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Technical Analysis Daily CFD Trading Report 23 May

23 May

 

Dow Jones 15,291 -0.62%
SP500 1,651 -1.04%
NASDAQ 2,990 -1.19%
FSTE 6,840 +0.53%
Base Metals Positive
US Spot Gold CFD 1368
US Spot Silver CFD 2235
Oil WTI CFD 94.50
US Copper CFD 335
US Dollar CFD 84.30
EURUSD 1.2850
AUDUSD 0.9677
DJI CFD 15,336
S&P500 CFD 1657
FTSE 100 CFD 6775
DAX CFD 8452
Shanghai Comp 2302
ASX 200 CFD 5180

Market Analysis Summary

Bernanke – Early Change of Interest Rates or Asset Purchase is Wrong Move

- Gold, Euro and AUD Continue their trends lower as expected after corrective rally

CommoditiesPrecious metals, the corrective rally is completed and new lows towards 1300 are expected. Base metals are positive and in line with our count higher

ForexThe corrective rallies in the Euro and AUD are completed and new lows are expected.  Short on XXX/USD and even XXX/JPY pairs while S&P and USDJPY are moving lower

Indices – We have been looking for a top in the global indices and the move down in the last session is displaying as an Elliott impulse wave, there for once completed and after a three wave intraday bounce we can expect another five waves down.

Stocks – Risk Off - Look to Short


Precious Metals

US Spot Gold CFD 1368

TradingLevels  The 1400 has its second retest, a little higher than expected, as the spike in markets was more headline driven.  However the trend lower is back on track. Once the SG2 1380|1372|1365 is the tested resistance then the midpoint 1350 will follow. But expect a bounce at the midpoint.  The trend target is lower at 1300 (mTL3), also expect buyers at SG1 1330|1320|1210
Elliott Wave: Wave (iv) completed, leaving the next target lower towards 1300.
Strategy: Hold Short stocks like NCM

US Spot Silver CFD 2235
Technical Analysis: The corrective rally like gold has completed, unless we are going to see a very complicated wave four, so initially we need to be mindful that this whole move up can be just the first leg of a larger sideways pattern in three or five swings.  That said, short Silver with a stop above the last high and look to add once the 2200 is the tested resistance

Oil WTI CFD 94.50
Technical Analysis:  - 95 as tested resistance is the short trade set up.
The daily trendline resistance holds Wave D of the triangle (daily chart) and Wave (b) 4 Hour Chart) in place.  Leaving a move open lower towards the Mediumlevel ML9|90.00 as Wave (c) of E to complete the daily chart triangle, this would be followed by a move upwards in line with stock. On the flipside if the 9600 becomes the support then expect a move to 100
Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.34+
US Nickel:             Last: 6.85+
US Zinc:                Last: 0.8348+
US Aluminium       Last: 0.8292+

US Copper CFD 335
Interesting to see precious metals and oil lower and base metals higher, obviously a different catalyst driving these markets, perhaps we are correct with the view on the Chinese markets.
The market has now arrived at 340 where it will meet supply and correct, looking for support.  The main point here is that the market must stay above 330 to remain bullish. AU BHP made a new high in the last session, which confirms the impulse wave up, so after an impulse wave is and abc corrective pattern and then another five waves higher. It would also be helpful to see the AU materials sector XMJ create an impulse wave up from its lows, a move above 9800 would do that and it would then have resistance at 10,000 TL1.  But this impulse wave would set a target higher to 10,500 – 10,800 as a conservative target

Forex Trading

US Dollar CFD 84.30

TradingLevels:  The 83.50 support held well, completing the corrective pattern. The next move should be to 85.00 for another corrective pattern.  The 8450 is playing out as resistance and will react looking for support before moving higher and developing the 8450 as support for the move to 85.00 (mTL5) where we can expect a larger corrective structure
Elliott Wave: Wave (iv) retracement completed and Wave (v) to just above 85.00 is underway.

EURUSD 1.2850
TradingLevels: The retest to 130 the minorlevel (mTL3) is completed. Expect a bounce at 128 and SG1 of 128.  The bounce should find resistance at 12872 SG2 zone before moving lower through 128
Elliott Wave: Wave (iv) completed at 130 and Wave (v) to make new lows below Wave (iii) at 128
Trading Strategies: Find a retest price point to short from such as a retest back to 129.

AUDUSD 0.9677
TradingLevels: Minorlevel mTL8|0.98 has been retested as the resistance which open the target to the next Minorlevel mTL5|0.95 of course this is some way off and certain wave structures require navigation.
Elliott Wave: Wave (iv) is completed and didn’t reach its target because of Bernanke speech. The Wave (v) of iii) is well under way. The small corrective pattern at 97 is a wave iv.
Trading Strategies: Use the failed retest at 0.97 the trigger can be the 9672 as resistance and too short to 9650. Long term trend traders continue to hold short with the 95 in mind.  
Indices

DJI CFD
15,336
TradingLevels:  The important fundamental point here is that the market continued to move down after Bernanke’s speech.  We have been searching for a top as you know and this looks like it. The 15,200 would be require as resistance, this would set the next target at 15,000 the Mediumlevel
Elliott Wave: The move down is developing into an impulse wave (five waves) which would be followed by a abc corrective rally off the 15,300 back to 15,400 and then another five waves down, roughly speaking.
Trading Strategies: Short the abc rally
S&P500 CFD 1657
TradingLevels
: Expect a bounce off the Mediumlevel 1650 with the Sg2 165|1672 as the resistance. Then expect further downside through 1650 to 1630
Elliott Wave: There are five waves down developing if this is the case then  expect an abc 5-3-5 bounce rally off the 1650 and then another five waves lower towards 1630
Trading Strategies:  Look to short the bounce off 1650 the abc 5-3-5 structure at 1665 or 1672
FTSE 100 CFD 6775
TradingLevels: The number 8 is profit taking that is 6800 (MinorLevel mTL8 Profit taking number) 
Elliott Wave: Short retested of 6800 to 6700. There are five waves developing sown from the high, once completed and abc counter trend and then another five waves down

DAX
CFD 8452
TradingLevels: The top of Wave (v) just above 8500, if the count is correct then a move back to 83.00 - 82.00 Wave 9iv) zone. The 83.00 is the 38.2% retracement level.
Shanghai Comp 2302
Same - Expect a corrective pattern across 2300 then support 2272 then further upside

ASX 200 CFD 5180
TradingLevels: On the cash market the 38.2% retracement level is 5120, so below 5100 as resistance, then we have a serious top in play back to 5000 and below.
Elliott Wave: The Wave (iv) target was 5130 but I can see the structure will take it lower to 5100. The other point is that the move down in the US markets is five waves, so we can expect another five waves down..
Day Trading Strategy: Continue to short. Thursday bear day.

Quote

No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.— Robert Rhea

Today's Financial Events
Australian Time AEST
11:00am          AUD    MI Inflation Expectations    
11:45am          CNY    HSBC Flash Manufacturing PMI    
3:00pm            JPY     BOJ Monthly Report  
5:00pm            EUR    French Flash Manufacturing PMI      
                        EUR    French Flash Services PMI   
5:30pm           EUR    German Flash Manufacturing PMI
                        EUR    German Flash Services PMI 
6:00pm           EUR    Flash Manufacturing PMI   
                        EUR    Flash Services PMI   
                        EUR    Italian Retail Sales m/m         
6:30pm           GBP    Second Estimate GDP q/q  
                        GBP    Prelim Business Investment q/q        
                        GBP    Index of Services 3m/3m      
8:05pm            USD    FOMC Member Bullard Speaks        
10:30pm         USD    Unemployment Claims        
11:00pm         USD    Flash Manufacturing PMI   
                        USD    HPI m/m        
12:00am          EUR    Consumer Confidence          
                        USD    New Home Sales      
12:30am          USD    Natural Gas Storage                                      
5:30am            EUR    ECB President Draghi Speaks

ASX Reporting & Dividends >

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck

Technical Analysis Daily CFD Trading Report 22 May

22 May

 

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Dow Jones 15,387 +0.34%
SP500 1,669 +0.17%
NASDAQ 3,026 +0.18%
FSTE 6,806 +0.71%
Base Metals Negative
US Spot Gold 1374
US Spot Silver 2244
Oil WTI CFD 96.10
US Copper CFD 333
US Dollar CFD 83.94
EURUSD 1.2903
AUDUSD 0.9810
DJI CFD 15,376
S&P500 CFD 1667
FTSE 100 CFD 6800
DAX CFD 8455
Shanghai Comp 2300
ASX 200 CFD 5180

Market Analysis Summary

Global indices Are Displaying A Short Term High

- Euro and AUD corrective rally will mature in the next trading session

CommoditiesPrecious metals, the corrective rally that started in the last session is two thirds completed

ForexThe corrective rally in the Euro and AUD are also two thirds completed and we will look to short within the next two sessions as the USD develops a tested volume support

Indices – The S&P500 is at our target resistance 1672 and move below 1665 would see a lower move to next support 1650

Stocks – Long US banks.


