Weekly Bonus Technicals 12 December 2015


Weekly Bonus Analysis Video on USDJPY, GOLD and WTI CRUDE ( 6 min  59 sec)

TEXT:
Hello everybody welcome to our weekly bonus analysis video
I'm Stef Breschi and today is Saturday, the 12th of December, 2015
Those of you who follow us will know that last week was a good one. We didn’t take any profits so we enter next week with 3 positions: Long Gold and EURUSD and Short in USDJPY.
Today we’ll look at the USDJPY trade and Gold and also another quick look at WTI Crude
USDJPY
(Daily Chart) as our subscribers and followers would know, we have been talking for a while about a Head and Shoulders reversal forming although we talked about it being an unconventional pattern due to the low position of the left side of the left shoulder. Still we felt it was the best way to describe the choppy nature of recent price action.
We went Short at 123.00 in anticipation of the neckline being broken and after some initial pain we were proven right as price collapsed in the latter part of last week. We also went Short again at 121.50 sensing this was going to be a substantial move. Reasons why are best seen in the 1 hr chart: as price retraced and retested the 13 and 40 EMAs we sold more after the initial sell off with a Stop at 123.30. Price later broke through recent support which will be likely re-tested as resistance early on next week and we hope price will resume to the downside.
(Daily) we moved our Stop from the previous trade to the same level, guaranteeing us a profit. Our targets are close by. The weekly chart does also suggest further downside is to come, given the size of last week’s candle.
GOLD
We went Long 2 Fridays ago prior to the NFP data with a Stop below the recent lows. After the late surge of the previous week we felt very comfortable with the position but throughout last week price retraced so much that we moved our Stop to Break Even. On Friday we came within a spread of getting stopped out. Luckily for us price then bounced and we hope that next week price will resume to the upside which is supported by the Weekly chart picture which ended in an inside pin bar. Our targets are at the 38.2 and 50 Fib retracement levels of the recent downtrend. As our Fundamental team are bullish, we are likely to trail part of the position hoping for a larger uptrend.
WTI Crude
As envisaged last week 40$ support failed as well as 37.70$. We offered 35.50$ as a likely target as this was a very significant level back in 2008 (Monthly chart). We did not trade this but we did call it right so we hope some of our viewers acted upon it.
Difficult to say what happens next as our chart doesn’t go back any further. Anyone Short should remain Short until we see any signs of a likely reversal, bearing in mind that a reversal will be violent.
 
Thank you for watching please take a look at our subscription service STTS which stands for short term trade setups which covers all the major currencies and other markets which we are likely to be trading
Come and find us on tff-onlinetrading.com/market analysis have a great week!

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