The positions below represent the institutional positions held as of October 22nd 2019!
📊 In the Markets: There is a lot going on in the charts these days. When you look at some information, you see one thing and if you look at another, you see something totally different. This is the beauty of the markets and if you are not proficient at knowing what to look for and also very importantly, knowing how to place each piece of information into its proper context, you’ll be confused with the rest of them. I say this is the beauty of the markets because it really is a beautiful thing, it’s a thing of wonder and mystery but within all the many things we can see, there lies the truth. We just need to extract that truth!
What have we witnessed with the markets recently? We have seen how #gold continues to take profits on longs and they are holding price up very well. We have also witnessed the #eurusd make contact with its monthly demand zone which has caused a move to the upside. These two pieces of information is extremely valuable, especially the #eurusd hitting the monthly demand. Now why is this? Many times there isn’t enough evidence to collect that will suggest what moves will be taking place next, so in those situations we need to rely on what supply/demand is telling us on the charts. When we look at the major pairs we can see something very important that is starting to form. For instance, when we examine the #gbpusd we can see that there has been a very nice move to the upside recently and we anticipated this with short profit taking and now we must focus on what took place as price rallied upwards and what we find is that new institutional demand is being formed. This is not the only chart doing so; we also see this on the #eurusd as higher timeframe demand has been recently formed.
When you tie this all together with the fact that the #dollar has just made contact with higher timeframe supply and has been pushing lower, we just might be seeing the start of something much larger. See the details of each pair in detail in the report.
🎩 Magic Trader!
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