CFD Trading Strategy

CFD Video Report ; Overnight markets Technical Analysis/ Elliott Wave /TradingLevels / Today's CFD Trades  21 October 2011

EarlyBird Report  – 21 October

Dow Jones – 11, 541 +0.32%
Base Metals Negative
US Gold CFD: 1610
Oil WTI CFD: 85.25
Copper CFD: 305
US Dollar CFD: 77.30
EURUSD 1.3760
Dow Jones CFD 11,570
S&P500 CFD: 1,218
FTSE 100 CFD: 5420
SPI CFD 4150

US News
NEW YORK (Dow Jones)--U.S. stocks pared an afternoon advance late in a session whose choppy trading was dominated by European sovereign-debt worries.

The Dow Jones Industrial Average was up 23 points, or 0.2%, to 11524 at 3:30 p.m. EDT Thursday, while the Standard & Poor's 500-stock index added 3 points, or 0.3%, to 1213. The Nasdaq Composite fell 10 points, or 0.4%, to 2594.

Stocks whipped from positive to negative territory throughout the session, moving higher midday after French President Nicolas Sarkozy and German Chancellor Angela Merkel issued a joint statement pledging that European Union leaders would have a bailout plan in place by Wednesday. Those leaders also called for immediate talks with the private sector over Greek debt.

Earlier, stocks had fallen after reports that a Sunday European summit could be postponed because of disagreements on how to deploy cash in the Continent's bailout fund.

CFD Commodities

US Gold CFD: 1610
Gold is in its Wave 3 down and the target would be around the 1500 MediumLevel at a very rough guess we will work the wave count down.
The US Indices are likely to create a new high from the consolidation at 11500 that could see the price at 11800, for the final high. If this is the case we may see Gold Silver and Oil follow, I don’t think this is the case however there is one once support that we must cross and have as resistance for more downside and they line up, that is Copper at 30 MajorLevel TL3 Silver at 30 MajorLevel TL3 which will have Gold at 1600 the market needs to have these as retested resistance not support if we are to continue the Gold trade down.

I would suggest covering a percentage of the short trade in Gold close to 1600 then and if the above markets develop resistance at their respective levels then move back in short as the Elliott target is down through 1500 for Gold

Oil WTI CFD: 85.25
Oil is going to follow stock so the current move down can be an abc corrective pattern, if the Dow finds support on 11500 then cover any short positions you may have in the local ASX Energy sector

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.05-
US Nickel:             Last: 8.11-
US Zinc:                Last: 0.77-
US Aluminium       Last: 0.92-

Copper CFD: 305
Copper has moved down nicely as expected to 300 (TL3) and will see a bounce here as a wave 4 in line with Gold, This will place a lot more pressure on our Materials sector today, so we can hold short here. The US BHP is checking 72 as support so keep an eye on that and the Shanghai market, that is also expected to move down further

Forex

US Dollar CFD: 77.30
The European meeting is likely to see the EFSF buying bonds in the secondary markets rather than the ECB which leaves the ECB as the QE back up if need be, either way the traders will tend to buy the Euro, this will see the Dollar down.
From a Elliott point of view it does create two wave counts so focus on the levels for entries, you know the main price points, anything with a 72 will be handy, the 13720 and the 13772 and of course the 138.
Start counting five waves up from the last low 1.3655, work the Elliott count up from there, the US indices will be on the same track. And the flipside for the Dollar the 77.72 has and is still the resistance, we have been considering the Dollar in a wave 4 (Triangle) correction from the 17^th and as we see a push down from here we will see the SP500 and the Euro move together

EURUSD 1.3760
TradingLevels: Levels to work on retests and corrective patterns for the long side, 13750 Midpoint, SG2 13772 and 138 mTL2 Expecting a retest of 140 as the target
Elliott Wave: Counting five wave up from the last low
Trading Strategy: Look for long trade set ups on retests of the levels and especially after abc corrective patterns

AUDUSD 1.0260
TradingLevels: On the long side look for support on 10272 and 103 in line with the Euro and SP500 however the Base metals market can weigh on the price, so support on the 10272 and the 103 is critical
Elliott Wave: Expect an abc correction at these old highs 10272 SG2 and 103. Start counting the impulse wave  up (five waves) from the last low around the 10165 SG2 which should see the five wave complete at around the SG2 10272/80 or the 103
Trading Strategy: It would be preferable to trade off support, so be patient and wait for a three wave abc type of pattern up here around the 103 to work the trade from.

