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CFD Trading Report, This is a technical analysis report looking at the strength and weakness of the global market drivers, from this report we start applying our CFD Trading Strategies and CFD Trading Systems to the market direction.
Watch video on CFD Trading Report here at youtube: http://youtu.be/YqQTX-9Y-Fw
Dow Jones – 11,905 +0.69% (6.30AM)
Base Metals Negative
US Gold CFD: 1577
Oil WTI CFD: 95.74
Copper CFD: 326
US Dollar CFD: 80.30
EURUSD 1.30
AUDUSD 0.9933
Dow Jones CFD 11880
S&P500 CFD: 1220
FTSE 100 CFD: 5400
SPI CFD 4150
News
U.S. stocks sank for a third straight day as falling commodity prices added to investor NEW YORK -(Dow Jones)- U.S. stocks gained after investors took heart from stronger U.S. economic data, but fell off session highs after the head of the International Monetary Fund stoked fears that Europe's sovereign-debt crisis is worsening.
Stocks rose after the Labour Department said a seasonally adjusted 366,000 workers filed initial jobless claims in the week ended Dec. 10, well below forecasts and the lowest since May 2008. The figures were the latest indication the weak jobs market is slowly building strength. The four-week moving average of new jobless claims fell to its lowest level since July 2008.
CFD Trading Report Commodities
US Gold CFD: 1577
Elliott wave count, finishing wave v) of (iii) into 1560 – 1550 then Wave (iv) a sideways corrective pattern within the range of 1550 – 1600. Once completed then Wave (v) down to 1500. Wave (iv) can get complicated, it’s a place that short term traders can lose money getting stopped out etc. it can really do your head in, so either stay short with wide stop above 1600 and take part profit here to 1550 or leave Wave (iv) alone once it bounces off 1550Sliver no change, just the bounce off mTL8 | 28.00 to retest 30.00 then down again. However the rest to 30.00 may not make it that far, study the corrective rally pattern (small wave four) and work with the 29.00 and sublevels around 2900Oil WTI CFD: 95.74
Oil is vibrating around the Midpoint 95 and will drop lower once completed into Minor Group1 93|92|91 expect the price to bounce around a lot into MG1, its likely to bounce from 93 back to 95, then down into 92 and this is where the support is, sure the is MediumLevel support at 90.00 which is the MediumLevel. We also have to be aware of another wave count, I have mentioned the pattern down in the Global indices can be bullish corrective as it has confirmed the larger downside as yet, so the oil can be a larger ABC pattern down from 100 to 90 and then a move back above 100 in line with Indices making one more new high, this is not a matter of opinions, it’s a wave count that needs to play out one way or the other and we need to be aware of it, I will outline this in today’s video. However at the moment the trend is down and we are trading down, but we must also scale out profits into the 90 and if the 90 becomes the resistance then move back in short, this way we can accommodate any possible uprising in a balanced way Base Metals
US Spot Prices (in l/b)
US Copper: Last: 3.24-
US Nickel: Last: 8.06+
US Zinc: Last: 0.83-
US Aluminium Last: 0.87+Copper CFD: 326
Base Metals are slightly positive today, we should expect support and bouncing around a lot within Minor Group1 330|320|310 the price should stay under 338 and eventually get trapped further into MG1. As mentioned in Oil an Alternative count across all markets is possible and today is about studying this Alternative count while it has the structure to unfold, this would put copper back retesting 350 supply levels and making the daily pattern sitting on 300 a larger Triangle ABCDE and we would be in the lower end of Wave D now with an Wave E to move up from the 310, this is an Alternative count but must be put on the table until proven otherwise, this would also make the AUDUSD and ASX move higher and we will look at their Alternative structures in line with the US Indices Forex CFD Trading Report
US Dollar CFD: 80.30