Precious Metals

US Spot Gold CFD 1374

TradingLevels 1400 resistance as the wave four corrective rally. Short term; while the market is above SG2 1365|1372|1380 its support with a target at 1400 again
Elliott Wave: An abc as Wave (iv).  The Wave a is completed to 1400 and the Wave b is underway lower, the normal retracement for Wave b is 61.8% of Wave a, that is 1360. This should be followed by Wave c higher in five waves to 1400 or just above.
Strategy: Short term while 1372 is the support then trade long towards 1400. The short trade is too short Wave c, that is, after five waves up from 1360 to approximatley1400.
If there is an error in the wave count, then if the 1365 the lower level within SG2 becomes the tested resistance then look to short. Expect a bounce off the midpoint 1350 back to 1360 and when the 1350 becomes the tested resistance then add to positions and expect another bounce at 1330 back to 1340 before the market works into SG1 of 1300

US Spot Silver CFD 2244
Technical Analysis: In a nut shell we are expecting a move to 2500 and then a move down through 2000
Minor Group1 is 2100|2200|2300. Support on top of Group1 2300 creates the MediumLevel ML25|2500 as the target. The pivot within Group2 the 2200 as resistance delivers a bearish bias. That said, use the same wave count as gold, this is an abc Wave (iv) rally, the market is now in Wave b.  The short trade set-up is not in place as yet but would be close at the end of the next session as the completion of Wave c of (iv)

Oil WTI CFD 96.10
Technical Analysis:  - Under 95.00 creates bearish outlook.
The daily trend line resistance cutting into 9700 is holding well.
The 9650 as resistance also adds another sublevel degree of bearishness, followed by 96.00 as tested resistance, which would offer a short trade to 95.00.  The mTL5|95.00 is the support that keeps the bullish picture in form. So the 95.00 as resistance would see the market at 93.00
Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.30-
US Nickel:             Last: 6.78-
US Zinc:                Last: 0.8129-
US Aluminium       Last: 0.8181-

US Copper CFD 333
While the market is above 330 – 328 it’s supported.
The 328 as tested resistance creates a bearish mode to 320.  This would reflect back to the materials sector driven by the likes of BHP…which we are expecting a top of the current impulse wave in AU BHP just above 35 followed by an abc Elliott retracement lower early next week.

Forex Trading

US Dollar CFD 83.94

TradingLevels:  The corrective pattern I was expecting at 85 is occurring at 8450, which makes the 8350 and 8330 the new supports and should be tested in the next session.
Elliott Wave: Wave (iv) retracement, the 38.2% target is 83.45 is still unfolding as is the Euro in reverse. Wave four tend to be more sideways and complicate patterns rather than clean and simple. So be more patience when entering wave fours, let the pattern mature, don’t be quick to judge.

EURUSD 1.2903
TradingLevels: While the market is above 1.2872 it’s supported, below this it’s in bearish mode. The current move up is a retest of supply at 130 the minorlevel
Elliott Wave: The abc as Wave (iv) is maturing now that its touched on its retracement level 12930 however it’s not confirmed as competed, there can be another wave up above the 12930 to complete five waves for the wave c.
Trading Strategies: Intraday, support on 12905 creates a long trade to 1.2930 as Wave 5) of c of (iv). 
Once Wave (iv) is completed above 12930 – 12950 look for a short trade set up, that is an impulse wave lower (five waves) then the abc retracement, using a tradinglevel to work the trade from.
AUDUSD 0.9810
TradingLevels: The rally upwards is slightly sluggish and therefore the 1.00 retest maybe out of reach. If and when the market develops the 98 as support then look for a move to 99 or close to it at 9850 – 9872. The copper market is also looking slightly softer a move under 330 for US copper may show up here in the AUD. Tracking the Elliott wave count is important here in this rally
Elliott Wave: Wave (iv) rally the 38.2% retracement 9945.  The Wave (iv) is being viewed as and abc, the Wave a and b could be completed now with Wave c up to follow, the Wave c will have five smaller waves
Trading Strategies: If you have been long with stops under 9750, then lift stops when 9730 becomes the tested support to 9796. When the midpoint 9750 becomes the support lift stops to 9816.  Look to take profits into 9850 area
If the wave c upwards is an error the short trade is when the 9772 becomes the tested resistance with the new of adding to the short trade when the midpoint 9750 becomes the resistance   
Indices

DJI CFD
15,376
TradingLevels:  A move below 15,300 – 15,272 is weakness.  A move below 15,200 would see a larger move down to 15,000.
Elliott Wave: We are counting five waves up from the 14,500 area to the current highs and there is reason to call a top of the five waves in place here.
That said we would need to see the 15,300 becomes the resistance. While the market is above 15,300 its supported
CFD Trading Strategies: Allow the market time to corrective back into 15,300 – 15,272 zone
S&P500 CFD 1667
TradingLevels
: While the market is in SG2 1665|1672|1680 it’s supported.  If the market drops out of SG2 then expect the market back at 1650 the Mediumlevel 
Elliott Wave: Wave v of (iii) at 1672
Trading Strategies:  The same as last session, tested support on 1672 creates the long trade if not hold short.
FTSE 100 CFD 6746
TradingLevels: Looking for a small new high above the 6800 and then a abc corrective pattern across and below 6800 (MinorLevel mTL8 Profit taking number) 
Elliott Wave: Expecting a correction across 6800

DAX
CFD 8455
TradingLevels: Next correction at 8500
Shanghai Comp 2300
Same - Expect a corrective pattern across 2300 then support then further upside

ASX 200 CFD 5180
TradingLevels: Below 5200 is a bearish bias and this market is still in the corrective pattern.  If the SP500 has a top in play at 1672 then expect further weakness here.
Elliott Wave: Wave c of (iv) in five wave lower from the last high 5250 down to 5150 - 5130
Day Trading Strategy: The 5172 as tested resistance for short trades to 5150. Wednesday can be down in the morning and up in the afternoon session.

