Based on the Commitments of Traders data reported on: February 2nd 2021
📊 In the Markets: Last we I mentioned we were seeing evidence of retracements and this past week that is what we saw unfold. We saw the #EURUSD dropping from the weekly supply zone that we had mapped and start heading downwards towards the weekly demand. The interesting thing is that the retail traders are mostly shorts right now but they have been so a while now, even when price was rallying upwards. This has put them in a tough spot.
Meanwhile we anticipated this drop from supply and we are starting to get ready to open up long positions.
The #USDCAD hit some demand and we are watching for the potential move upwards from it and once again the retail traders have been mostly long as price was dropping hard. In turn we had a short signal that made a nice 4:1 move away from entry during this time. The momentum upwards hasn’t been anything spectacular this past week so we will continue to monitor this pair for and entry.
#GOLD started slowly making a move lower behind the #EURUSD and it’s just as I’ve said numerous times before, price usually makes moves of some pairs before others and that is what took place here. Monthly demand is in play so trying to judge how much further of a drop will take place is very difficult.
#OIL is now in the mid 50’s which is what we expecting for many weeks now and we are watching closely for the chart signal to present itself. We are dealing with higher timeframe forces so the momentum shift downwards will take some time to play out. Meanwhile on the #DOLLAR we have a slightly different dynamic playing out than what we have on the #EURUSD and I detailed this in the observation journal under the #EURUSD. What that said our long day trade signal worked to utter perfection with our target being reached for a 3% WINNER and then price retracing after target was reached. Precision target placing!
🎩 Magic Trader!
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