Most markets are having a small wave four rally, so the US Dollar is having its small wave four pull back into the 80 as would naturally be expected, once this pullback is completed another push up to 81 and then another correction back into 80 this would be the creeping topping part of the trend we were talking about yesterday as trends have a beginning middle and end, they are also fractals so they are part of a larger pattern and they contain smaller patterns, the other element is the geometry of nature and the psychology, essentially creating the larger corrective pattern across TL8|80 this is the first high above the level with the ‘Classic Pattern’ after the first high above a level and this one is still playing out, but once completed a larger corrective pattern should unfold, this will give the other markets including stock a chance to rise and this is connected to the Alternative count we are talking about today
EURUSD 1.30
Day Trading: the price is in a small wave four at 130 and wave fours are complicated and best left alone. If SG1 13030 finds support then trade long for the short term, if the 130 becomes the resistance than work the levels in SG2 any shorting would require the 72 as resistance 12972
Elliott Wave: Wave (iv) is unfolding at 130 and potentially can move higher, but it is corrective and once completed move down for wave five (iv)
CFD Trading Report: : Once this wave four is completed at 130 then it’s down, it’s fine to scalp 10 pips here and there but wave fours don’t bring trends. The bigger picture traders hold shortAUDUSD 0.9933
Day Trading The short term is about retesting 1.00, failing the retest for another probe lower. The current trend pattern up to 1.00 from 9860 is in three waves, i.e. corrective. However corrective patterns can expand so the move up could be only one leg of the corrective pattern, you would need to observe the other currencies and the Indices
Elliott Wave: Wave C of Triangle (E) below 1.00 (see 4 Hour Chart)
CFD Trading Report: Continue to scalp through the sublevels while around 1.00
CFD Trading Report Indices
Dow Jones CFD 11880
Day Trading: Let’s keep it simply while the price is under 12,000 it’s bearish and above bullish
Elliott Wave: The expected bounce of 11,800 MinorLevel mTL8 is underway and should complete under 12,000 and then move lower through 11,800. As mentioned yesterday the current move down can still be corrective or an impulse wave unfolding in a series on waves ones and twos, we are short until proven otherwise, but we need to be aware of the corrective pattern and line it up with the other markets in case there is a turn up next week.
CFD Trading Report: : The resistance is at 12,000 then 11,900 on a failed retest. The support at 11,500 is the critical game changer, as support a bullish Elliott wave count exists the 11,500 as resistance creates the larger bearish pattern Intermediate Wave (3) down only time will tell, however we have to line our trading plan to accommodate both patterns S&P500 CFD: 1220
Day Trading: Support 1,200 if support is found on top of Subgroup1 SG1 1230 then expect further upside, if the pivot in SG1 1220 develops as resistance then expect 1200 to be tested
Wave count: We have two count one bullish as in the charts on the site and one bearish here while the 1250 remain the resistance, it is what occurs above the 1200 support that will create the divide between the two wave counts, as it unfolding there will be degrees of bias and it starts with the pivot 1220 as support or resistance
CFD Trading Report: : Short term will depend on 1220 as support or resistanceFTSE 100 CFD: 5400
Day Trading Bias short under 5372
Elliott Wave: The pattern at 5400 is corrective, but it can expand, the move up could be only the wave a of an abc corrective pattern the 5372 as resistance would be the safer short
CFD Trading Report: : If the price gets trapped in SG2 especially the 5372 then short but while its above we have to accommodate a larger abc corrective pattern
SPI CFD 4150
Day Trading The 4200 is the pivot within Minor Group1 and while the price is under this then the bias is weaker and above as support we would need to be long. From that we can continue to break bias down to the point within your trading time frame, if you’re a sublevel trader you would consider the 4100 as support and the 4150 the Midpoint you would simply be long or short from this number, drilling down you would look at the pattern and volume at the midpoint, you would use your skill of pattern recognition including your understanding of the retest checking the price and confirm that with the volume, then you would scale in accordingly and you know the levels where you have to exit.