Quote

"Victorious warriors win first and then go to war, defeated warriors first go to war and then seek to win." Sun-Tzu (~400 BC)

Today's Financial Events
Australian Time AEST
9:50am            JPY     Trade Balance           
10:30am          AUD    Westpac Consumer Sentiment         
Tentative        JPY     Monetary Policy Statement
Tentative        JPY     BOJ Press Conference
       
6:00pm            EUR    Current Account        
6:30pm           GBP    MPC Meeting Minutes                                             
                        GBP    Retail Sales m/m
      
                        GBP    Public Sector Net Borrowing 
Tentative         EUR    German 10-y Bond Auction   
All Day                        EUR    EU Economic Summit           
8:00pm           CHF    SNB Chairman Jordan Speaks      
                        GBP    CBI Industrial Order Expectations     
10:30pm         CAD    Core Retail Sales m/m         
                        CAD    Retail Sales m/m       
12:00am          USD    Existing Home Sales           
                        USD    Fed Chairman Bernanke Testifies
 
                        USD    Treasury Sec Lew Speaks    
12:30am          USD    Crude Oil Inventories 
4:00am            USD    FOMC Meeting Minutes

ASX Reporting & Dividends >

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck

Technical Analysis Daily CFD Trading Report 21 May

Technical Analysis Daily CFD Trading Report 21 May

 

Dow Jones 15,335 -0.12%
SP500 1,666 -0.07%
NASDAQ 3,020 -0.26%
FSTE 6,755 -0.48%
Base Metals Positive
US Spot Gold 1383
US Spot Silver 2267
Oil WTI 97.00
US Copper CFD 335
US Dollar CFD 83.85
EURUSD 1.2895
AUDUSD 0.9810
DJI CFD 15,339
S&P500 CFD 1666
DAX CFD 8439
FTSE 100 CFD 6746
Shanghai Comp 2300
ASX 200 CFD 5219

Market Analysis Summary

USD Retraces - Resources Rise with EURUSD

- General Forecast - Bearish wave structures for US Bonds supporting rise in yields which supports higher stocks

CommoditiesBase metals continue higher as forecasted. Precious metals retrace high as USD retraces lower. The move up in precious metals is a corrective rally according to the Elliott wave count as Wave iv to 1400 once completed expect further downside and new lows

ForexThe retracement in USD creates the Wave (iv) corrective rally for the EURUSD from 1.28 to 12930 estimate and the AUDSUD rally from 0.97 as a retest to 1.00 once completed further downside is expected into new lows

Indices – Most Global Indices can expect a small retracement this week before further upside.

Stocks – Continuing long with base metals resources while copper climbs higher. Holding long in US banks, as their wave structures are displaying an unfolding Elliott impulse wave higher


Precious Metals

US Spot Gold 1383

TradingLevels 1400 resistance as the wave four corrective rally.
Elliott Wave: The Wave (iv) corrective bounce mentioned yesterday as reached its target, that is the fourth wave of one lesser degree at 1392 and the 38.2% is 1391, however the 1400 is the main story as resistance and the target, even though I said 1380 yesterday, the move was quicker stronger than I had anticipated. One of the obvious points here is to see if the 1400 holds as the resistance.  Wave four are normally sideways and complicated rather than sharp and swift like this. If corrective and this is the wave four then we should see move sideways development in the pattern.
Once Wave (iv) is completed, then new lows should occur below the last low 1340 as Wave (v). Apart from the height of Wave (iv) the other question is the further development of Wave (iv) as a pattern
Strategy: The Wave (iv) is not completed while its above SG2 1365|1372|1380 with the 1372 being the important pivot. The wave structure on the five minute chart appears to suggest another high after testing support on 1380.

US Spot Silver 2267
Technical Analysis: Tested support on 2300 creates a positive long bias for trades and the swift move up appears like the structure of an impulse wave. However in the first instance we should treat the move up as a corrective rally and now that the main strength of the trend is completed the move should tire out and develop and ending pattern, once the end has developed we can then see it confirm as corrective or impulsive. This is a retest of the mediumlevel ML25|2500 however the supply starts at 2300 – 2400 to pin the firth leg in the wave four corrective pattern.

Oil WTI 97.00
Technical Analysis: A second support on 95.00 as it has done is a sign of strength and therefore sets the target at 100, of course the 98 is prof taking and can rock the boat..
After the corrective pattern across 97.00 scale in long through SG1 of 97 with the next target at 98.00 (mTL8 – Profit taking number) where we can expect a larger corrective pattern before moving to the major tradinglevel TL1|100  Brent already has support on TL1|100 for long trades
The 97.00 is a trend line resistance on the daily chart.
Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.33+
US Nickel:             Last: 6.80+
US Zinc:                Last: 0.8255+
US Aluminium       Last: 0.8210+

US Copper CFD 335
Following on from yesterday’s view of further upside; there is now tested support on top of minor group1 mTL3|3.30 the next confirmation is creating a new high about 339 and to do that support on the midpoint 5 that is 335 would see the market at 338 and then 340, support on 340 after a abc correction would see the market at 350 (mTL5)  So you know the price points for this market to fail at or not which will be helpful when trading the materials sector. 

Forex Trading

US Dollar CFD 83.85

TradingLevels:  The corrective pattern I was expecting at 85 is occurring at 8450, which makes the 8350 and 8330 the new supports and should be tested in the next session.
Elliott Wave: Wave (iv) retracement, the 38.2% target is 83.45 once completed and could be time consuming, should see new highs to 85.00 for a larger corrective pattern. These series of waves four and fives of degrees will also show up in the lows for the Euro and precious metals

EURUSD 1.2895
TradingLevels: The bounce at 1.28 is in play as expected. Corrective rally resistance 129 - 12930
Elliott Wave: Wave four rally off 1.28 to 12930 the fourth wave of one lesser degree.
Trading Strategies: Traders should have covered shorts based on last comments in this section. The move up is in fives waves, that means a correction at 1.29 – 12930 zone and then another five waves up. The market can move to 12950 if support is found on 1.29. Short term traders can trade long off the 1.29 as tested support.
AUDUSD 0.9810  11:30am   AUD    Monetary Policy Meeting Minutes
TradingLevels: This rally is an attempt to retest TL1|1.00 as it has not been tested as resistance yet. It may not reach 1.00 however we should be mindful of market psychology and process.  
Elliott Wave: Wave (iv) rally the 38.2% retracement 9945
Trading Strategies: Long with stops under 9750, once 9830 becomes the support lift stop under 9772, once the 9850 is the support move stops to 9826,with the 9872 as the target.
Tested support on 98 creates longs scaling through group1 9810|9820|9830 support on top of group1 9830 creates the midpoint 9850 as the target.   
Indices

DJI CFD
15,339
TradingLevels:  The top of minor group1 15,300 is being tested as support. The support is SG2 15,272 as long as the market has 15,200 as support, which is the minor level pivot with in group2 the structure of the trend up remains in tack.  The 15,200 as resistance creates the 15,000 as the target. Support on 15,300 creates the 15,500 target
Elliott Wave: Wave v high 15,390 expect two sessions of corrective price action
CFD Trading Strategies: Allow the market time to corrective back into 15,300 – 15,272 zone
S&P500 CFD 1666
TradingLevels
: The 1672 as the next target is in place and now as resistance. While the market is inside of SG2 1665|1672|1680 its support, however if the market drops out of SG2 1665 then the market can move back to 1650. 
Elliott Wave: Wave v of (iii) at 1672
Trading Strategies:  If the 1672 become the support trade long, if not the market can move back to 1650
FTSE 100 CFD 6746
TradingLevels: The 6800 is the mTL8 profit taking target. Intraday the market would require 6772 as the support to get there, you can also use the 6750 midpoint as support of resistance to base the trade direction from..
Elliott Wave: Expecting Wave (iv) correction across 6700

DAX
CFD 8439
TradingLevels: Intraday, if the 8420 becomes the resistance the trend is bearish
Shanghai Comp 2300
Expect a corrective pattern across 2300 then support then further upside

ASX 200 CFD 5219
TradingLevels: The corrective price action continues across the minorlevel pivot mTL2|5200 as a wave four. The US & UK indices are about to correct into a Wave (iv) and the Shanghai is to correct across 2300.  This will create even more corrective price action for the ASX200.
The positive news is that the 5200 is currently the support and while this is the case the market is supported, the secondary support now is the SG2 5180|5172|1565
Elliott Wave: Wave (iv)
Day Trading Strategy: If 5200 support is broken then expect short term bearishness as Wave (iv) continues across 5200. If and when the 5230 develops support trade long otherwise expect supports to be tested.

