The following is an update of previous charts discussed earlier on this month with Sylvia’s Traders Lounge members. Of key importance is the emphasis to Swing Trading, Trading Chart Patterns and Technical Analysis. Keep following the series from time to time since we are working with a long term perspective.
Gold. No trades initiated. Sylvia’s Traders Lounge members are long-term bullish on Gold (see the multi-year falling wedge) as per now bias is neutral. We have heard many talking heads sounding extremely bearish, but will be bearish once price breaks down below 1200.
Copper; One of the best trades this quarter. Price has managed to rally since the break of the cup and handle ceiling in July. Initially, the breakout level was achieved and now following up on the last update price has surged 360 pips in 3weeks. Members will be alerted and guided on entry/re-entry (for those who missed the earlier move) exits, position sizing and trade management.
Oil; 50.00 managed to hold as per expectation. STL Members scaling in and locking in profits.
CadSwiss CADCHF
Bullish Rectangle also looks like it will fail. Upward momentum has decreased (see RSI Divergence) and a rising wedge formed. STL members will be alerted on probable key breakdown level.
AussieSwiss AUDCHF
The Curse of long-term patterns is that they are hard to trade .Price stuck in that support zone for one month. A possible argument for failure is forming (see RSI divergence). Members should stay alert watching for possible key Break down levels.
CadYen CADJPY
Interesting developments. A rising wedge coupled with an RSI divergence. We even had a Bullish flag (Blue) develop but it failed. Failed Patterns are very powerful. Will the Head &Shoulder pattern fail? Members will be alerted in case of any Breakdown of Key levels. This will be communicated.
