This may be a "double top" in the S&P 500 (SPX), with a new all time high recorded @ 3,400 points. I'm now straying away from my regular approach, trend following, and would bet on a decline in the S&P 500. Knowing however that trying to nail trendreversals is very tricky and challenging, I'd only risk 0.5% of my equity on this setup - I'd now go short in the SPX with the SL placed @ 3,500 (125 points above entry), profittarget would be 2,800 points.
... and now back to a classical trendfollowing setup - Gold might see another 2020 high within the next few weeks. It now trades at 1,933 U$. I'd go long with the Stop loss place at 1,880 US$, profittarget would be 2,150 US$ .
The countertrend shortsetup in the S&P 500 would not have worked out, SL target was reached yesterday. Natural Gas now trades @ 2.781, I'd now move the Stop loss up to 2.50 US$ to ensure a profit if 3.00 US$ won't be reached. (page 12) US$/CAD short setup would have worked out very well too, the pair now trades @ slightly below 1.31 - SL should be moved to 1.3230 . (page 6) I'm curious how the stock price of Imperial Brands will perform, I see it below 1,000 pence and think this company will cut its dividend by 65% or more. Short Setup was posted on page 12 .
FX pair EUR vs CAD (EURCAD), it's now a long setup again and I think it could breakout above 1.61. Closing price was 1.5593, I'd go long and place the stop loss @ 1.5440.
Silver same situation as in Gold, a valid uptrend. It now trades @ around 27.93 US$ . I'd now go long with the stop loss placed @ 24.80 US$, profittarget would be 35 US$ .
The short setup in USD CAD remains valid, I'd now move the SL to 1.3170 (it now trades @ 1.3010). Could this potentially be a 6R winner ? I of course don't know, but it may actually continue to drop to around 1.24 or even lower. New profittarget is 1.2400, a trendreversal would of course initiate a long setup.
Btw this look like a whipsaw, so if you went short here the price would likely jump back to 1.39 in a hurry
Wow, some brilliant minds comment here ! I posted the shortsetup on page 6, when the pair traded at 1.3550 . The new SL would lock in a profit of 380 pips if triggered.
I'd now close the shortposition in the FX pair USDCAD, the way I interpret the chart, it could now have completed a trendreversal from short to long. Shows how quickly an opinion can change. This would have been a 450 pips winner, the pair now trades @ 1.3087. I would now initiate a long position with the SL placed @ 1.2900 . Profittarget would be 1.36 .