Quote

I’ve failed over and over and over again in my life and that is why I succeed - Michael Jordan

Today's Financial Events
Australian Time AEST
8:45am            NZD    Visitor Arrivals m/m
10:00am          AUD    CB Leading Index m/m
11:30am          AUD    Monetary Policy Meeting Minutes
1:00pm            NZD    Inflation Expectations q/q
                        NZD    Credit Card Spending y/y
2:30pm            JPY     All Industries Activity m/m
4:00pm            EUR    German PPI m/m
6:30pm           GBP    CPI y/y
                        GBP    PPI Input m/m
                        GBP    RPI y/y
                        GBP    Core CPI y/y
                        GBP    HPI y/y
                        GBP    PPI Output m/m
12:00am          USD    Treasury Sec Lew Speaks
1:30am            USD    FOMC Member Bullard Speaks
2:45am            CAD    BOC Gov Carney Speaks
3:00am            USD    FOMC Member Dudley Speaks

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck

Technical Analysis Daily CFD Trading Report 20 May

Technical Analysis Daily CFD Trading Report 20 May

 

Dow Jones 15,354 +0.80%
SP500 1,667 +1.03%
NASDAQ 3,028 +0.99%
FSTE 6,723 +0.53%
Base Metals Steady
US Spot Gold 1359
US Spot Silver 2223
Oil WTI 96.28
US Copper CFD 331
US Dollar CFD 84.70
EURUSD 1.2835
AUDUSD 0.9729
DJI CFD 15,343
S&P500 CFD 1665
FTSE 100 CFD 6742
DAX CFD 8445
Shanghai Comp 2282
ASX 200 CFD 5204

Market Analysis Summary


AUDUSD & EURUSD will continue lower

- Leading economic indicator US Consumer sentiment, rises more than expected


 

Commodities – We continue to hold short in precious metals and expect new lows in due course. Base metals may have a different story, as copper is displaying a bias for new highs, based on price action, a higher copper market will support the global materials sector.
Australia’s BHP is a catalyst to this sector and is taking benefit from the firming base metal market, supplementary to this is a stronger Chinese market which is seeing more buying volume entering. There is also the case of a lower AUDUSD supporting BHPs higher price as the lower AUDUSD offers lower operating costs for BHP and therefore we continue to add long to BHP positions The Elliott Wave structure for BHP is suggesting a developing impulse wave upwards, at minimum this would create a higher rally be it corrective or trend

Forex
– The AUDUSD trend lower is still displaying Elliott wave impulsive structures and therefore will continue its trend lower towards the 0.96 as the next supporting low
The EURUSD is another short trade, with the main trend unfolding lower and will continue lower as the structure of the USD Index continues higher towards 85.00.

Indices
– The Shanghai, calling the low in at 2161 was correct as the volume continues to support the price action from bearish to bullish.


Stocks
– Continue to hold US Gold short along with Australia gold stocks NCM PRU MML. Traders that have been buying BHP will be glad to know the move up has the bias of forming an Elliott impulse wave. This impulse wave offers the minor degree direction so continue to find entries.



Commodities

US Spot Gold 1359

TradingLevels The minorlevel mTL3 1,300 a target, between the current price and 1300 are the sublevels. The next step in the process lower is SG2 1380|1372|1365 developing as the next tested resistance.  The midpoint 1350 is the next support that requires navigation as a bounce would be expected.  Once the midpoint is resistance then its lower to Subgroup1 SG1 1330|1320|1310 expect orders here and therefore choppy price action, the first bounce off 1330 will retest 1340 then work lower through SG1 to 1300   
Elliott Wave: The main point is that the trend has further to unwind lower, in a series of wave fours and fives, such as a bounce off 1350 back to 1372|1380 roughly as Wave iv before further downside
Strategy: Longer term traders hold short to 1300. Short term traders short failed retested rallies, firstly in SG2 1380|1372|1365 then with the view of shorting the tested resistance of 1350 the midpoint to 1330.  There is still opportunity in shortly gold stocks with CFDs

US Spot Silver 2223
Technical Analysis: Use the same wave count as gold, the first bounce off 2200 is Wave iv and even though the market will work lower, it will do so in a series of waves four and fives, meaning lower corrective rallies of 38% however the corrective rallies will tend to develop more and more complicated, such as side way patterns with internal over lapping wave structures.  The major tradinglevel target is TL2|20.00 the minor tradinglevels as minor group1 are 2300|2200|2100 each one of these levels will have orders waiting and therefore require a strategy to navigate

Oil WTI 96.28
Technical Analysis: Oil follows stock.  The market on the minorlevel midpoint mTL5|95.00 offer this market the support required for higher ground.
The Elliott wave analysis is an impulse (five waves) up from the last low near 92.00.  After five waves comes an bullish corrective pattern an abc 5-3-5 structure followed by further upside, the abc should see the market back testing 95.00.  That’s said, from a trading point of view the 9650 as tested support create the longs to 9720. In the bigger picture this is a retest of supply at the major tradinglevel TL1|100.  The 98 will see profit taking and you need to roll with that, 8 is always a profit taking number and you should do the same, that way you are working with the flow of the markets
Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.29+
US Nickel:             Last: 6.68-
US Zinc:                Last: 0.8185+
US Aluminium       Last: 0.8170+

US Copper CFD 331
The 330 as support creates the bias for the upside, the evidence within the internal wave structure is starting to confirm new high will be coming, which would support the impulse wave up for AU BHP as five waves, which would also support our views on higher Shanghai and Shenzhen.  So the global materials sector is now starting to create the bias of further upside.  

Forex

US Dollar CFD 84.70

TradingLevels:  mTL5|85.00 is the next minorlevel target. Tested support on top of 84.30 creates the 84,50 midpoint as the target and support on 84.50 creates the SG2 8480|8472|8465 as the target
Elliott Wave: Intraday, the pattern forming across the top SG1 84.30 appears to be a small corrective wave four, this would see the market to 84.50 where a larger corrective pattern would be expected.  The main point in the bigger picture Minor degree, the trend is up.

EURUSD 1.2835
TradingLevels: When the 1.28 - 2820 becomes the resistance, expect further downside
Elliott Wave: Wave 4) of v of (iii) into SG2 12772
Trading Strategies: Long term traders continue to hold short. Short term minorlevel traders can cover shorts into 128 and 12772 zone and wait for resistance at 128 or higher we just need to wait for the Wave (v) to complete and then the next corrective rally.
Intraday traders, can look to short the current bounce of 128, either when the 12820 becomes the resistance or a failed retest higher at 12850. While the market is supported on 12830|20 the market is positive.
AUDUSD 0.9729
TradingLevels: The intraday trend is lower towards 96.  First expect the market to work through 97, the supportive bounce, then a move lower to 9650, then the retest back to 97 and then down to 96  
Elliott Wave: The Elliott wave trend lower is still unfolding and has further lows to make, expect a bounce off 97 as A Wave iv retesting .98 or .9772.  The wave four of one lesser degree is 9770.  This bounce would first require the Wave iii low to be created around the .97
Trading Strategies: Sell failed rallies or second retests of important level that coincide with the Elliott wave count   
Indices

DJI CFD
15,343
TradingLevels:  If 15,300 becomes tested support then the next target is 15,500
Elliott Wave: Same - Wave v of (v) A top can now be in place
Trading Strategies: Same - lock profits all profit now
S&P500 CFD 1665
TradingLevels
: Small corrective pattern at 1665 then 1672 as the next target. SG2 1665|1672|1680
Elliott Wave: Wave 3) of v
Trading Strategies:  Support on 1665 creates the 1672 target.  Expect a small corrective wave four at 1665
FTSE 100 CFD 6742
TradingLevels: Markets are extending higher and have further to go. Support on 6750 would see the market at 6572|80
Elliott Wave: Small wave four across the midpoint 6750 and then wave five higher into SG2 6765|6772|6780 Support on 6772 creates the 6800 as the target this is a profit taking number (8) so a larger corrective process would unfold

DAX
CFD 8445
TradingLevels: Next minorlevel target is 8,500.  Expect a larger corrective pattern at 8500
Shanghai Comp 2282
The next step is for the top of minor group1 2300 to develop support.  As support would create the mediumlevel 2500 as the next target

ASX 200 CFD 5204
TradingLevels: Tested support on 5200 creates a foundation for higher ground.
Elliott Wave: The move down from the high 5250 to the last low 5150 is in three waves, i.e. corrective, but only support on 5230 would help the case for new highs, because this corrective pattern could simply get larger before making a new high. The Base metals are supportive of a higher market.
Day Trading Strategy: Support on 5200 is the second step after 5172 (SG2 72) then the top of SG1 5230 as this get the market to 5250. Going long, use the 5200 and the levels within SG1 to build the trade positions SG1 5210|5220|5230 and take profits at 5250 and wait for support

