October 26, 2018 - Institutional Positions & Supply and Demand for the Majors, Gold and Oil!

The positions below represent the institutional positions held as of October 23, 2018!

The data continues to be very revealing this week. Exactly what I said would take place with the #eurusd is taking place. We see the institutions now adding some long positions to their portfolio while continuing to build a larger short position. This could be an early sign that long positions are currently at a level they are comfortable with in order to drive price lower and the addition of the long position could be used to thrust price higher where they will get in with more short positions for the eventual move lower. When you look at gold positions we can also see them piling on with their long positions, again another sign of the move higher that I've been talking about on the analysis videos I've posted. Both of these pieces of evidence suggest that same thing, a bigger move up on these two assets.

Another thing worth mentioning is the #usdjpy, looking at the daily chart we can see on Friday price attacked the ascending trend line. This could be indicative of weakness coming in on the #usdollar. We did see some late weakness settling in on the #dollar on Friday as price was reacting to the weekly supply zone so this would make a lot of sense. The #usdcad is also within its weekly supply still as well.

We are at a crucial moment right now with the #eurusd sitting within its weekly demand because should this demand zone break the weekly trend will be officially down and this momentum could easily continue and facilitate the larger move lower that I've been anticipating. Should it hold and we see a rally higher price will tested the underside of the descending trend line on the daily and then it’s do or die time. This is the key moment that will tell us if the institutions plan to take price higher or if they are ready to drop price hard. Either way I will be ready for both scenarios.

Magic Trader!