Recently, there has been quite some movement in the markets on various asset classes, and we have been following them closely.
In my last “Trading Foundation Workshop”, I gave 2 live calls, namely to go long on the USD/CHF, and short on Gold. Here are some charts:
In my workshop last night for my TMP graduates, our analysis revealed that there was much strength in EUR & GBP, while there was weakness in CAD, CHF, JPY, and especially AUD and NZD. This means that if you follow the trend, the odds are good for going long on most EUR and GBP crosses.
Last Saturday, during my talk at the “ShowFX Asia Conference” at MBS, I also shared some analysis on Bitcoin and its direction, and why I think it will continue to head up.
Lastly, for the S&P 500, many people have been calling for a big crash based on the “10-year October cycle”, but the price has continued to defy gravity and kept on drifting up. However, based on chart, I think it will take one of these 2 possible paths. Either way, the reward vs. risk is not ideal for taking long-term long positions now.
I hope you have managed to catch some of these exciting moves in the market, and till we meet again, trade safe, and remember to follow all the cardinal rules of trading.