Quote
“A doctor goes to medical school for four years before practicing medicine; a lawyer goes to law school for three years before beginning the practice of law; why then does a sufficient amount of money with which to trade qualify an unschooled individual to be a trader?”  W.D. Gann

Today's Financial Events
Australian Time AEST
9:01am            GBP    Rightmove HPI m/m
All Day            CHF    Bank Holiday
All Day            EUR    French Bank Holiday
All Day            EUR    German Bank Holiday
All Day            CAD    Bank Holiday
3:00am            USD    FOMC Member Evans Speaks

ASX Reporting & Dividends >

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck

Technical Analysis Daily CFD Trading Report 14 May

Technical Analysis Daily CFD Trading Report 14 May

 

 

Dow Jones 15,091 -0.18% (6.25AM AEST)
SP500 1,633 -0.00%
NASDAQ 2,982 +0.04%
FSTE 6,631 + 0.10%
Base Metals Steady
US Spot Gold 1434
US Spot Silver 2365
Oil WTI 95.00
US Copper CFD 335
US Dollar CFD 83.15
EURUSD 1.2975
AUDUSD 0.9950
DJI CFD 15,089
S&P500 CFD 1633
FTSE 100 CFD 6639
DAX CFD 8281
Shanghai Comp 2241
China CFD 11,065
ASX 200 CFD 5114

News
Wall Street’s biggest bond dealers are starting to forecast that the U.S. Treasury will reduce the size of its debt auctions in coming months for the first time in three years as government revenue soars.

Commodities

US Spot Gold 1434

TradingLevels As long as the last low at 1419 stays in place then there remains a count to the upside bias. If the 1420 the pivot within SG1 of 1400 becomes the tested resistance then then this creates another layer of negativity as the 1472 and the midpoint 1450 have created.
Elliott Wave: There is a bullish count remaining, because of the three waves down from the 1487 to 1419. So position sizing for short trades should still be kept smaller until we have a clear impulse wave down followed by the three wave counter trend for the set up short.
Strategy: SG1 1430|1420|1410 as resistance would be tradable lower, expect a bounce off each level and also the 1400

US Spot Silver 2365
Technical Analysis: The pattern over the last two session is likely a bullish abc corrective pattern with the 61.8% retracement level around 2345
Oil WTI 95.00
Technical Analysis: Retesting 95.00 as support, while the US indices move sideways in an intraday corrective triangle pattern as Wave iv which therefor should see further upside in soon and Oil should follow. That said the USD is edging higher which does place pressure on commodities so we can’t expect strong moves in Oil
Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.34+
US Nickel:             Last: 6.95-
US Zinc:                Last: 0.83-
US Aluminium       Last: 0.82-

US Copper CFD 335
There was a reasonable chance for copper to move higher, however the pattern overnight isn’t displaying a clean impulse wave up, it’s more corrective, so we have to expect more corrective price action above the 330.
I won’t jump to concussions just yet on direction, as the US indices are traveling sideways in a Wave iv corrective pattern, when they do move higher, copper may move with them, so for the time being, as long as copper stays above the 328|330 the first support resources will remain steady.. That said Tue, Wed and Thursday are the choppy swing days.

Forex

US Dollar CFD 83.15

TradingLevels:  It’s all about the market developing support on the top of minor group1 mTL3|83.00 when this is done expect further upside and short the Euro
Elliott Wave: the abc across 83.00 is corrective, so further upside is on. The trade triggers are support on SG1 83.30 followed by support on the midpoint 83.50 

EURUSD 1.2975
TradingLevels: The market is working through the 130, while the market is being support by group2 12980|12972|12965 and the midpoint 12950 the market will continually test 130, the Wave (ii) rally can move as high as 131 however the 10350 is more feasible, the main point here is that we are looking for the top of the Wave (ii) rally to gain a long term short trade with the 128 as the first target
Elliott Wave: Wave (ii) rally is unfolding now it can reach 13050 but may not reach that high.
Trading Strategies: Short trade setting up. Two scenarios to get the short trade, firstly if the market simply drops below the 1.2950 then get a few short positions with the view of adding once the 1.29 becomes the resistance. Second the abc rally is expected to move above the 1.30, if this is the case we can look at shorting if the market trades above 13020 and then finds the 1320 as resistance. and the same from the midpoint 13050 if the market trades above 13050 and then develops the 1350 as resistance then short from there. We are taking about a strong Wave three lower with the first target at 1.28  
AUDUSD 0.9950
TradingLevels: Essentially the market is working through 1.00 and we expect it to work lower in line with the wave count, so its suited more for position traders holding short while its moving through 1.00 as there will be a series of retest rallies as it edges lower
Elliott Wave: Looking for Wave (iii) low then Wave (iv) back into and above 1.00 and then down for Wave (v) of iii)
Trading Strategies: Longer term short hold short. Intraday traders use the microlevels as tested support or resistance.
Indices

DJI CFD
15,089
TradingLevels:  Same - Support on 15,100 set the next target at 15,200
Elliott Wave: Wave (iv)  the Wave (v) upwards
Trading Strategies: Tested support on 15100 through scale in through SG1 with the target close to 15200
S&P500 CFD 1634
TradingLevels
: 1640 is the next whole number
Elliott Wave: Wave (v) to 1640. The 1650 is the Mediumlevel resistance
Trading Strategies:  Should be long above 1630 (1633 tested support)
FTSE 100 CFD 6639
TradingLevels: Same - Support on top of SG1 6630 creates the long for new highs to 6650
Elliott Wave: Wave v of (iii)

DAX
CFD 8281
TradingLevels: Same - Look for tested support on 83.00 then scale in through SG1  The 8272 is an important price point that can be used for longs
Shanghai Comp 2241
The Shanghai is lagging he Shenzhen, so expect the Shanghai to edge higher
China CFD 11,065
Larger corrective abc corrective across 11,000 with support at 10,800, but expect a bounce off 11,000


ASX 200 CFD 5114
TradingLevels: While the market is above 5200 its support and long trades would have the bias to Wed as the high.
Elliott Wave: The pattern across 5200 appears bullish corrective.
Day Trading Strategy: Use SG1 to build the trade long.

Technical Analysis Summary
US Indices – Wave (iv) completed and Wave (v) upwards
EURUSD setting up for long term short.

Quote
"I'm more concerned about controlling the downside. Learn to take the losses. The most important thing about making money is not to let your losses get out of hand." - Marty Schwartz.


Today's Financial Events
Australian Time AEST
8:45am            NZD    Retail Sales q/q
                        NZD    Core Retail Sales q/q
9:01am            GBP    RICS House Price Balance
9:50am            JPY     CGPI y/y
1:45pm            JPY     30-y Bond Auction
4:00pm            EUR    German Final CPI m/m
                        JPY     Prelim Machine Tool Orders y/y
7:00pm           EUR    German ZEW Economic Sentiment
                        EUR    Industrial Production m/m
                        EUR    ZEW Economic Sentiment
                        GBP    CB Leading Index m/m
All Day                        EUR    ECOFIN Meetings
7:30pm           AUD    Annual Budget Release
9:30pm            USD    NFIB Small Business Index
10:30pm          USD    Import Prices m/m


ASX Reporting & Dividends > 

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Technical Analysis Daily CFD Trading Report 13 May

13 May

 

Dow Jones 15,115 +0.24%
SP500 1,633 -0.43%
NASDAQ 2,981 +0.67%
FSTE 6,624 + 0.49%
Base Metals Steady
US Spot Gold 1447
US Spot Silver 2385
Oil WTI 95.90
US Copper CFD 338
US Dollar CFD 83.15
EURUSD 1.2989
AUDUSD 1.0020
DJI CFD 15,100
S&P500 CFD 1632
FTSE 100 CFD 6633
DAX CFD 8293
Shanghai Comp 2246
China CFD 11,256
ASX 200 CFD 5117

News
New highs for US Stocks and further to go..  