Indices

Dow Jones CFD 11,570
TradingLevels: Expect the price to make new highs based off the 11500
Elliott Wave: Intermediate Wave (2) is still in play and especially while its above 11,500, this opens a series of targets starting with the 11650, then 11720 and 11772
Trading Strategy:  Support off the 1150 (ML15)

S&P500 CFD: 1,218
TradingLevels: The 1200 mTL2 has been retest as support and the price should now work higher, short term resistances that you can work as support when the time comes are 1220, 1227, 1230  expect corrective pattern at these levels and the 1230 is the Top of Group1 so this is very important as a support, however expect a larger reaction not so much because of the old highs but because natural supply being present at this level, that said the wave structure should see it burn through quite easily this time
Wave count: Wave C in (2) is starting up
Trading Strategy: find a bullish corrective pattern on one of the levels to work from.

FTSE 100 CFD: 5420
TradingLevels: Find a pattern and a level to work a long trade from
Elliott Wave: abc is completed at 5350, expect high ground and new high
Trading Strategy: Look for a long trade set up

SPI CFD 4150
TradingLevels: Look to work a long trade off the Midpoint 4150 or SG2 4172 then 4200
Elliott Wave: The corrective pattern down can now be finished, the base metals are going to weigh our market down while the European markets lift the US markets  
Trading Strategy: Look for long trade set ups off the levels

Summary

Weekly cycle, strong closing on Friday will see Monday up and this is the run to catch, this is based off  the European meeting this weekend.
The Europe meeting is driving the US and the Dow is above the 11500 and would be expected to make new highs in the last stages of the intermediate Wave (2) rally, let’s say to 11772 – 11800 at a guess. But for us here our ASX market can be sluggish, this is because of base metals and the Shanghai Shenzhen etc, analysis can  have been talking it up for months but it keeps going down, any this market and base metals are the weights for us, so trading ranges should be stronger in the US than here.

The trading strategy, for the ASX would be to lock in short trade profits and get a few long but preferably not in the materials sectors

Trading Quote
Losing because of a new situation is fine, losing again is the beginning of the end.

Today's Financial Events
Time     Currency   Detail     Forecast    Previous
  
11:30am  AUD        Import Prices q/q    0.6% 0.8%  
1:00pm  NZD        Credit Card Spending y/y     4.7%  
Tentative  JPY        BOJ Gov Shirakawa Speaks      
6:40pm  EUR        ECB President Trichet Speaks      
7:00pm  EUR        German Ifo Business Climate    106.3 107.5  
7:30pm  GBP        Public Sector Net Borrowing    11.9B 13.2B  
10:00pm  CAD        Core CPI m/m    0.2% 0.4%  
10:00pm  CAD        CPI m/m    0.1% 0.3%  
4:00am  USD        FOMC Member Kocherlakota Speaks      
6:00am  USD        FOMC Member Yellen Speaks

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

A Leading Technical Analysis Video - CFD Trading Strategy Report 7.30AM
In-depth Analysis of DJI SP500 FSTE SPI ASX200 Gold Copper Oil Forex AUDUSD EURUSD Dollar & CFD Trades FREE TRIAL

EarlyBird Technical Analysis CFD Trading Report  – 24 October

Dow Jones – 11, 800 +2.31%
Base Metals Positive
US Gold CFD: 1640
Oil WTI CFD: 87.60
Copper CFD: 325
US Dollar CFD: 76.50
EURUSD 1.39
AUDUSD 1.0376
Dow Jones CFD 11,816
S&P500 CFD: 1,239
FTSE 100 CFD: 5493
SPI CFD 4200

US News
NEW YORK -(Dow Jones)- U.S. stocks rose Friday following another batch of corporate earnings while investors hoped this weekend's European Union summit will lead to a plan that will combat the sovereign-debt crisis.

The Dow Jones Industrial Average gained 226 points, or 2%, to 11768, near the session's highs during the final trading hour of the day. The gains put the Dow on pace for its fourth-straight weekly gain, marking its longest winning streak since January. The measure is up more than 1% this year.

McDonald's helped push the Dow higher, rising 3.2%. The fast-food company's third-quarter earnings rose as sales growth made up for the food-cost inflation it faces world-wide.

Travelers jumped 4% and American Express gained 3.9%, leading the Dow's gains. General Electric led on the downside, falling 2.5% after reporting quarterly results. GE Chief Executive Jeff Immelt called the company's third-quarter industrial-profit margin "a low for the year" and vowed that the figure will rise in the fourth quarter and next year.

