When examining the markets we can see that the charts remain in consolidation. With consolidation, zones can easily break making trading during this time very tricky and risky. In terms of the technicals the institution's have not shown us which direction they intend to take price, what we do have is speculation based on previous scenarios such as this one and we also have the COT data. Combining these both gives us a bias on what might take place in the coming weeks.
US DOLLAR ~ The weekly chart on the dollar might just be the chart that is the most revealing as over the last few months we have had a weekly demand being removed and momentum shifting to the downside. We now have supply in control and with that the force is ow down. Big move lower can happen should we see momentum shift down on the daily chart.
GOLD ~ The daily chart on gold continues to consolidate and the descending weekly trend line continues to be tested leading us to suspect that what we have discovered here https://www.whiteoakfx.com/blog/gold-and-dxy-usdollar-suggest-a-reversal-is-coming will start to play out soon.
$USDCHF ~ This chart is ready for a move higher. We received an Institutional Long Signal last week and this week I have placed orders in the markets. This chart supports the US Dollar strength that we are expecting (https://www.whiteoakfx.com/blog/the-dxy-usdollar-is-destined-for-the-115-s) and so with this additional support we anticipate a much larger move higher in the coming months.
$USDJPY ~ The Yen has produced 2 great long signals off the weekly demand zone and price has rallied upwards and never looked back. Weekly tested supply being hit now and could likely facilitate a move lower for another long signal to present itself. We are expecting a drop and will be watching for entry long afterwards.
Conclusion ~ Considering the location of the #usdollar, #usdjpy and #usdchf the odds become greater that we see a drop take place as opposed to a move higher. With such uncertainty in the markets right now relying on observations from multiple charts becomes extremely helpful.
I've set targets on the portfolio's #eurusd theme long trades as the momentum shift downwards has been created and that was the signal I was waiting for in order to know it's time to take some profits.
Now I wait patiently!
Magic Trader
liked this new format , I personally find it helpful to see the charts, and can make notes on my own charts with the visual reference ,as well as in my journal..
very good
Thanking you
Great 👍