Commodities

US Spot Gold 1447

TradingLevels If the 1440 becomes the retested resistance, then the taking our of the 1419 low would be the trigger to short. While the market stays above 1430 the market is still supported. The 1420 and 1472 is the new trading range, after three swings within this range we should the 1450 ending up as support or resistance, we can look at the internal wave structure at that point to work out the direction, as the pattern above 1420 can still be corrective or part of an impulse wave lower
Elliott Wave: The move down from the 1487 high to the current low 1420 is still in three waves i.e. bullish corrective, if the 1420 low is taken out then it would be bearish
Strategy: Short the breaking of 1420 other wise there is still scope for new highs.

US Spot Silver 2385
Technical Analysis: Intraday, expect an abc retracement down from the 2400 area, back to 2370 area. If the move down is in three waves then expect a move higher through the 2400. The 2350 as tested resistance would give a bearish bias.
Oil WTI 95.90
Technical Analysis: The pattern across 95.00 over May is in three waves that is bullish corrective, so the market is still positive
Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.34+
US Nickel:             Last: 7.11+
US Zinc:                Last: 0.83
US Aluminium       Last: 0.82-

US Copper CFD 338
While the market is above the top of group1 330 then the market is positive and further upside should be expected, this will stabilise the resources.

Forex Trading

US Dollar CFD 83.15

TradingLevels:  Expect an abc corrective pattern across mTL3|83.00 and then look for support on 83.00 for further upside.
Elliott Wave: the abc across 83.00 is Wave iv 

EURUSD 1.2989
TradingLevels: The market will swing across 130 a few time and end up as support or resistance, the bias is resistance, but as always trade what you see. If it is resistance then you know the Elliott count is right
Elliott Wave: Five waves down from the 1.3193 to the current low 1.2935, so expect to see and abc retracement. How high is the question it maybe to 1.3050 or higher towards the 50/62% 1.31 area, we are better off count the abc 5-3-5 structure. The bias would be for a lower retracement taking into consideration of the possible Wave iii) of (iii) scenario
Trading Strategies: Wait for the abc bounce to run out of stream and then look for short trades.  The USD would also require support on 83.00 aft it has its abc across 83.00
AUDUSD 1.0020
TradingLevels: Expect about five swings across 1.00 over the week ahead as a series of waves four and five unfold
Elliott Wave: Wave iv rally above 1.00 (possibility back to 1.01) and the Wave v of (iii) below 1.00 making new lows
Trading Strategies: Longer term short.  Short term traders need to understand the Elliott count within their degree of structure they are trading and of course the retesting or the levels within that degree of structure can be useful  
Indices

DJI CFD
15,100
TradingLevels:  Support on 15,100 set the next target at 15,200
Elliott Wave: The pattern across 15,100 is corrective, so the bias is higher in the following session
Trading Strategies: Tested support on 15100 through scale in through SG1 with the target close to 15200
S&P500 CFD 1632
TradingLevels
: Support on top of SG1 1630 is critical for further upside and the support is developing, it’s just not tested support as yet, but the bias is that is will, because of the wave structure
Elliott Wave: The pattern across 1630 is corrective so expect new highs
Trading Strategies:  Long on the 1630 tested support and the break of 1635
FTSE 100 CFD 6633
TradingLevels: Support on top of SG1 6630 creates the long for new highs
Elliott Wave: Wave v of (iii) still expanding upwards

DAX
CFD 8293
TradingLevels: Look for tested support on 83.00 then scale in through SG1
Shanghai Comp 2246
There can be more corrective pattern at 2230 before further upside. The 2200 as resistance creates the bearish bias
China CFD 11,256
Same - Corrective pattern playing out in three waves across 11,200 once completed expect further upside


ASX 200 CFD 5117
TradingLevels: The market is working through mTL2|5,200 within the SG1 5230 and the SG2 5172 range, as long as the market stays above 5150 the midpoint the trend is up, that said a test of SG2 5180|5172|5165 can easily occur and if the market does move below 5200 to test lower and then returns to develop support on 5200 then that is the long trade set up. If the 5230 the top of SG1 develops support then its long from there
Elliott Wave: Wave iv vibrating across 5200 then Wave v of (v) of iii) 5230-50 area
Day Trading Strategy: 5220 as support could be good enough for a long trade

Technical Analysis Summary
US indices have further upside, new highs.
Base metals can have further upside which in turn will continue to lift resources.
The USD is moving higher and should continue to move higher while crosses in the other direction

Quote
"Tactics without strategy is the noise before defeat." - Sun Tzu


Today's Financial Events
Australian Time AEST
8:45am            NZD    FPI m/m
9:50am            JPY     M2 Money Stock y/y
11:30am          AUD    Home Loans m/m
                        AUD    NAB Business Confidence
12th-16th         NZD    REINZ HPI m/m
3:30pm            CNY    Fixed Asset Investment ytd/y
                        CNY    Industrial Production y/y
                        CNY    Retail Sales y/y
13th-15th         EUR    German WPI m/m
5:15pm            CHF    Retail Sales y/y
All Day                        EUR    Eurogroup Meetings
10:30pm         USD    Core Retail Sales m/m
                        USD    Retail Sales m/m

12:00am          USD    Business Inventories m/m


CFD Trading Report Free Trial
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NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Technical Analysis Daily CFD Trading Report 10 May

DayAhead 10 May

 

 

(Sorry, No Sound on Video)
Dow Jones 15,082 -0.15% (6.40AM AEST)
SP500 1,626 -0.37%
NASDAQ 2,961 -0.24%
FSTE 6,592 + 0.14%
Base Metals Mixed
US Spot Gold 1464
US Spot Silver 2390
Oil WTI 96.20
US Copper CFD 336
US Dollar CFD 82.80
EURUSD 1.3020
AUDUSD 1.0080
DJI CFD 15,080
S&P500 CFD 1627
FTSE 100 CFD 6585
DAX CFD 8245
Shanghai Comp 2233
China CFD 11,197
ASX 200 CFD 5196 


News
USD moves higher placing pressure firstly on FX pairs then stocks then commodities

Commodities

US Spot Gold 1464

TradingLevels The SG2 1472 is the line in the sand for being long or short and using the other SubLevels within SG2 for adding positions to the trade. That said the market is traveling sideways in the SG2 to 1440 trading range and it appears that another high can be made to 1500 before the rally is completed, but as mentioned you would need the 1472 as a solid retest of support before being long. The other bearish set would be the midpoint 1450 becoming the tested resistance and adding to the positions if the 1440 became the resistance
Elliott Wave: Same - The patterns above 1440 are corrective so expect new highs
Strategy:

US Spot Silver 2390
Technical Analysis: SG2 2380|2372|2365 as resistance creates the short trade, adding to the trade when the midpoint 1350 becomes the tested resistance. Any long trade would require 2400 as the tested support and the top of SG1 2430 as support of the lift higher
Oil WTI 96.20
Technical Analysis: The 96.50 is the 50% between 95 and 98 minorlevels and the 96.50 always has a say, long trades would also need to have this as tested support. Other subtle price points apart from the 98 are 9720 and 9772 plus the normal sublevels.  While the 95 is support the market is supported and the bias is higher to 98 the next level, also as mentioned the other day there is a daily trendline of resistance at these current highs.  The 95 as resistance creates the bearish bias for shorts especially with a higher USD which we are expecting.
Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.32-
US Nickel:             Last: 6.92+
US Zinc:                Last: 0.83-
US Aluminium       Last: 0.83-

US Copper CFD 336
Wave 5) of C to 340… The support is 330 the top of minor group1. We are looking for five waves up to the 340 area so a top can now be in place. At minimum expect and 5-3-5 lower into 330.. Expect some sort of top in the materials sector XMJ into 9800, the same for BHP across 34.00 and RIO at current highs

Forex

US Dollar CFD 82.80

TradingLevels:  The strong move up obviously confirms the Wave (iii) is under way to make new highs, which in turn creates the short for the Euro. The USD, bonds and notes are not really in line together and this is a bit of a concern, but we will stay with the current wave count on the dollar as its unfolding reasonably accurately, but just be mindful correlations aren’t supportive.  