The Standard & Poor's 500-stock index advanced 20 points, or 1.6%, to 1235, with consumer-discretionary, materials and financial stocks in the lead. Each of the index's 10 sectors rose. The index is on pace for its third-consecutive week of gains, its longest weekly winning streak since Feb. 18.

The technology-oriented Nasdaq Composite advanced 32 points, or 1.2%, to 2630.

Investors remain fixated on how European leaders will combat the debt crisis that has spread to many regions across the euro zone. Although an agreement on a plan to expand the euro zone's bailout fund won't be reached by Sunday as was previously expected, German Chancellor Angela Merkel and French President Nicolas Sarkozy issued a joint statement promising to produce a comprehensive plan by Wednesday.

Also, an agreement on recapitalizing Europe's banks should be reached by EU finance ministers Saturday, according to a senior EU diplomat. But an agreement has yet to be reached on leveraging the euro zone's bailout mechanism or on a write-down on Greece's massive debt, the diplomat said.

"This rally could be some short [sellers] taking a little bit off the table," said Michael Shea, managing partner at Direct Access Partners. "The thinking is 'What if these European leaders actually pull this off?'"

Euro-zone finance ministers also approved the latest disbursement of an EUR8 billion ($11 billion) loan payment for Greece.

CFD Commodities

US Gold CFD: 1640
Covering the short Gold positions around 1600 was the right move as we could see base metals , copper about to bounce off the MajorLevel 300 (TL3)
Now we wait for the retest at the MediumLevel 1650 as support or resistance, we should see the price further up past 1650 into SG2 1665 I 1672 I 1680 which is the supply zone, so expect a small reaction at 1650, then a push higher to 1665 – 1672 then a test of the MediumLevel 1650 if support is found then it can push higher and long would be picked up at that point.  Make should you allow the pattern at this level to play out otherwise you’re taking on extra risk that you simply don’t need too, if you keen to play long now then place the stop under the 1.618 but do not over trade and lock in part profits at 1650, 1660 (618% Retracement) and 1665 the main resistance price point is 1672

Oil WTI CFD: 87.60
Oil didn’t did move with stock or materials so this is a sign of weakness, even though stocks can move higher, while the US earnings are still underway next week Oil should find more resistance at this 88 and 90.  The Elliott count is back down to 85… and this can come from Monday as the 60% hair cut on Bonds that bond holders will take, this will also see the Dow at 11,800 (mTL8 Profit taking number) watch the Dow Futures when they open.

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.22+
US Nickel:             Last: 8.44+
US Zinc:                Last: 0.81+
US Aluminium       Last: 0.94+

Copper CFD: 325
The bounce of the Major TradingLevel TL3 300 as expected, the current high 326 is the 61.8% retracement level, however the wave count suggest an unfolding to 328 /330 the 330 is the top of group 1 so you should know what this means and how the price will unfold across this level. The other technical point is the Elliott wave count up off the 300, start counting five waves up on the intraday chart. We will point out the trade set up when it gets closer during the week.
You can also bring in the AUD and ASX into the analysis mix as they will have the same wave count up, we can observe for any leading moves, lets first get past Monday the European summit and the observe what happens in the bonds markets and how that affects the Indices

Forex

US Dollar CFD: 76.50
The Dollar has made news lows in line with the previous corrective pattern, the target was 7650 but now that we can work with and see the unfolding intraday structure we have to consider a lower price point and the Euro moving above the 139 with the target at 140 has been the standard, but of course the European Summit meeting is on Sunday and it boils down to will the market feel content for the short term with the amount of money they put into the leaky bucket. We will look at the DJ Futures market when they open to get the lead.

EURUSD 1.39
TradingLevels: If you are still long from the 13750 retest, then stay long, if you’re thinking of being long then you require support on 139 first, however this is going to be tricky for two reasons first the European summit on Sunday can spike the price and secondly the Bonds market is taking a 60% cut, this is likely to place selling pressure but the Europe Summit is likely to create the upside, Look at the DJ Futures for the lead before the Euro opens on Monday
Elliott Wave: Same -Counting five wave up from the last low, target above 140
Trading Strategy: Same - Look for long trade set ups on retests of the levels and especially after abc corrective patterns

AUDUSD 1.0376
TradingLevels: We can look at the move up as positive and a retest of 105, that is still a long way to go, but there is a wave structure to fit this move, if you have been long from the 10272 then continue to hold. The risks are the 60% cut in the Bonds that can send this market down and on the flipside the European summit can send it up so stay long but use stops, this is a slightly dangerous situation with these news events, the cut in bonds should weaken the market, this is the norm, but things are far from normal as we are feed halve truths. Trade less.
Elliott Wave: Impulse intraday structures to the upside, count five waves from the last low
Trading Strategy: The normal structure of the pattern I’m looking at should take the market higher, the Cut in bonds is the clincher when the markets open look at the DJ Futures for the Indices lead as the SP500 Euro AUD Copper are all in harmony. If things are normal after a few spikes this way and that as the price is around the 104 then be patient and work one of the normal abc pattern across 104 and SG1 etc.