Elliott Wave: There are two counts as mentioned in the DJI SP500 but also consider the Elliott wave count on the AUDUSD because the current price on the ASX200 SPI has support off the 4000, so long trade are fine too, you just need to know the price that’s supports the market in your trading time frame you can’t trade without know that price
CFD Trading Report: : While the price is under the 4172 SG2 the pressure is down, the Midpoint is next, the move up off the 4100 appears to be corrective (three waves) but its early yet. It’s all about the Midpoint being long or short from this price point.CFD Trading Report Summary
Today is talking about the current small wave four pullback before a move lower and to also talk about the bullish alternative count in the markets, which is a bullish count, while it exists and until proven otherwise we have to include it in our thinking, that is, in our trading decisions.
We may have to turn long next week and this would mean packing up our short trades and catching the train north.Weekly Cycle, Thursday bearish with selling volume drying up which is the first sign of support, Friday; if Fridays close is strong on higher volume then Monday will be the bull day. This means we would need to see the price and volume increase steadily throughout the day and day traders would move with this. That said, we are expecting this current move up a corrective covering wave four rally and once completed another move down, either way you need to know your price points and the patterns that wrap around your price points as support or resistance and look to the volume to confirm the price action, analysis is one thing, but trading is another and you need to trade what you see and we use the levels, volume and Robo these tools control the risk, they also get you on the right side at the right time, they also let you know where to take profits and place stops.
Trading QuoteThe markets are clearly not a random walk. The markets are not even efficient because that assumption implies you can’t make an above-average return. Since some people can do that, I disagree with the assumption. Monroe Trout
Today's Financial Events
Time Currency Detail Forecast Previous
Tentative GBP Nationwide Consumer Confidence 34 36
7:30pm EUR ECB President Draghi Speaks
9:00pm EUR Trade Balance 1.3B 2.1B
12:30am CAD Foreign Securities Purchases 8.23B 7.35B
12:30am USD Core CPI m/m 0.2% 0.1%
12:30am USD CPI m/m 0.1% -0.1%
3:15am USD FOMC Member Evans Speaks
4:00am USD FOMC Member Fisher Speaks
NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.
Free Stuff on Technical Analysis is available on TradingLounge.com.au site!
CFD Trading Report, This is a technical analysis report looking at the strength and weakness of the global market drivers, from this report we start applying our CFD Trading Strategies and CFD Trading Systems to the market direction.
Watch video on CFD Trading Report here at youtube: http://youtu.be/YqQTX-9Y-Fw
Dow Jones – 11,905 +0.69% (6.30AM)
Base Metals Negative
US Gold CFD: 1577
Oil WTI CFD: 95.74
Copper CFD: 326
US Dollar CFD: 80.30
EURUSD 1.30
AUDUSD 0.9933
Dow Jones CFD 11880
S&P500 CFD: 1220
FTSE 100 CFD: 5400
SPI CFD 4150
News
U.S. stocks sank for a third straight day as falling commodity prices added to investor NEW YORK -(Dow Jones)- U.S. stocks gained after investors took heart from stronger U.S. economic data, but fell off session highs after the head of the International Monetary Fund stoked fears that Europe's sovereign-debt crisis is worsening.
Stocks rose after the Labour Department said a seasonally adjusted 366,000 workers filed initial jobless claims in the week ended Dec. 10, well below forecasts and the lowest since May 2008. The figures were the latest indication the weak jobs market is slowly building strength. The four-week moving average of new jobless claims fell to its lowest level since July 2008.