EURUSD 1.3020
TradingLevels: The top of minor group1 1.30 should soon become the resistance, which creates the first bearish stage. While the USD is working 83.00 the top of Minor Group1 the Euro will also be working through its Group1 1.30 Expect a corrective bounce off 1.30
Elliott Wave: Wave iii) of 3
Trading Strategies: Longer term short. The short term requires understanding of the current structure of the impulse wave down and the process of the market working around the 1.30, once the five waves down are completed expect a shallow three wave abc retracement which would be a good short trade set up or the trend trader could sell positions at a variety of price point spreading the risk over time and space
AUDUSD 1.0080
TradingLevels: Expect moves below 1.00
Elliott Wave: Wave iii low forming, expect wave iv back into 101 and then down
Trading Strategies: Continue to look for shorts, especially in the NYSE session
Indices

DJI CFD
15,080
TradingLevels:  15,100 (mTL1) as resistance would send the market back to 15,000, support on 15,100 would see the market at 15,200, so you need to recognise what is tested support and tested resistance, the volume can help with this.
Elliott Wave: Wave (iii) high in place, so expect  Wave (iv) retracement into 15,000
Trading Strategies: Is a 50/50 bet of the market retesting 15,000 from the 15,100, but we are looking for the top of wave (iii) and the Euro is moving lower while the USD is moving higher, but the bonds and  notes aren’t correlation very well with the USD over the last few weeks, so something is a drift. Trade what you see from a sublevels point for view
S&P500 CFD 1627
TradingLevels
: Its normal to see a corrective pattern across the top of SG1 1630 and we should allow it time to develop the 1630 as support or resistance. If the pivot the 1620 becomes the resistance then we will see a move lower to 1600, if support is found on 1630 then expect a move to 1640
Sentiment; the USD has moved higher confirming Wave three upwards and sending the Euro sharply lower, this can influence the top here, we were looking for the top of Wave (iii) at 1640, but the 1635 may have don’t the trick, any way the 1620 as support or resistance is the key to direction so work with that
Elliott Wave: an abc corrective pattern across 1630 that need to stay above 1620
Trading Strategies:  Long on the 1630 tested support and short from the tested resistance of 1620
FTSE 100 CFD 6585
TradingLevels: Expect corrective patterns at 6600
Elliott Wave: Wave (v) at 6600

DAX
CFD 8245
TradingLevels: Support on 8300 the top of minor group1 would see 8500 as the target, that said we have to treat the move above 800 as the first high above the level and if the 8300 does not develop support then the market will fold back to 8000. Also the current move up in line with the FSTE is in  five waves that are in the later stages.
Shanghai Comp 2233
Expect a retest into 2200
China CFD 11,197
Corrective pattern playing out in three waves across 11,200


ASX 200 CFD 5196 
TradingLevels: The market is working through mTL2|5200 the corrective swing range is SG1 5230 and SG2 5172|5165 this zone will be corrective over the sessions ahead. The Cash market had a Doji bar on the daily equal buyers and sellers, this battle require a resolution so the give the 5200 time to play out don’t get caught in it too early
Elliott Wave: Wave iv vibrating across 5200 then Wave v of (v) of iii) 5230-50 area
Day Trading Strategy: If 5200 becomes the support trade long through SG1 to 5230 exit, if the 5230 becomes support move back in long, if not expect a larger correction back down across 5200

Technical Analysis Summary
All the global indices are in line with the current wave counts and there is further upside to come, in most case we are looking for the top of Wave (iii).
The USD is still in corrective mode, which is good for indices and commodities to move higher

Quote
"It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you're wrong."


Today's Financial Events
Australian Time AEST
11:30am          AUD    RBA Monetary Policy Statement
3:00pm            JPY     Economy Watchers Sentiment
4:00pm            EUR    German Trade Balance
10th-15th         EUR    German WPI m/m
6:00pm            EUR    Italian Industrial Production m/m
6:30pm            GBP    Trade Balance
Day 1              ALL     G7 Meetings
10:25pm          USD    FOMC Member Evans Speaks
10:30pm         CAD    Employment Change
                        CAD    Unemployment Rate
11:30pm         USD    Fed Chairman Bernanke Speaks

4:00am            USD    FOMC Member George Speaks
                        USD    Federal Budget Balance
Sat: Day 2      ALL     G7 Meetings


ASX Reporting & Dividends >
CLICK

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Technical Analysis Daily CFD Trading Report 9 May

9 May

 

Dow Jones 15,105 +0.32% (6.30AM AEST)
SP500 1,632 +0.41%
NASDAQ 2,968 +0.52%
FSTE 6,583 + 0.40%
Base Metals positive
US Spot Gold 1470
US Spot Silver 2389
Oil WTI 96.50
US Copper CFD 336
EURUSD 1.3150
AUDUSD 1.0180
DJI CFD 15,090
S&P500 CFD 1632
FTSE 100 CFD 6592
DAX CFD 8251
Shanghai Comp 2246
China CFD 11,277
ASX 200 CFD 5216 

News
NEW YORK--Stocks continued to cruise higher as the Standard & Poor's 500-stock index reached for its fifth-straight record high.

Commodities

US Spot Gold 1470

TradingLevels The 1440 (144) is a solid support ,so long trades can place stops under the 1440 with the view of adding on support of 1472 and the target close to 1500. The USD is lower and still has a further to fall over the next session or two
Elliott Wave: The patterns above 1440 are corrective so expect new highs
Strategy: Long

US Spot Silver 2389
Technical Analysis: Much the same, support on 2400 creates long trades and 2372 as tested resistance creates short trades
Oil WTI 96.50
Technical Analysis: There is now tested support on mTL5|95.00 so the next target is mTL8|98.00 . Trade Long.
Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.33+
US Nickel:             Last: 6.89+
US Zinc:                Last: 0.84+
US Aluminium       Last: 0.84+

US Copper CFD 336
Wave 5) of C to 340… Expect BHP and RIO etc. to climb higher, start counting five waves from their lows and trade long

Forex

US Dollar CFD 81.93

TradingLevels:  The abc is not completed and the pivot within SG1 the 82.20 as resistance is the point of recognition. The move down is Wave c in five waves that aren’t completed.  The retest of 82 is Wave 4) of c of (ii) of course the last low at 81.35 must stay in place otherwise there would be a move down to 80, as the 82 is the pivot in Minor Group1.  This market needs the 82.00 as support to stay bullish it’s that simple.

EURUSD 1.3150
TradingLevels: The 1.32 must stay in place as resistance for the current pattern to remain bearish and the move up as a corrective bear rally.
We also have to remember that the market is above the top of minor group1 the 1.30 which is supporting the market.  The 131|132|133 is subgroup1 and in SG1 the 132 is the pivot, so while the market is under the 132 it’s a bearish bias.
The Subgroup is one lesser degree of the Minor group, the minorlevel is stronger than the sublevel, so it’s all about degrees of structure and the structure you trade within using the market testing a price level to trade from as support or resistance, the Elliott can help with the direction, but trade from a tested price point.
Elliott Wave: As long as the 132 stays in place we can look at this rally as wave c of 2
Trading Strategies: Allow the market time at the midpoint 13150 to develop as support or resistance and use that to trade in either direction.
AUDUSD 1.0180
TradingLevels: The 102 resistance is holding…
Elliott Wave: A larger Wave iv at 102, expect new lows..
Trading Strategies: Short..
Indices

