WEEK SUMMARY AND WEEK AHEAD
T58 COFFEE: OPEN (no confident at all)
T60 COPPER: 0u
T63 COCO: OPEN (still bullish)
T64 AU: OPEN (no confident, Day Evening Star at 79% downswing formed against)
T65 AU: OPEN (as above)
T66 COPPER: -1u (-78pips)
T67 G/J: -1u (-100 pips)
Why in earth did I enter the AU & GJ trades? Neither of these were in my weekly plan!
Despite that I got it right with the first AU trade (it hit 127 and 162 fib ext), that is not to say I did well. So my main objective this week is TO STAY IN COURSE, IN LINE WITH MY WEEKLY ANALYSIS (to follow)
AUD/USD: STAYING OUT UNLESS…
No clear direction for me. Yes we have a kind of daily chart down trend, but for me, it is not clear cut. I felt from the beginning that the Day/Week Hammer needed to be tested, before the down trend ends, but this is just a gut feeling based on past experiences. However, we are swimming in shark waters, so: STAYING OUT!
UNLESS…We have Gartley Intraday. At the moment, like I said, we had a Day Evening Star formed at the 79% fib level and Down Trend Line intersection. This puts us “bearish” however, because of my arguments above, I will need to see a Bear Gartley to take a short trade for a quick fib to fib pick up.
Wait and see…
COCOA: BULLISH. ENTERING LONG TRADES
The only mistake I made here was to rush my entry. However, I am still bullish on Cocoa for now. Of course, as it happened with Copper, we can change direction on a weeks notice! Still confident on this trade.
I will be looking at actively entering LONG until 2100 area and catch as much as I can from what I feel is a bull market for coco.
Wait and see.
COFFEE: STAYING OUT
Trying to catch the “End of a Trend” is an expensive exercise. Although we are still alive with our long trade, I have no confidence. The Day chart hasn’t formed any RSI Divergence to give us hope. So we are staying out until “The Right Tip of the Bull Crown or The point D of the Bull Gartley” is formed to go long. I won’t be seeking to short this commodity simply because we are too close (I believe) to the end of this down trend. I might be wrong, who knows for certain.
COPPER: BEARISH. ENTERING SHORT TRADES.
This is what I meant, I saw a “bull break out of a range bound copper” yet now I am bearish!. Going by the Weekly and Daily charts, Copper formed a nice double top and broke the recent up trend line. So I will be looking for a rally to short this commodity.
Using the 4-hr chart: Bear Candle Pattern + Fib 62/79 + RSI 70%
CRUDE OIL: STAYING OUT
GBP/JPY: STAYING OUT. TOO CHOPPY.
What I mean by “choppy” really is that I dont have a convergence of “direction” between the different Time Frames from Month -> Intraday 4hrly.
So I simply don’t like it. This is not to say that there aint opportunities for trades intraday but I just simply must stay out.
GOLD: STAYING OUT
Until the Right Tip of the Bear Crown or “D” Point of The Bear Gartley is formed at the 1320 area. Then we will be shorting this commodity. I will look to enter either on Week or Daily Bear Candle Pattern, NOT ON A 4HR CHART SIGNAL!
Gold is really in a long term FLAG pattern and its range is shrinking as time passes. So I got to keep an eye on this and not look for a “Long Term Pyramid” trading.
This is it for now folks…