View: Blanks of the trader
Blanks of the trader
As earlier anticipated we saw last week some profit taking going on on equities side as well as increased volatility. Whether it will lead to permanent shift to the downside or will become good buying opportunity yet remains to be seen. Either way we've seen some initial reactions last week, will be watching this space closer as going short is not counter-trend position anymore. As of the last week well done to traders who had smart stops on SPX short setup. Increased volatility forced me to reconsider taking opportunities on SPX market for the month of June as well. This market as well as Gold (XAUUSD) are very attractive, however the recent ranges leave lots of retail traders on the sidelines.
EUR/USD short setup became invalid as market dived south completing fresh bullish Cypher pattern inside the week. BAT on USD/JPY still remains valid opportunity to consider for a long position.
Looking at the next week, will be looking closer at EUR/USD channel that has formed on 4 hour chart. Very much recent sideways action may be turning into start of bullish trend if upper limit of the channel will get broken @1.3060's. The pair had finished the week closer to the bottom of that channel, if this area @1.2960's will be tested again, it will present good buying opportunity in my book.
This will sum up this rather short stub of this week, hopefully there will be more solid setups in coming weeks. Have a good one traders!
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