DJI CFD
15,090
TradingLevels:  15,100 resistance, the fist minorlevel (mTL1) above the mediumlevel 15,000 (ML15)
Elliott Wave: Expect a reaction at 15,100 and abc corrective pattern and if support if found after a corrective pattern, trade long of the 15,100 tested support to 15,200
Trading Strategies: Wait for support on mTL1|15,100 and build a long trade through SG1 of mTL1 with the 15,200 as the target or SG2 15,172
S&P500 CFD 1632
TradingLevels
: 1630 is the top of SG1, if support is found on 1630 then the 1650 is the target. That said expect a corrective pattern across 1630 and then look for tested support
Elliott Wave: Looking for the top of Wave (iii)
Trading Strategies:  The target is higher at 1650 so it all depends on the degree of structure you’re trading. The 1630 as support after a corrective pattern is the key to the upside and its expected, so if you have been long from lower levels such as SG2 or 1600 then hold long through the Wave (iv) corrective process and look to add to the trade into Wave (v)
FTSE 100 CFD 6592
TradingLevels: Expect a reaction at 6600, if after the reaction / correction pattern the market gains support on 6600 trade long building the trade through SG1 of 6600 that is 6610|6620|6630. The FSTE is also facing trendline resistance at 6600 from the 2000 and the 2007 and 2008 highs, the Dax has broken its highs, so perhaps the FSTE will tag along..
Elliott Wave: Wave (v) at 6600

DAX
CFD 8251
TradingLevels: This market has made new all-time highs above the 2000 high, which is a sing of more to come..
Shanghai Comp 2246
Same - Establishing the lows.. expecting a move upwards
China CFD 11,277
Target 11500 mediumlevel, trading look for tested support on 11300


ASX 200 CFD 5216 
TradingLevels: The classic tradinglevels pattern is at 5200 as support in the first instance, there can be another pattern like this but larger across 5200. The second step is to develop support on top of SG1 5230 which would get the price to 5250 as the target, if the 5230 fails as support then it’s back to 5200
Expect
Elliott Wave: Wave (iv) is completed and the move up is on higher volume confirming the price action. Wave (v) up into new highs
Day Trading Strategy: Wednesday can be the V shape intraday pattern with Thursday as the bear day, so caution is required. The 5150 is he support to work from and the 5165|5172|5180 is the resistance.

Technical Analysis Summary
All the global indices are in line with the current wave counts and there is further upside to come, in most case we are looking for the top of Wave (iii).
The USD is still in corrective mode, which is good for indices and commodities to move higher

Quote
Always trade from the testing of price using the volume to confirm the price action


Today's Financial Events
Australian Time AEST
8:45am            NZD    Employment Change q/q
                        NZD    Unemployment Rate
11:30am          AUD    Employment Change
                        AUD    Unemployment Rate
                        CNY    CPI y/y
                        CNY    PPI y/y
9th-15th           CNY    New Loans
9th-15th           CNY    M2 Money Supply y/y
3:00pm            JPY     Leading Indicators
All Day                        CHF    Bank Holiday
All Day                        EUR    French Bank Holiday
All Day                        EUR    German Bank Holiday
6:00pm            EUR    ECB Monthly Bulletin
6:30pm           GBP    Manufacturing Production m/m
                        GBP    Industrial Production m/m
Tentative        EUR    Spanish 10-y Bond Auction
9:00pm           GBP    Asset Purchase Facility
                        GBP    Official Bank Rate
Tentative        GBP    MPC Rate Statement
10:30pm          CAD    NHPI m/m
                        USD    Unemployment Claims
12:00am          GBP    NIESR GDP Estimate
                        USD    Wholesale Inventories m/m
12:30am          USD    Natural Gas Storage
3:00am            USD    30-y Bond Auction



ASX Reporting & Dividends >
CLICK
NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

CFD Day Trades Robo Trading

CFDs Trading

CFD Day Trades Robo Trading

Pending Positions
             
 
CODE
DATE
DIRECTION
ENTRY
STOP
TARGET
   
 
ANN
9-May
LONG
16.48
16.03
50% 16.80
   
 
ANZ
9-May
LONG
31.57
31.26
50% 32.00
   
 
BSL
9-May
LONG
5.03
4.79
50% 5.20
   
 
BXB
9-May
LONG
8.91
8.64
50% 9.00
   
                 
Open Positions
             
Notes
CODE
DATE
DIRECTION
ENTRY
STOP
TARGET
CLOSED
CLOSED
 
CPU
8-May
LONG
10.06
9.96
50% 10.20
   
 
FMG
8-May
LONG
3.77
3.74
50% 4.00
50% 3.80
 
 
GUD
8-May
LONG
7.31
7.26
50% 7.50
   
Wider Stop
ORI
8-May
LONG
23.88
22.96
50% 25.00
   
 
COH
7-May
LONG
66.01
66.96
Open
50% 68.00
 
AIO
6-May
LONG
5.41
5.33
Open
   
 
SHL
6-May
LONG
13.43
13.37
Open
50% 13.80
 
RIO
6-May
LONG
54.51
57.76
Open
30% 57.00
30% 58.00
 
OSH
3-May
LONG
7.66
7.79
50% 7.90
50% 7.80
 
 

CFD Trading UK LSE

Open CFD Trades for UK LSE
Short term CFDs Trade Recommendations - Free Trial to recieve new CFD Trades

 

Open Positions
           
Notes
CODE
DATE
DIRECTION
ENTRY
STOP
TARGET
CLOSED
 
RR.
2-Apr
LONG
1135
1116
70% 1150
 
 
NXT
2-Apr
LONG
4378
456
50% 4450
 
 
ERM
27-Mar
LONG
931
954
Open
50% 950
 
ABG
26-Mar
SHORT
208
201
Open
70% 200
 
888
22-Mar
LONG
163.57
164.63
33% 180
 
 
ABG
20-Mar
SHORT
229
201
Open
33% 210

US CFD Trade Recommendations

US CFD Trade Recommendations

Pending Positions

 

 

 

 

 

 

Daily Robo System 2 (DRS2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

CODE

DATE

DIRECTION

ENTRY

STOP

TARGET

EXCHANGE

 

ETR

15-Feb

SHORT

61.61

63.11

33% 60

NYSE

 

GNW

15-Feb

LONG

9.22

8.93

50% 9.50

NYSE

 

 

 

 

 

 

 

 

Open Positions

 

 

 

 

 

 

Notes

CODE

DATE

DIRECTION

ENTRY

STOP

TARGET

CLOSED

 

EMC

14-Feb

SHORT

24.07

24.03

33% 23.50

 

 

AA

13-Feb

LONG

9.03

9.03

33% 9.50

33% 9.25

 

ATU

13-Feb

LONG

30.51

30.36

50% 31.00

 

 

ACW

13-Feb

LONG

3.86

4.07

Open

50% 4.00

 

ATU

12-Feb

LONG

30.11

30.36

Open

50% 30.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Robo System 1(DRS1)

 

 

 

 

 

Open Position

 

 

 

 

 

 

Notes

CODE

DATE

DIRECTION

ENTRY

REVERSE

 

 

 

 

 

 

 

 

 

Daily Robo 1

 

 

 

 

 

 

Wider stop

AAPL

12-Feb

SHORT

471

473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Robo 1

 

 

 

 

 

 

 

FB

1-Feb

SHORT

29.67

29.33

 

 

 

 

 

 

 

 

 

 

Five waves down from the high, expect abc rally on low volume

 

 

 

 

 

 

 

 

 

 

 

 

Short Term CFD Trades ASX

CFD Trading  CFD Trades Short term Trades 1 - 10 Days

 

Open Positions
           
Notes
CODE
DATE
DIRECTION
ENTRY
STOP
TARGET
CLOSED
 
WES
8-Feb
LONG
38.53
38.26
33% 39.00
 
 
WOR
8-Feb
LONG
25.51
25.16
33% 25.78
 
 
AGK
8-Feb
SHORT
15.29
15.36
50% 15.17
 
 
AMC
6-Feb
LONG
8.56
8.67
33% 9.00
33% 8.72
 
MTS
6-Feb
LONG
3.84
3.92
33% 4.00
33% 3.90
 
MIN
6-Feb
LONG
10.31
10.34
Open
33% 10.50
               
 

CFD Trading

CFD Trading

Pending Positions
           
Daily Robo System 2 (DRS2)
         
               
Star Rating
CODE
DATE
DIRECTION
ENTRY
STOP
TARGET
 
****
BEN
12-Dec
LONG
8.37
8.26
50% 8.48
 
****
CBA