Have been absent from the analysis of the markets for the past two weeks, as I have been busy with a non-trading project. Bear in mind that this is one of the quieter periods of the year – we wouldn’t expect there to be a lot of volume underlying any of these moves. Thus, with the benefit of hindsight, I probably “chose” a good time to be occupied with other things for a fortnight! In any case, should be able to resume from today onwards. Additionally one of these large projects will now be coming to a halt, thus I will have significantly more time available for trading.
Gold has been rallying a little over the past two weeks. Approaching $1,400 now. Oil has also been rallying a bit, but still mostly sideways around $110. US equity markets have fallen over the past fortnight. European markets are a bit mixed – DAX is going sideways, FTSE has also retraced a little bit.
FX markets – EUR and CHF still rate the strongest, and AUD and JPY still the weakest, with GBP and USD in the middle of the pack.
EURJPY and CHFJPY are the only pairs in a S1/S2 setup. Neither of them constitute a setup because there has not been a retracement. There are no corn trade setups on either the D or 4H chart.
Thus, no orders to enter into the market.