“A perfect opportunity for scalpers to take quick turns at the trading levels in the reports” From Jason Sen – Day Trade Ideas

 

Markets trade sideways as predicted this week, a perfect opportunity for scalpers to take quick turns at the trading levels in the reports. 

AUDUSD sideways as predicted holding 4 pips below first resistance at 6905/20. Further sideways action likely today for scalping. 

NZDUSD sideways as expected; we topped just 2 pips from first resistance at 6480/90 testing the first downside target of 6430/20.

Outlook remains neutral/negative for these pairs.

USDJPY longs at 106.70/60 worked perfectly on the bounce to the first target of 106.95/99 with a high 10 pips above. Same levels apply for today.

EURJPY shorts at strong resistance at 120.35/45 worked perfectly on the slide from 120.53 to first support at 119.65/55 for up to 80 pips profit. We bottomed exactly here & longs were offered another 35 pips profit.

EURUSD traded from 1.1260/70 to hold support at 1.1220/10 up until the evening session. We are holding below 1.1220/10 over night so outlook is more negative. 

USDCAD we wrote: sideways as predicted yesterday & likely to trade in a range from 1.3500/95 up to 1.3660/80 in the days ahead.

Sideways again yesterday as expected ranging from 1.3517 to the 1.3590/1.3600 target.

Gold Spot remains in a volatile sideways trend as expected. We cannot hold positions for long as prices chop up & down quite violently. Shorts at 1728/30 unfortunately stopped above 1733 before we reversed from 1737/39 to 1718/16. We had 2 buying opportunities here for a bounce to 1725/26, so a profitable day in the end. 

Silver Spot sideways as expected & outlook remains neutral/negative in the trend. Again our shorts at strong resistance at 1750/60 worked perfectly on the slide to first support at 1727/25. We bottomed exactly here.

WTI Crude August Future likely to be entering a volatile sideways trend – usually difficult to trade. Initially we reversed 19 ticks from key resistance at 3900/20 to bottom exactly at first support at 3790/70 then topped exactly at 3900/20 on the bounce. Over night we are breaking higher.  

Dax 30 September futures sideways as expected again yesterday. We held 17 ticks above first support at 12120/090 but shorts at 12390/420 stopped above 12440.  

Emini S&P September Futures sideways as predicted. We bounced just 5 points from best support at 3060/50. Shorts at first resistance at 3100/10 offered 25 points on the slide to 3074. 

Nasdaq September Futures sideways as predicted holding first support at 9890/70 perfectly for a bounce to first resistance at 10000/050. 

Sideways again yesterday & I think we should continue in a mostly sideways direction in to the end of the week. Same levels apply for today.

Emini Dow Jones September Futures longs at first support at 25690/25650 just held for the bounce to 26100/150 for profit taking.   

Again there’s no swing trade opportunities in the sideways trending markets so stick to scalping the levels on the reports & taking quick profits.  

Regards,


Jason Sen.

Director.

WTI Crude

August Future likely to be entering a volatile sideways trend – usually difficult to trade. Initially we reversed 19 ticks from key resistance at 3900/20 to bottom exactly at first support at 3790/70 then topped exactly at 3900/20 on the bounce. Over night we are breaking higher.

Today’s Analysis

WTI Crude August minor support at 3900/3889 then a buying opportunity at 3860/40 with stops below 3820. Next target & buying opportunity at 3770/60 with stops below 3730. A break lower is a sell signal targeting 3670/60, perhaps as far as 3600/3580.

A break above 3970 is a buy signal targeting 4000/10 & 4040 before a retest of the high at
4060/70. Watch for the double top sell signal. A weekly close above here however is an obvious buy signal for the start of next week.

THERE ARE MORE REPORTS AVAILABLE ACROSS THE BOARD – PLEASE TWEET IF YOU WOULD LIKE TO SEE THEM.

Financial Markets and Political Commentary
 

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.