November 10th 2020 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market
Based on the Commitments of Traders data reported on: November 3rd 2020
📊 In the Markets: The massive volatility brought on by the US elections have settled down now and now what we are seeing in the markets are the institutions trying to lure in more retail traders so they can offload more of their positions. How do we know this? Simple, we look at the data and it pretty much spells it out for us, if you know how to read it. What we are seeing now is a rally from #GOLD which is breaking some trend lines to the downside that I’m sure many retail traders have drawn. This is going to give them the false expectation
that price will continue to the upside. Now can this happen? It’s possible, but is it likely to happen, NO! Why is that? Because the daily chart is still ranging and you can’t base a trading decision go long when it is ranging, this will lead to utter destruction of your trading account.
Then we have the #EURUSD and it too is ranging and the data is clearly showing us that the bankers are taking profits from long positions, so why would you want to enter into a long position when the banks are closing them. Price ranging and until the range breaks you should not be entertaining any ideas of going long. Many traders are doing such a thing and they don’t have a clue just how dangerous that is at this point. If price breaks higher out of the range and heads upwards, this is all just luck as all the evidence suggests this will not happen.
Overall markets sentiment is telling me that the banks are ONLY focusing on profit taking and this point with some exception like the #USDJPY which shows us the banks are adding to their short exposure which is causing price to drop. We’ve know this was going to happen since mid-summer.
We are now in the final stages of our trade setups forming.
🎩 Magic Trader!
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