Hello Traders!!

Well, last week was underwhelming to say the least, BUT I will give us the credit where it is due.  Our markets were horrendous, and our system did not lead us down the road of bunches of bad trades.  Instead, it was VERY, VERY difficult to find a good setup, but that’s not because Triple Threat failed.  Quite the opposite.  It cannot prevent us from ever taking a bad trade, because some of even the best signals fail, BUT on weeks like last week, it was easier to stay out of the market if you followed the signals.  Even for me, it came down to how eager I was to get a position in a position-less week till Thursday.

Well, here we are now at August’s doorstep.  Instead of trying to be unrealistic to sound positive, let’s just be plain here:  August historically SUCKS.  I know we have the right approach, the right tools and many of us are disciplined, but the fact of the matter is that throughout the years, August usually doesn’t offer a whole lot to trade.  By facing up to that, we will be in a better position for any decisions we end up making.  I firmly believe if there is a shred of tradable market this month, we will profit, but I am not going to set the bar very high for myself, and not get upset if I take a position and it goes nowhere even from a great signal.  If the markets move, we will trade, if not, then let last week be a reminder that sometimes the better part of valor is sitting on the sidelines.

The news situation this week is not likely to inspire a whole lot of bravery either.  We have our normal NFP market week and that culminates with lots of heavy news at the end of the week all the way around the world.  Best option is to look for trades early in the week and wrap things up before we head into the “dead zone” before NFP.

Check out the weekly outlook and remember that members of Goldtrademaster.com get outlooks not only weekly but twice daily during the best trading days of the week!!  Trading multi-markets is a good idea because when one set of markets (FOREX, Indices, Metals, Oil) isn’t moving you can always look at another.  That’s why we cover all of them in the program.  NFP is no joke this week and I highly suggest being out of the markets completely before Friday and pick things up next week.

OUTLOOK BY INSTRUMENT:

GOLD:  Anyone notice where we finished the week?  YUP….right back into that range again.  NO, I don’t think Friday’s market was a bullish revelation, but rather a return to the middle.  However, because our dynamic s/r areas have adjusted a bit, we now have a little more leeway to trade both directions if the market does indeed move nicely.  Look for longs above 1100 as a secondary move away from bullish dynafib if we start pushing higher.  That said, I still believe gold is tremendously bearish overall, and we will be also looking for shorts and a possible bigger move below 1086.00.

SILVER:  This finished the week above 14.75 to compliment gold’s rebound higher.  This area will once again play into the calculus of whether a long or a short move is supported in gold.

OIL:  Finished the week in bearish territory after giving us next to nothing earlier in the week.  Friday finished with a great PFT trade that I wasn’t able to see until the markets were closed because I don’t trade Friday.  This week, our approach is the same.  Exactly the same.  Pullbacks to dynafibs and rejections lower (a copy of Friday trade would be ideal), OR a breakout/pullback/rejection lower from the next mid-term fib.  If we finally do rally, look for long trades on a secondary move above bullish dynafib.

INDICES:  Our Thursday scotch of the trade on the FTSE was sooooooo the right call.  It was sitting out there by itself, and we smelled a problem.  Well done.  This week, most, if not all of the indices are pretty neutral.  The FTSE seems the most bullish but won’t take much to get us back into selling position.  Check the video for details.  The DAX key area is 11250 and we can trade long from a rejection higher, OR we can trade short from a rejection lower particularly if it breaks the multi-day trendline.  The DOW is the KEY to everything to start the week in my opinion and could give us the best clues as to where we should go.  It is currently wrapped up on both sides by multiple s/r areas and I will be keen to see (if it happens at all) which mid-term fib gets the breakout.  Lower could spell selling broadly and the reverse is true if the higher mid-term fib is broken.

WEEKLY OUTLOOK VIDEO: