Based on the Commitments of Traders data reported on: February 23rd 2021
š In the Markets: What a week we had! Some trades were opened, mostly small size because of how over extended price was. Now we are seeing many trends breaking which could lead to nice retracements on the higher timeframe and potential for some counter trend trades. Weāll be monitoring these charts very closely for the best opportunities to get in counter to the large moves if they are high probability.
Pay attention to #GOLD as it makes it way lower. We detailed how we were not seeing proper upside structure being formed and how this lead us to suspect more downside was
coming and low and behold look at the moves lower taking place. Incredible stuff!!! So what now? Iāll be keeping my eye on #GOLD because I see a lot of evidence to suggest more downside is coming. Certain things need to play out first but the signs are there. Iāll address this more in future Watchlist videos for all members.
The #DOLLAR is set to make a run higher, the chart is showing us some signs of this and I have a strong feeling that the #USDCHF and #USDJPY charts that rallied last week were just setting the stage for what is coming with the $DXY chart. Letās watch and see if this comes to be!
Obviously the #EURUSD then is expected to drop and #GOLD just led the way from what I am seeing. Daily momentum shift took place but is being tested a second time and this usually leads to it being removed. Move lower to test demand lower on the charts is what is expected. Sherlock laid this out for us many weeks ago.
As mentioned I will be on the lookout for counter trend trades this week but since they can be very risky I will only trade the best ones I find so stay tuned!
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