CFD Trading Report Commodities
US Gold CFD: 1577
Elliott wave count, finishing wave v) of (iii) into 1560 – 1550 then Wave (iv) a sideways corrective pattern within the range of 1550 – 1600. Once completed then Wave (v) down to 1500. Wave (iv) can get complicated, it’s a place that short term traders can lose money getting stopped out etc. it can really do your head in, so either stay short with wide stop above 1600 and take part profit here to 1550 or leave Wave (iv) alone once it bounces off 1550Sliver no change, just the bounce off mTL8 | 28.00 to retest 30.00 then down again. However the rest to 30.00 may not make it that far, study the corrective rally pattern (small wave four) and work with the 29.00 and sublevels around 2900Oil WTI CFD: 95.74
Oil is vibrating around the Midpoint 95 and will drop lower once completed into Minor Group1 93|92|91 expect the price to bounce around a lot into MG1, its likely to bounce from 93 back to 95, then down into 92 and this is where the support is, sure the is MediumLevel support at 90.00 which is the MediumLevel. We also have to be aware of another wave count, I have mentioned the pattern down in the Global indices can be bullish corrective as it has confirmed the larger downside as yet, so the oil can be a larger ABC pattern down from 100 to 90 and then a move back above 100 in line with Indices making one more new high, this is not a matter of opinions, it’s a wave count that needs to play out one way or the other and we need to be aware of it, I will outline this in today’s video. However at the moment the trend is down and we are trading down, but we must also scale out profits into the 90 and if the 90 becomes the resistance then move back in short, this way we can accommodate any possible uprising in a balanced way Base Metals
US Spot Prices (in l/b)
US Copper: Last: 3.24-
US Nickel: Last: 8.06+
US Zinc: Last: 0.83-
US Aluminium Last: 0.87+Copper CFD: 326
Base Metals are slightly positive today, we should expect support and bouncing around a lot within Minor Group1 330|320|310 the price should stay under 338 and eventually get trapped further into MG1. As mentioned in Oil an Alternative count across all markets is possible and today is about studying this Alternative count while it has the structure to unfold, this would put copper back retesting 350 supply levels and making the daily pattern sitting on 300 a larger Triangle ABCDE and we would be in the lower end of Wave D now with an Wave E to move up from the 310, this is an Alternative count but must be put on the table until proven otherwise, this would also make the AUDUSD and ASX move higher and we will look at their Alternative structures in line with the US Indices Forex CFD Trading Report
US Dollar CFD: 80.30
Most markets are having a small wave four rally, so the US Dollar is having its small wave four pull back into the 80 as would naturally be expected, once this pullback is completed another push up to 81 and then another correction back into 80 this would be the creeping topping part of the trend we were talking about yesterday as trends have a beginning middle and end, they are also fractals so they are part of a larger pattern and they contain smaller patterns, the other element is the geometry of nature and the psychology, essentially creating the larger corrective pattern across TL8|80 this is the first high above the level with the ‘Classic Pattern’ after the first high above a level and this one is still playing out, but once completed a larger corrective pattern should unfold, this will give the other markets including stock a chance to rise and this is connected to the Alternative count we are talking about today
EURUSD 1.30
Day Trading: the price is in a small wave four at 130 and wave fours are complicated and best left alone. If SG1 13030 finds support then trade long for the short term, if the 130 becomes the resistance than work the levels in SG2 any shorting would require the 72 as resistance 12972
Elliott Wave: Wave (iv) is unfolding at 130 and potentially can move higher, but it is corrective and once completed move down for wave five (iv)
CFD Trading Report: : Once this wave four is completed at 130 then it’s down, it’s fine to scalp 10 pips here and there but wave fours don’t bring trends. The bigger picture traders hold shortAUDUSD 0.9933
Day Trading The short term is about retesting 1.00, failing the retest for another probe lower. The current trend pattern up to 1.00 from 9860 is in three waves, i.e. corrective. However corrective patterns can expand so the move up could be only one leg of the corrective pattern, you would need to observe the other currencies and the Indices
Elliott Wave: Wave C of Triangle (E) below 1.00 (see 4 Hour Chart)
CFD Trading Report: Continue to scalp through the sublevels while around 1.00
CFD Trading Report Indices
Dow Jones CFD 11880
Day Trading: Let’s keep it simply while the price is under 12,000 it’s bearish and above bullish
Elliott Wave: The expected bounce of 11,800 MinorLevel mTL8 is underway and should complete under 12,000 and then move lower through 11,800. As mentioned yesterday the current move down can still be corrective or an impulse wave unfolding in a series on waves ones and twos, we are short until proven otherwise, but we need to be aware of the corrective pattern and line it up with the other markets in case there is a turn up next week.
