This week we’ll merely do a chart update on the important markets yielding trends discussed during the last couple of videos. In focus are the EURUSD which did get a little push on Friday to the downside, the current situation in the Dow seems worthy to look at since so many people are still selling, calling the top. And the starting trend in the USDollar Index is part of the update. Continue reading “[Weekly Recap|29/16] Trends breathing in XAU, XAG + USDollar sees successful upside B/O, EURUSD gets little Push”
Charts for Reference at Tradingview.
Indices have retraced almost all of the Brexit losses. The FTSE was up the most this week! However, the British Pound is not doing so well. Also looking at strong moves in Gold, Silver and a possibly failed breakout in AAPL.
Reviewing last week’s breakouts and new developments possibly triggered by the major referendum event. Markets covered include Gold, Eurusd, Dow, Gbpusd, AAPL. Enjoy. Tradingview has all the Charts.
Interesting new developments for the longer-term oriented trader appear in the FX Majors, it seems EURUSD, AUDUSD and GBPUSD are not only setting up to be Shorts, the latter has already hit the breakout signal. The Indices and Gold are also worth a look as esp. the european ones are just about to hit their Short breakouts, too.
Holistic Trend Analysis simply implies to start working on the highest timeframe and moving further down to your trading timeframe. This way you can easily determine the direction you should be trading. Have a look at the markets of interest this week.
Refer to Tradingview for Charts.
Why Trend Trading is a decent concept to manage your money/savings even if you’re not a trading/investing nerd. Everybody needs a plan, the market doesn’t just hand out profits for free. Not even if you’re a buy and holder willing to wait for 20 years.
Nick has been trading since 1985 and is a professional trader, analyst and author. He worked on the trading floor of the Sydney Futures Exchange, worked for international banks in London, Sydney and Singapore. He regularly consults with financial planners and accountants and is a keynote speaker for ATAA, AIA, ASA, Traders Expo and SKY Business. He resides in Noosa with his wife Trish and 3 teenage children.
Quick update on Gold and Dow Jones Index, then Emotion-Talk starts from 6:00 min and covers the concept of “I don’t know”, being humble and the creative process trading really is. Also talking a little bit about all the contradictory info you get when researching trading online and listening to various podcasts (Covel, BetterSystemTrader, ChatwithTraders).
Other Sources mentioned:
This GBPCAD example is the continuation of the How to trade using Fractals video. The indicated divergence and combination of minor and major corrections in between lead to a sharp drop in this market. Two fractal breakouts got you short, now the downmove seems to come to an end, during week 18 of this trading year GBPCAD closes above the trend ending moving average, making trendfollowers pull their stop tight.
While the european Indices saw quite a turnaround this week, the Dow Jones Index retraced slightly from a weekly perspective. Even though a long breakout had been hit before, the current retrace does not negate that breakout and should rather be considered an internal correction. New all time highs are still not far away and the upwards directed momentum overall supports a continous upmove scenario. This of course includes pullbacks on the way, no one knows how long they might last, so patience is important again before this market turns up again.
Here goes a short overview of several markets that I analyzed over the weekend. We do see some interesting market behavior in WTI, NZD and Gold is actually about to move out higher on the daily chart. Let’s see how it pans out.
Some markets really moved this past trading week, however, there doesn’t seem to be much going on for trendfollowing on the higher timeframes. All trades underway (JPY, GBP, USD) have been going on for weeks now, but nothing new showed up on the trend horizon this last week. The NZD, EUR and Indices are still in a major correction on the weekly timeframe, while Gold and Silver have just entered one again. More updates on those developments will follow as soon as the markets have had more time to develop throughout the coming weeks.
Let’s therefore take a closer look at the USDCAD since it has reached an interesting price level.