Firstly I would like to say the usd.cad setup from my last post is no longer valid for the time being as yesterday the price traded very close to the entry level and then had the fast selloff we were looking for. Essentially it has happened a little 'too soon' and without us. The level is still a good one and I will keep you informed if it comes back into play over the next few weeks.
There was also a great setup in gold yesterday, which I would like to show you.
Previous daily double top resistance at 1444.50 was being retested from above and acted as strong support. The target area was 1453.50 as that is an excellent resistance level where price was likely to stall. This was a very fast and easy trade- I was in and out of this in about 30 minutes. I wish all trades were like this!
Looking ahead crude oil is at an excellent level for a bounce right now. I am long from 106.62 when it sold into the level yesterday, with a main target of 108.77. There is also a second possible target for exiting 50% at 107.85 for more aggressive traders. The price has slighly traded through the level right now, making the bounce quite 'messy'. Be a little cautious with this trade, it is more risky than the previous setups I have outlined due to the huge volatility in crude recently.
No comments:
Post a Comment