May 21 - 26, 2017
If you have been following my posts and my levels you could either be doing amazing (that is if you can hold a position) or you may be just so so. I guess that depends on your risk style. The calls have certainly been there and as we know what one person gets another does completely different. So that being said what to expect this week.
Oil is the first instrument I would look at. If there is going to be a failure at all it will be somewhere in this area. That area is the open at 50.45 to possibly 51.80. If this is breached I suspect we will head higher. My own personal belief is that this is where it is headed. However this is NOT the area to chase to the upside. However if you must take a small long. I mean small. The area to enter was down at the 43-44 that I told you about. If it does race higher with the news this week then we could see a massive move to 54-55 at least.
Now that being the case it is probably prudent to hold your AUD/USD long and the USD/CAD short that I called last week. They will be the beneficiaries too if the market races higher in oil. You should be well into profits but once again that would depend.
Now I am unsure of much else at this time. I would think stocks will race higher again to get some stops but once again if they are going to fail this will be the area.
My main trade this week is looking for gold to collapse down. So we may see a bit of a rally in the Dollar for that to happen. Gold should move from here to the 1210 area to get the stops if that is what it is after. You don't have to risk much here. If you are wrong you are wrong. However it looks promising after that big bounce to the upside last week after coming within 4 ticks of my overall target. It could possibly move even lower but time will tell. A close above the 1271 area will tell you the move will likely head higher. However like when oil fell as it did gold is poised at the moment to do the same thing. A very similar pattern is staring at me with gold bugs expecting a higher move. They might be right but I am not betting that way.
Anyway that should give you a little insight to what I see. The EURO is simply to high at the moment for me to chase it and it is due for a correction before I tell you to buy again. Cheers and trade smart.
Oil is the first instrument I would look at. If there is going to be a failure at all it will be somewhere in this area. That area is the open at 50.45 to possibly 51.80. If this is breached I suspect we will head higher. My own personal belief is that this is where it is headed. However this is NOT the area to chase to the upside. However if you must take a small long. I mean small. The area to enter was down at the 43-44 that I told you about. If it does race higher with the news this week then we could see a massive move to 54-55 at least.
Now that being the case it is probably prudent to hold your AUD/USD long and the USD/CAD short that I called last week. They will be the beneficiaries too if the market races higher in oil. You should be well into profits but once again that would depend.
Now I am unsure of much else at this time. I would think stocks will race higher again to get some stops but once again if they are going to fail this will be the area.
My main trade this week is looking for gold to collapse down. So we may see a bit of a rally in the Dollar for that to happen. Gold should move from here to the 1210 area to get the stops if that is what it is after. You don't have to risk much here. If you are wrong you are wrong. However it looks promising after that big bounce to the upside last week after coming within 4 ticks of my overall target. It could possibly move even lower but time will tell. A close above the 1271 area will tell you the move will likely head higher. However like when oil fell as it did gold is poised at the moment to do the same thing. A very similar pattern is staring at me with gold bugs expecting a higher move. They might be right but I am not betting that way.
Anyway that should give you a little insight to what I see. The EURO is simply to high at the moment for me to chase it and it is due for a correction before I tell you to buy again. Cheers and trade smart.
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