MARKET COLOR FOR THE WEEK 22nd May 2023
May 22, 2023 10:01 am
Hello ,
It's a new week!
Hope you took out time to back-test during the weekend?
Remember, success in the financial market is born from a combination of knowledge, discipline, and resilience. Embrace every challenge as an opportunity, stay focused on your goals, and let your trading plan guide your path. Knowing with each trade, you have the power to shape your own destiny and build a brighter financial future.
Our analysis here at Value Flow Trading for this week is as follows:
USD: last week we saw a bullish dollar as it kept moving in an uptrend. Also there is more liquidity above that the dollar needs to clear after its break of structure (BOS) of on the daily chart last week. However, we expect a possible brief retracement into the daily FVG, before it continues the rally.
Therefore, this week on the floor we look forward to longing the dollar, which implies we would be shorting Foreign currency pairs such as GBPUSD, EURUSD and other correlated pairs this week.
However, if we see the BOS for the retracement on the daily FVG we can long the correlated pairs.
JPY: last week we saw a bearish YEN as predicted. JPY basket is in an expansion phase and we expect it to take out the highlighted low.
However this week, we expect YEN to be bullish. Which implies that the YEN correlated pairs will be bearish for this week.
GOLD: Last week we saw Gold spot sold massively as expected due to the dollar strength.
This week, we still look forward to shorting Gold again when we see a clear structure supporting our sell bias, and also when our Value Flow Model® for Gold aligns.
Make sure you trade cautiously and also use proper risk management for your trades as this week is full of many high impact news.
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Cheers and have a profitable week!
VFT Team
