MARKET COLOR FOR THE WEEK 22ND JULY 2024
Jul 21, 2024 10:30 pm
Hello ,
Happy New Week!
How was your trading last week? It was a profitable week here at Value Flow Trading, as our analysis during our daily market color sessions played out perfectly. All participants who took the trades were pleased with the major moves for the week. Make sure not to miss any sessions this week!
Remember, "Success in trading is not about the destination; it's about the journey of continuous improvement. Strive for excellence, evolve with the markets, and enjoy the ride."
Here's our analysis for the week ahead:
USD: Last week, the dollar was bullish as analyzed, but not with the full momentum we expected.
However, moving forward this week, we expect the dollar to continue its bullish move. This suggests initially taking short positions on its correlated pairs (GBPUSD, EURUSD), as illustrated in the markup below.
JPY: Last week, the Yen was bullish as anticipated, showing strong buy momentum for the pullback as it entered our POI.
Therefore, this week, we anticipate more of the pullback of the Yen, suggesting that Yen-correlated pairs might be bearish, as illustrated in the chart below.
GOLD: From Monday into Wednesday last week, the precious metal was heavily bullish, diverging from the dollar's movement, and then saw a sell-off into the close of the week.
Moving ahead this week, we anticipate more sell-offs of the precious metal, particularly as soon as our Value Flow Models® align.
Remember to trade cautiously and stick to your risk management plan.
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Wishing you a profitable trading week ahead!
Cheers
VFT Team