Indices

Dow Jones CFD 11,816
TradingLevels: Expect a corrective pattern across the 1800 (mTL8 a profitmaking level)
Elliott Wave: Intermediate Wave (2) we will talk about the wave count in the video
Trading Strategy:  The 60% cut in Bonds should see the price correct here and on the flipside we have the European Summit on Sunday, we just have to look at the DJ Futures open as there can be spikes here, it’s very unpredictable, that said the wave count should see higher prices

S&P500 CFD: 1,239
TradingLevels: The important levels here are the top of SG1 1230 as a support, the Midpoint as the first target where you can expect a corrective pattern, if support is found after the corrective pattern then 1272  
Wave count: Wave C in (2) is starting up. There are two possible impulse wave counts up that we are going to follow, I will explain this in the video
Trading Strategy: If you have been long from the last comments then the cut in bonds will be the risk on the open, otherwise hold long. Stops on longs would be technically Elliott at 1213, take large percentage profit at 1250 and wait for support

FTSE 100 CFD: 5493
TradingLevels: Apart from the old highs the 5600 would be the target
Elliott Wave: abc is completed at 5350, expect high ground and new high
Trading Strategy: Work the 5500, wait for the correctional pattern for support.

SPI CFD 4200
TradingLevels: Expect a move above 4200 (mTL2) but within the SG1 then a retest of 4200 as an abc corrective pattern
Elliott Wave: Impulse wave up, counting the five waves up from the last low  
Trading Strategy: If you are still long from the 4150 that’s fine, but you should have naturally covered at 4272 and 4200. The Dow is up strongly making new highs, but the SPI is not, so this drag is weakness, how the Dow being up 2% + will lift the ASX Cash market on open, however there are two other important points the European summit  on Sunday coming up with a figure to plug the current holes and the cut in bonds is likely see a drop in US Stocks?
11:30am  AUD        PPI q/q    0.8% 0.8%  
1:30pm  CNY        HSBC Flash Manufacturing PMI     49.9  

Summary

We got the move up in the Euro and AUD and the down swing in the Dollar and the upside on the Dow support at 11500 of Friday but didn’t see any volume move in to the ASX on Friday to secure any real long trades there, the strong move up in the Dow was based on Earning but it would also be from the European Summit meeting on Sunday as mentioned earlier in the week buy the rumour sell the fact and the fact may come in the form on the Bonds being cut by 60% surely this will rock stocks, but the Summit’s money to fill the leaky bucket is another risk on the open.
So there is a lot of things that can occur on this particular global opening, the wave count is for further upside and this is likely to come from the US Earning next week, but once the Earning season is completed we should then see weakness and there is weakness bubbling away in places like the Bank of America.  

In  terms of ASX trading strategies for Monday let see how the Dow Futures open and the Currencies. I will make any changes either here or in the ASX Day Trading section. We need to see what effect the cut in bond does and the Summit then we can pick up the momentum

Trading Quote
"Understand that learning the markets can take years. Immerse yourself in the world of trading and give up everything else."

Today's Financial Events
Time     Currency   Detail     Forecast    Previous
  
All Day  NZD        Bank Holiday      
10:50am  JPY        Trade Balance    -0.11T -0.29T  
11:30am  AUD        PPI q/q    0.8% 0.8%  
1:30pm  CNY        HSBC Flash Manufacturing PMI     49.9  
6:00pm  EUR        French Flash Manufacturing PMI    48.1 48.2  
6:00pm  EUR        French Flash Services PMI    50.6 51.5  
6:30pm  EUR        German Flash Manufacturing PMI    50.0 50.3  
6:30pm  EUR        German Flash Services PMI    49.8 49.7  
7:00pm  EUR        Flash Manufacturing PMI    48.1 48.5  
7:00pm  EUR        Flash Services PMI    48.6 48.8  
7:05pm  GBP        MPC Member Tucker Speaks      
8:00pm  EUR        Industrial New Orders m/m    0.1% -1.6%  
11:45pm  USD        FOMC Member Dudley Speaks      
4:00am  USD        FOMC Member Dudley Speaks

