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Trading Homework for Trade-date Friday September 6th 2019

In the span of two days it looks like everything went from one extreme to another – from over-sold to over-bought or vice-versa. Even the ones that are not quite at over-sold/over-bought areas are quite close and probably only need another day or two to get there.

A few days ago I mentioned that currencies seem to have made a short-term climactic move. I think that might have been the same for other markets as well.

Commentary

  • GC: This is flushing and if it gets to the 1480-1500 area (basis CME Dec) it’ll be a buy.
  • SI: On a 5 SMA Buy but it might not play out until Monday or Tuesday. Had a little buy climax a couple of days ago.
  • HG: Overbought at resistance – short scalp only though.
  • ZB: Buy zone comes in with a push lower.
  • ZW: Two days up in a daily down-trend – might be a short scalp.
  • LH: Overbought, short
  • NG: Overbought at resistance
  • EMD/ES/NQ/YM/NK/FDAX/FESX: All the equity markets broke out of a 4 week consolidation range and zoomed higher towards the next resistance level.
  • CD: Short bias
  • BP: Short around 1.24
  • JY: Breakdown from range – short bias.
  • NE1: Grail save above. 5 SMA Sale also in play. I think this is scalp only – might have had sell climax a couple of days ago after a massive extended run.
  • MP1: Overbought, hammer candlestick at upper end of range. Short bias
  • PL: After a wicked run, this is reversing at the 200 week EMA/SMA. If it closes the week out here, it will have left a nasty little topping candlestick on the weekly charts.
  • PA: This might have daily sell divergences.
  • FBGL: Breakdown from range but now oversold. Maybe a long scalp?
  • BR: Grail sale
  • NOK: Grail sale
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