HI Traders, this is quick following, from last 2 post about Market Direction. So far is still not clear with Market direction  for next weeks.Last week, I mention, Buyers are still there on SP500 chart, and we saw them. But I also, mention to watch-out for head-Fake…and is what I think It can happen. And on next chart I will tell you what you need to watch to know witch direction SP500 will take.

day trading gold

GOLD 240min chart

As you can see, Gold are in consolidating between 50MA and 200MA. And both are very nice support/resistance for buyers or sellers.

This trade won’t be easy to catch, at least it can be very tricky. Because way to many scenario can happen. I can just to tell you, you need to always watch your buyers/sellers commitment and how buyers or sellers will deal with the 50MA or 200MA.

I’m more likely to take Long trade, but as I said it will depend on how thing go.

Day Trading Forex eur/usd

EUR/USD 240min chart

Here I can show you why I’m more long than short on GOLD. As you can see, Buyers Close above 1st shoulders resistance ( red line) and now using this line as a resistance. We also have 50MA as a nice support for buyers.

If you looking to take this “FLAG” long,  as far you manage your risk wisely you should not have any problem to take profits from this trade.

*Managing your Risk are the Key Of Success in Trading

Day Trading Forex us$

US$ Daily Chart

On US $, we actually have a very nice INV. H&S. And it look like Sellers are committed to pass 200MA.

US$ is what I’m watching for next week. Depending how thing go on US$.I will take the appropriate direction on Gold or Eur/Usd.

Great Trading Everyone!