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

                    A Leading Technical Analysis Video - CFD Trading Strategy Report 7.30AM

As you know most stocks can be shorted, the trick is finding some that don’t gap too much, so perhaps place more trades but smaller bet sizes.
As mentioned in the EarlyBird, we are expecting a bounce later in the week so locking in part profits on the way down makes sense.
CFD Trades - CFD Trading Strategy

 CFD Trades - CFD Trading Strategy CFD Trades - CFD Trading Strategy

Trading Gold 1 Hour Chart CFD Report
Elliott Wave / Technical Analysis / Gold extended rally from recent lows, which means that wave iii) is definitely done and that market now trades in wave iv), which in fact may already be in final stages of a recovery. Notice that prices are trading very close to area of a wave four of one lesser degree, and also near to 38.2-50% Fibo retracement levels of wave iii) distance. As such, wave iv) may reach highs in the coming sessions, from where a sell-off into a new low is epxected. Meanwhile price must not rise above highest base channel resistance line.

Wednesday, 23 November 2011 at 6:37:00PM AEST

CFD Trading Strategies (Robo Trading Strategy)
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Dow Jones CFD 11,540
TradingLevels: Ok, the rally is here, corrections are the trickiest part of Elliott Wave they are the weak spot, Elliott unfortunately only developed three rules when using his method, the Impulse wave is straight forwards, corrections, can be simple or complicated, we can also use the tradinglevels to sort out the basic of being long or short, so while the price is above 11500 the MediumLevel the market has to be treated as bullish, if the price finds 11500 as resistance we are bearish, it’s that simple.
Elliott Wave: Wave counts and targets, most futures markets created a Gap on the 21 Nov and these Gaps would be target points, they are however quite high, we can’t say if they will be covered or not, all we knew is that there would be a rally and this current move up could also be the first leg of three swings, we just don’t know yet. The move up was swift and is now running out of steam
Trading Strategy:  Let’s just keep it simple, let’s just give the price time at 11,500 to develop either a stronger support or find itself as the resistance. there is the case for the current high to be the top now, this is from one internal wave count, but I don’t want to call a top without evidence of downside structure, the levels and volume, it better to see the current price searching for support on 11500, the internal volume supports this view, the next level up is the 11650

S&P500 CFD: 1190
TradingLevels: Gap target 1212, current resistance mTL2 | 1200 support SG2 1172 zone
Wave count: abc rally wave four, the 38.2% retracement level is close to 1200
Trading Strategy: Apart from scalping, when the 1172 becomes the resistance then short.  If the price finds support on 1200 trade to 1215

CFD Trading Report S&P500
Elliott Wave US dollar is lower across the board after a gap on Sunday against all FX major currencies. The S&P Futures also gaped higher for around 20 points from 1153 Friday close on news that IMF is preparing a EUR 600bln loan for Italy in case the country’s debt crisis worsens. We however warned on you already on Friday about potentially US dollar weakness when the S&P500 (cash market) moved into a wave three support zone. On the updated S&P Futures chart we can see that wave (iv) is now in process, which means that downside remains in play for this market, while prices trade below 1217 on a “daily close basis”. So once the S&P Futures will find a resistance in wave (iv) and will move lower into a wave (v), US dollar will continue higher! However, be patient for, cause thats still not the case!

CFD Trading Report

I won’t place any new long trades out until I see the volume in the afternoon.
Also protect profits on long trades as Tuesday is profit taking day.

CFD Trading Systems Technical Analysis
TradingLounge.com.au creates and uses this report to understand market direction for the opening of the Australian market for its CFD Trades that also come from the TradingLounge’s mechanical CFD Trading Systems Daily Robo System 1 & 2 you can get a free trial of this cfd trading report and CFD Trading Systems Daily Robo System 1 & 2 you at tradinglounge.com.au

CFD Trading Sytems & CFD Strategies Report

VIDEO Technical Analysis Report YouTube http://youtu.be/Q2rOpIPjNK8

Dow Jones – 12,019 -0.01%
Base Metals Positive
US Gold CFD: 1738
Oil WTI CFD: 101
Copper CFD: 358
US Dollar CFD: 78.72
EURUSD 1.3390
AUDUSD 1.02
Dow Jones CFD 12,010
S&P500 CFD: 1246
FTSE 100 CFD: 5510
SPI CFD 4290

News
NEW YORK -(Dow Jones)- U.S. stocks finished barely changed in Friday's session to cap a strong week after the U.S. unemployment rate unexpectedly dropped and European leaders and central bankers redoubled efforts to tackle the sovereign-debt crisis.

