Before I dig into the markets, I want to give a shout out to the winner of our recent “Trading Journey” contest. We sent out a request for people to send in the story about their personal trading journey.
We planned to award a single five-year Elite Pattern Trader membership worth $20,000 for the most compelling and powerful story. The response was tremendous. In fact, we received well over 100 submissions.
So I want to thank everyone who participated. It was very difficult to pick a winner as the quality of the entries was so high. As you can see, we decided to award not just one prize but three prizes including two runner ups.
The winner of the most compelling trading journey was Steve Shadden. A big shout out to you Steve! Thank you again for sharing. Steve gets a five-year Elite Pattern Trader membership worth $20,000.
Other powerful stories included Vance Gibson and Frank Wilmink. We decided to award both traders a free year of Elite Pattern Trader membership worth $10,000 each. So thank you for guys for telling your stories and thank you, everyone, else for participating.
Now let’s take a look at the markets.
For most of January, I’ve stayed in capital preservation mode. I’ve mostly been sitting on the sidelines waiting for the market to give me a better indication of where it’s going next.
The U.S. Dollar Index chart USDI) is a good example of this as the dollar has been jammed up in a trading range for quite some time.
That state of affairs describes a lot of other markets right now too.
Fortunately, I think we’re getting closer to identifying some very good high probability trades.
You can see from the chart that USDI has risen for the last several years. At this juncture last year I was unsure whether USDI’s current level represented a major resistant resistance area where the dollar was going to roll over.
You could say I was tentatively bearish.
But whenever I draw a structure, I observe how the market behaves afterward. I look for a follow-through — in this case a drop from that resistance area.
But USDI hasn’t really done that. Instead, it’s dug in at its long-term support line with a nice double bottom. And right now USDI is resting right at the neckline of that double bottom.
I believe any penetration above the neckline will open up another USDI move to higher levels against the Euro (EUR). Australian dollar (AUD) and the New Zealand dollar (NZD).
Get Access to My Most Recent Member-Only Video Report as I Analyze the Live Markets on Screen-Share
In this week’s session (recorded 01/26/2020 – I went through the live markets and paid special attention to the impact that the UK leaving Europe is going to have on the GBP and all associated currencies
I also covered:
- The exact “High Probability Trades” that have caught my attention and the price actions I’m eagerly awaiting on before striking.
- If the USD is jammed-up, what are the signs that I’m looking for to signify that it’s about to go higher?
- “How to Separate Patterns” – a big teachable moment based on the real-life charts as I discuss how I separate patterns and why this is critical to analyzing any charts [Starts at 6:59]
- With the UK set to leave Europe on Friday at 6am EST, what is going to happen to the GBP and what impact will this have on other currencies?
- Why I’m going to “hold on for dear life” to my long positions on the GBPAUD and my advice to any trader that is involved with this currency pair
- Why the XAGUSD is looking like it may be poised to breakout(but the warning signs that are making me feel skeptical) – my advice to you if you want to be part of this
- Why a huge explosion on XAUUSD is looking more and more plausible with a very strong risk:reward [Starts at 18:40]
- Have we reached a
resistance level on the SPX500? My advice to anybody holding long-term trades and what you should do to be
involved in this somewhat unpredictable market.
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