CFD Trading Report: : The resistance is at 12,000 then 11,900 on a failed retest. The support at 11,500 is the critical game changer, as support a bullish Elliott wave count exists the 11,500 as resistance creates the larger bearish pattern Intermediate Wave (3) down only time will tell, however we have to line our trading plan to accommodate both patterns S&P500 CFD: 1220
Day Trading: Support 1,200 if support is found on top of Subgroup1 SG1 1230 then expect further upside, if the pivot in SG1 1220 develops as resistance then expect 1200 to be tested
Wave count: We have two count one bullish as in the charts on the site and one bearish here while the 1250 remain the resistance, it is what occurs above the 1200 support that will create the divide between the two wave counts, as it unfolding there will be degrees of bias and it starts with the pivot 1220 as support or resistance
CFD Trading Report: : Short term will depend on 1220 as support or resistanceFTSE 100 CFD: 5400
Day Trading Bias short under 5372
Elliott Wave: The pattern at 5400 is corrective, but it can expand, the move up could be only the wave a of an abc corrective pattern the 5372 as resistance would be the safer short
CFD Trading Report: : If the price gets trapped in SG2 especially the 5372 then short but while its above we have to accommodate a larger abc corrective pattern
SPI CFD 4150
Day Trading The 4200 is the pivot within Minor Group1 and while the price is under this then the bias is weaker and above as support we would need to be long. From that we can continue to break bias down to the point within your trading time frame, if you’re a sublevel trader you would consider the 4100 as support and the 4150 the Midpoint you would simply be long or short from this number, drilling down you would look at the pattern and volume at the midpoint, you would use your skill of pattern recognition including your understanding of the retest checking the price and confirm that with the volume, then you would scale in accordingly and you know the levels where you have to exit.
Elliott Wave: There are two counts as mentioned in the DJI SP500 but also consider the Elliott wave count on the AUDUSD because the current price on the ASX200 SPI has support off the 4000, so long trade are fine too, you just need to know the price that’s supports the market in your trading time frame you can’t trade without know that price
CFD Trading Report: : While the price is under the 4172 SG2 the pressure is down, the Midpoint is next, the move up off the 4100 appears to be corrective (three waves) but its early yet. It’s all about the Midpoint being long or short from this price point.CFD Trading Report Summary
Today is talking about the current small wave four pullback before a move lower and to also talk about the bullish alternative count in the markets, which is a bullish count, while it exists and until proven otherwise we have to include it in our thinking, that is, in our trading decisions.
We may have to turn long next week and this would mean packing up our short trades and catching the train north.Weekly Cycle, Thursday bearish with selling volume drying up which is the first sign of support, Friday; if Fridays close is strong on higher volume then Monday will be the bull day. This means we would need to see the price and volume increase steadily throughout the day and day traders would move with this. That said, we are expecting this current move up a corrective covering wave four rally and once completed another move down, either way you need to know your price points and the patterns that wrap around your price points as support or resistance and look to the volume to confirm the price action, analysis is one thing, but trading is another and you need to trade what you see and we use the levels, volume and Robo these tools control the risk, they also get you on the right side at the right time, they also let you know where to take profits and place stops.
Trading QuoteThe markets are clearly not a random walk. The markets are not even efficient because that assumption implies you can’t make an above-average return. Since some people can do that, I disagree with the assumption. Monroe Trout
Today's Financial Events
Time Currency Detail Forecast Previous
Tentative GBP Nationwide Consumer Confidence 34 36
7:30pm EUR ECB President Draghi Speaks
9:00pm EUR Trade Balance 1.3B 2.1B
12:30am CAD Foreign Securities Purchases 8.23B 7.35B
12:30am USD Core CPI m/m 0.2% 0.1%
12:30am USD CPI m/m 0.1% -0.1%
3:15am USD FOMC Member Evans Speaks
4:00am USD FOMC Member Fisher Speaks
NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.
Free Stuff on Technical Analysis is available on TradingLounge.com.au site!
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