The Dow Jones Industrial Average finished with a loss of 0.61 point, or less than 0.1%, at 12019.42, but surged 7% this week, the biggest weekly percentage gain since July 2009. The Standard & Poor's 500 stock-index shed 0.31 point, also less than 0.1%, to 1244.28, but added 7.4% this week, the steepest weekly rise since March 2009. The Nasdaq Composite eked out a rise of 0.73 point to 2626.93 and ended the week up 7.6%.

A stronger-than-expected monthly jobs report and signs of progress were not enough to sustain a triple-digit Dow advance early in the session. Stocks tracked a swift mid-session decline in the euro, with European bond yields also changing course midsession.

CFD Commodities

US Gold CFD: 1738
Daily trend line resistance creates daily bar reversal.
This has also occurred in line with the bounce on the US Dollar and the lower Euro, the Lower Euro hasn’t been confirmed by the SP500.
Elliott Wave; we are considering the move up corrective and the main wave count would end here now with the spike into 1760 or SG2 1772, this is a wait and see, waiting for confirm impulse wave down and or a move below 1720.
TradingLevels; if the price finds support on 1750 the Midpoint, then expect 1772 to be reached.
Flipside; US Dollar wave count is likely to move from the 78 support to above 80, this of course will apply pressure for Gold to move down? The other market that can help confirm is US Copper if the price finds 350 as resistance then you have base metals on your side. There is likely to be softness in these markets as the US Indices meet supply right now.
Trading Gold; long with support on 1750, short with 1720 as retested resistance and add as the 1700 becomes the retested resistance of Long if 1772 and SG2 develops support
Silver; is still working through the mTL3 level 33.00 wait for a Failed Retest of 33.00 before shorting, the mTL2 level 32.00 is the pivot with this MinorGroup1 and if this becomes the resistance, then expect he price to eventually move through TL3 Major TradingLevel and is likely to move quicker than gold IF this market is to move down because of the slight divergence. 

Oil WTI CFD: 101
Oil is developing support on 100 (TL1 Major TradingLevel) This creates the long bias and trade, stops at 99.63, If 101 develops support then work that level, make sure it has been retested first confirm that support is there!  Oil has been flipping in and out of moving with stock and dollar but is also getting back to its old self of doing its own thing, so we have to trade it for what it does alone and currently it has retested 100 as support will it climb higher stepping though the sublevels group1 (SG1)  (101 | 102 I 103 ) support on this SG1 would place the price at 105 the Midpoint and support on this creates the price at 110 the first MinorLevel mTL1

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.56+
US Nickel:             Last: 7.96+
US Zinc:                Last: 0.92+
US Aluminium       Last: 0.94+

Copper CFD: 358
While copper is above 340 the Elliott wave structure up remains positive.
TradingLevels, while the 350 remans support the market is positive, it can be retested to 347 as a larger correction unfolding at this level, if the 350 becomes the retested resistance then the market bias is negative, this is an important line in the sand for the ASX market and our current long bias with the Robo trading

Forex

US Dollar CFD: 78.72
The US dollar should now move above 80 and the Euro down, however these sharp moves  are not confirmed by the SP500 Dow or Treasuries?
Trading Dollar, when the price finds support on 78.72 (SG2) then trade long and short in the Euro

EURUSD 1.3390
TradingLevels: The rally back into 134 appears corrective, so expect 134 to become resistance, if this is the case then bias short, if the 13372 SG2 becomes the resistance then add to the short position, if you see the SP500 move down then markets are back tune and continue short Also expect the US Dollar to correct / swing across 79 in three swings, if after that the dollar finds support on 79 then add to the short on the Euro
Elliott Wave: While the Dollar is above 78 and the Euro below 135 then we can have the change in trend, but we need to US Indices to confirm this, this is the tricky bit as the Asian still appear to have another swing up, the ASX above 4400 perhaps even the 4500 if it extends. So the Dollar and Euro if correct would be leading the turn?
CFD Trading Systems: If you were short under the 13472 then you would be out at 134, if not then if 134 becomes support think of the exit or 13430 becomes support exit, if the 134 becomes resistance then look to short under the 13372 SG2.

