plan to follow. As I explain at length in the video, we should be looking for a trendline break and snap-through of 1131.50 for a short. Alternatively we should like to see a breakout above the 2015 (big green) trendline for a long. On the long side, we might have to decide to take a primary break or a secondary, and in the video I explain how I will make that decision.
SILVER: Silver seems to be suggesting that we are going to head lower today. It has stayed stubbornly bearish throughout gold’s ascension yesterday, possibly indicating that it was over-dramatic. So, according to silver, we will selloff and we should look for the breakout below 1131.50 on gold as our trade. But, let’s see what happens. I like silver short below 14.75, and I need to see the rally above 15.00 for me to go bullish on this.
OIL: I have had a change of heart on the oil short after yesterdays definitive and nice rejection of the mid-term fib which came as a PFT short setup. However, I still need to see a good reason to short, and that will take a pressure move higher into s/r and a nice snap-back down below 44.75. For longs, I’m still game for a secondary move from the bullish DF that closes above the VERY tough area of 46.88.
INDICES: They spent Wednesday, getting ready for us to make money today!! FTSE looks very neutral, with a bearish slant. For this one, I would like to see a breakout on either side of the respective mid-term fib to make a trade either long or short, although I’m hoping it’s a breakout below the 5937.5 level!! The DAX has NOT come back to either side of the s/r areas unfortunately and will take a more constructive approach to trade today, barring some very big and volatile moves. My plan is to find “harmony” across all index markets and then trade the dax from a smaller timeframe like the 15-min ideally. The DOW is in near-ideal position to go short if we have a nice rejection from s/r, that closes below the trendline and 16250.
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