S&P 500 is back around all time highs, latest quote $2,913.
Immediate upside seems limited to around $3,100, above August 2018 highs around $2,930.
The trade idea continues to be short the S&P 500, as previously posted. The sell cover price target for this trade is $2,750 - a 5.9% difference from the latest quotes.
An idea for a grid strategy is to set a sell-limit to double the position at $2,975.
The US Dollar continued to distribute high up around a 5-year resistance in an unusually tight price range last week as the week before, all while the EURUSD rose from 1.123 to 1.13.
On that topic, looking back at the thread the trade idea bullish EURUSD 8 days ago was successful, 1.131 target has already been achieved.
The AUDUSD trade idea bullish is turning out successfully so far, it is near the target which continues ongoing at 0.72 with latest quotes at 0.7176 reaching a recent high of 0.7184. Being close to target, it is time to consider closing the position at profit of more than 0.5%.
The favored trade idea in the short US Dollar position is short the USDCAD and USDJPY. The previously favored instruments in this thread for this trade were the AUDUSD and EURUSD which have already performed accordingly.
Latest USDCAD quotes are at 1.335 and the sell cover target is considered 1.327 for a 0.6% difference. Duration for this trade idea is 1-6 weeks.
USDJPY latest quote is 111.97, sell target is 111.1 for a 0.7% difference. The duration for this trade is 1-4 weeks.
XAUUSD (Gold - US Dollar) dropped a significant 1% today. Latest quote is $1,275. It looks poised to post downside under $1,260-$1,230 although AUDvantages outlook continues to be bullish targeting $1,390.
Weak Euro PMI combined with USDCHF breakout leads me to believe the EURUSD has further downside potential. Latest EURUSD quote 1.124. I plan to reconsider buy entry under 1.105 or after signs of strength in the Euro.
USDCHF is a sell to consider. Trade idea bullish Swiss Franc upcoming in a new thread. This will complement the USD and GBP short hedges.
Another favorable price/time opened short-selling the S&P 500 from latest quote $2,907 targeting $2,850.
XAUUSD another good opportunity to buy the price at $1,275.
XAUUSD (Gold) holds tight trading sideways after selling off. Target $1,290 from latest quote $1,275 April 22nd for a 1.1% difference. Duration for the trade idea is 1-20 days. Further outlook continues to be bullish targeting $1,390.
Another prudent opportunity to buy the EURUSD for a short-term position.
April 29th, EURUSD quote 1.118
April 30th, EURUSD quote 1.1219 daily high above-near 1.122.
Yesterday’s quote from this topic was April 29th quote 1.118. posted “another prudent opportunity to buy the EURUSD for a short-term position.” Successful trade idea, closing time because EURUSD I utilize for very short-term positions. 0.18% profit. Preferred instrument is short-sell USDCHF and USDJPY, then holding buy AUDUSD longer-term.
USDCAD short-sell trade idea remaining in half successful (so far) hedge idea thread 2-6 Week Hedge - Sell GBP + USD / Buy CAD + JPY “Sell GBP + USD / Buy CAD + JPY” doesn’t look as probable for success as it did last week. Still hold short-sell USDCAD. GBPJPY sell was successful. USDJPY short-sell looks probable for success.
Clue favoring US stock market short-sell trade idea - S&P 500 flat while NASDAQ leading the Dow 30 and Russell 2000 down 0.64%.
USDCHF cracked to the downside after holding up at a very significant long-term resistance at 1.02, latest quote 1.017. This is a positive bear sign for the USDCHF sell-short trade idea posted 13 days ago in thread. Selling USDCHF Breakout Into Resistance
USDCHF sell-short target 1.005 from 1.017 for a 1.1% difference.
EURUSD opened up another entry for a short-term buy position after dropping from 1.1265 to 1.12 (which happens to be the latest quote) within 20 minutes in trading today. Buy target 1.126 for a 0.5% difference. Duration for this trade idea is 1-10 days.
May 3rd
EURUSD continued to pull back yesterday as the day before when it dropped from a week long rally to 1.265. Latest quote is up to 1.119 from a bottom of 1.116 4-hours ago because the US Dollar dropped sharply against multiple majors. Quote from buy trade idea posted 2 days ago in this thread was 1.12. A trend appears to be forming with the second leg beginning at 1.116; therefore I’m more confident in this EURUSD position than I was when I opened it 2 days ago. Target bullish remains 1.126 with the opportunity presented today to double position/risk at average (entry) price.
The NASDAQ is looking risky the way it’s trading choppy yet range-bound in the short-term which increases my confidence in the short-sell trade idea on the S&P 500 posted in another thread.
US DOLLAR TRADE - looks like a prudent time-price to sell the US Dollar against a variety of majors for a 1-20 day duration. A considerable strategy is to manage risk and implement a grid strategy not increasing position sizes while reducing price by at least a 0.1% difference and not using more than half of free margin on a 100X account.
USDNOK sell targeting 8.65 from latest quote 8.70 for a 0.5% difference.
AUDUSD buy targeting 0.705 from latest quote 0.702 for a 0.4% difference.
USDCHF sell targeting 1.013 from latest quote 1.017 for a 0.3% difference.
USDCAD sell targeting 1.338 from latest quote 1.341 for a 0.2% difference.
USDJPY sell target 110.8 from latest quote 111.1 for a 0.2% difference.
GBPUSD over-shot the upside for this short-term opportunity already.
The most recent S&P 500 sell target of $2,850 set around April 22nd in this thread was a success for a 2% gain. Today is May 10th.
March 16th in this thread I posted VIX target $16 for a duration for 2-8 weeks from a quote of $12.88. The target was a success, it filled this week at the end of the duration for a 24% difference.
This thread has had high accuracy in hitting targets within or nearly within posted duration. I’m going to create some new threads with a simpler format in order to be more organized for viewers.
Check my profile AUdvantages to see what my new threads are.
EURUSD cleared target 1.126 today for the 0.5% difference from original quotes, 12 days after the idea was initiated, 2 days outside the intended duration 1-10 days.
Closing thread with that success, check profile for new threads upcoming that I will use to organize my trade ideas better.
EURUSD going up.
Target 1.135 and 1.14 for a 1% and 1.4%, respectively.
Latest quote 1.1237.
I made a full thread to extend that EURUSD reply.