AUDUSD 1.02
TradingLevels: Same - The price is in SG2 1.01 | 1.02 | 1.03  the 1.02 is the central pivot and support or corrective pattern here would see the price above 1.03 and support on top of SG1 1.03 separates the price from 1.00 psychologically  speaking. The current support on 1.02 is positive and any long trade would be taken off the support on its group1 1.0230, the main resistance would the 1.0272
Elliott Wave: Expect a larger corrective pattern at 102 as the Dollar is expected to push higher to 79 and correct across 79 if it finds support then it will push up and the AUD down under the 102, the 102 as resistance creates a bearish bias for the AUD back to 101 or 1.00
CFD Trading Systems: Allow the market time to work out if the 102 pivot (10172) as support or resistance and work the trade from there, expect the price to stay in SG1 in a larger corrective pattern. The RBA Rate and Figures on Tue are likely to create the break out.

Indices

Dow Jones CFD 12,010
TradingLevels: The 12172 target was achieved and now the 12000 is being tested as support or resistance
Elliott Wave: Friday – five small intraday waves down from the high – either Wave 1 or A
Count 1: Corrective rally completed - The 12172 SG2 high can be the top of the abc rally wave count and if this is the case then the market will work down form here, the US and the Euro are confirming this, but we are yet to really see it in the US Indices yet?
Count 2: A bullish wave four unfolding across 12000.
CFD Trading Systems:  The five small waves down from the high will see a abc rally then another five waves down, that is a bounce off 12000 then a move below, the question is will this three waves down turn into a larger five waves down creating the top, we just need time to see. The Euro and Dollar are leading the possibility of a top being in place.  The ISM US manufacturing figures tonight can create the bounce abc bounce?

S&P500 CFD: 1246
TradingLevels: Keeping it simple, give the 1250 to become the support or resistance
Wave count: There are two counts we are following, one is a top in place now and the other is a corrective pattern at the 1250 and then another move up above 1272, so far the US Dollar creates the bias for the SP500 top being in place, but more evidence is required, as the Asian markets are suggesting higher, any way we will be patient and work through this
CFD Trading Systems: long or short from the 1250 as support or resistance, on the retest of this price.

FTSE 100 CFD: 5510
TradingLevels: The corrective pattern is still unfolding across 5500 within the range, we just have to allow it to unfold, it will show itself as support or resistance.  You know the SG1 above and the SG2 below to help create a trade, the 5472 as resistance for the short and the 5530 as the long
Elliott Wave: We are working two wave counts on the US markets and it’s the same here for UK, one, a top can be in place at the last high or a larger corrective pattern unfolding, we just cant be sure either way, so time is need to see.  
Trading Strategy: No strategy for the next session while the price is at 5500 it should become clearer by Wed as the US markets will only create a abc rally then five down on the intraday.

SPI CFD 4290
TradingLevels: Support SG2 (4265 | 4272 | 4280)
Elliott Wave: The Wave structure is still unfolding higher, however a wave four corrective pattern is unfolding across 4300, see the chart on the SPI. As you may be aware we are working two wave counts on the US markets and one of those counts has a top in place now, this can reflect back here, this count with the top in place is being confirmed be the US Dollar, any way just be careful here at the 4300, at minimum expect a corrective pattern at mTL3 4300. The move down last night is in five waves, this will produce another five waves after a bounce off the SG2 4272
CFD Trading Systems: the 4220 is the line in the sand for being long or short

CFD Trading Summary

I have left Friday summary below because so much of it is relevant now and through to the Euro meeting 8/9^th Dec. The only element that we need to keep an eye on is the weekly cycle as Friday’s closing was strong as we were expecting and therefor looking for the follow through on the Monday with profit taking on Tuesday, but this is a concern as the Dow was softer, this too was expected as there was not follow through from the five central banks allowing lower credit, but that’s no surprise either as it didn’t work the last two time they did it, but the Euro meeting on the 8/9^th can pull a rabbit out of the hat if they really wanted too, but in the mean time we have to deal with what we see and we see two possible wave counts, one, is a top in place now for the Dow, the second a larger corrective wave four pattern at 12000, we just don’t know, we can see the Dollar bounce which would help confirm lower prices for the Dow, but the treasuries have only slightly confirm this but not enough to call the turn, Monday in the US will still not confirm the larger degree of pattern either as we can see the internal intraday pattern and know how that will play out but even once that is finished its still not enough evidence to confirm the next degree, so it’s a wait and see scenario.
The ASX200 and the Asian region has a more positive picture, however the ASX200 requires support on top of 4300 (MinorGroup1) support on this would see the 4500 the next level as the target, but this support is a long time coming, the XMJ Materials sector will find the 11500 as the resistance even though the supply is a little higher the XXJ Banking sector can run higher to the 4800 and a likely driver.

