Avoiding greed, taking profits ahead of the actual target right before the reversal point are all lessons from the last week’s blog piece. Such action results from a set of rules fully explained in the Piece of Trading’s educational system.
Now, Canadian Dollar still shows good accumulation. After that large range day from Friday, I expect a few small ranges. If that currency is to resume its upmove those small ranges will probably target the high of the above mentioned large range day. For now, I’ll wait for a few more cards to be dealt.
Seasonality points to the upside. Still good accumulation. Another congestion is giving us the chance to search for a buy signal during the upcoming week.
An unfilled gap is still waiting near to the all-time high. The current technical picture is suggesting a trading range between 2842 and 2930 for this week. It is really strange because the above-mentioned gap lies outside these boundaries! The G20 meeting is getting closer. Additionally, this week the FED’s rates decision is expected. All of this might give a boost to the market.
This week I’ll be looking for a buy signal in the energy complex. Preferably in Heating Oil.
Let's find your missing piece!
Founder of Piece of Trading
Trades mentioned here are either taken or will be taken by the author if the right conditions appear. They are NOT recommendations nor any of this constitute investment advice. Please read the Risk Disclaimer
Get your FREE copy!