The 44 day cycle for the SP500 on the 7^th Dec for the technical and the fundamental financial event on the 8/9^th Dec Euro meeting are the catalysts for higher or lower prices and are good times to reduce position sizes by half, there is a time for being defensive and a time to be active, you need to choose the battle you know you can win 

Friday’s CFD Trading Systems  Summary

The markets did not follow through last night, this is not a strong bullish action.
That said the small intraday patterns do appear to be corrective and therefor can expect a move higher tonight in the US, the catalyst will be the US Employment figures as the ADP figures on Wed were up, but this would also be priced in, so it’s the expectations.

In terms of the wave count for the US markets, there is the case for the markets to roll over right here and now as and abc correction up is completed, or we are going to see these three waves turn into an impulse wave i.e. five waves, which would take use around to mid next week. There is also the Euro meeting on the 9 Dec, so the next  from Wed the 7^th and the 9^th and may as well chunk in the full moon on the 11^th Sunday can all be turn points for this move, the 7^th is also the 44 day rally which I will explain in the video.

The weekly cycle for day trading, the Wednesday panned out on track as did Thursday yesterday opening higher and closing lower like BHP and CBA did, so Friday, if Friday closes higher on stronger volume then Monday will also be the bull day, refining that a little starts on Thursday, when the lower close closes on lower volume (i.e. no sellers) then Friday morning starts to see some support that gains during the day to create the stronger close, so the trading cycle is to scale in on the low volume and low price on Thursday and start adding Friday as you see the climb in price and volume and keep your fingers crossed for a bullish move on Monday :-}

Trading Quote

Don’t risk more than you cannot look at positively later. Don’t let the outcome of one trade alter your trading discipline. One trade doesn’t make a system…

Today's Financial Events

Time     Currency   Detail     Forecast    Previous
9:30am  AUD        AIG Services Index     48.8  
10:30am  AUD        MI Inflation Gauge m/m     0.1%  
11:30am  AUD        ANZ Job Advertisements m/m     -0.7%  
11:30am  AUD        Company Operating Profits q/q    3.2% 6.7%  
8:00pm  EUR        Final Services PMI    47.8 47.8  
8:30pm  EUR        Sentix Investor Confidence    -21.4 -21.2  
8:30pm  GBP        Services PMI    50.7 51.3  
9:00pm  EUR        Retail Sales m/m    0.2% -0.6%  
2:00am  USD        ISM Non-Manufacturing PMI    53.6 52.9  
2:00am  USD        Factory Orders m/m    -0.2% 0.3%  
4:10am  USD        FOMC Member Evans Speaks  

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

CFD Trading Report - Technical Analysis Gold

CFD Gold 1 Hour Chart Elliott Wave
Perfect follow through on gold, after the prices retraced for 38.2% in wave ii as highlighted on Friday, before market collapsed sharply through wave i supports. A fall during Asian hours was very sharply and it seems we are trading impulsively, primary in wave ii which may reach 1670 area in the coming sessions.

Trading Strategies

S&P500 CFD: 1215
TradingLevels: The Pivot 1220 within SG1 of 1200 has some small resistance which helps makes the price part of 1200 story and there the 1172 SG2 zone
 Elliott Wave: As you know we cannot confirm intermediate wave (3) down yet. We can’t also rule out the markets making one more new high and the Elliott Wave count on our site reflects this bullish possibility and it may be a week before we can have evidence in the structure. The short term trend is down so being short is the correct trade.
Trading Strategies: Stops at 1233 wait for 1200 to be the retested resistance before adding to shorts.

SPI CFD 4186
Technical Analysis
TradingLevels: In the Minor degree the price should have completed its corrective pattern at 4200, the safest longs would be 4200 as support, but you have to wait for this move.
Elliott wave: larger corrective pattern across 4200 once completed which it can be now, should push up in line with the audusd
Day Trading: Work any trade from SG2 4165|4172|4180 the 4172 is the important price point. The current price is 41786 I would think the 4172 SG2 would be retested; I would simply wait and see if the 4172 becomes the support or the resistance, you can expect more corrective price action under the 4200. Keep an eye on copper and shanghai in the afternoon session as the lead will come from there

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