Economic Calendar:
Active Trades
Today in the crude oil market, I launched a selling trade at 83.74 with a lot size of 0.05.
this selling trade, I set my take-profit level at 80.64 because the crude oil market made a gap on the four-hourly chart below 80.64. Technically, the market can move to the downside to fill the gap; therefore, I placed a selling trade with a stop loss of 84.94.
the EUR/USD pair, I placed a buying trade at 0.9830 and set a short-term profit level at 0.9875. Closed Trade
Unfortunately, in the gold market, the stop-loss level triggered at 1679, which gave me a loss of 81 dollars. In the American trading session, the dollar index moved to the downside, which caused a bullish rally in the gold market. Yesterday the gold market surpassed the psychological barrier of 1700, and presently the market is floating around 1695. Trading above the mark of 1705 would further guide the bulls on the upside.
EUR/USD On the daily chart, the EUR/USD pair made a positive crossover of the MACD indicator, implying that markets can move further to the upside. Therefore, I set a short-term buying trade with a lot size of 1 standard in this pair and placed the profit level at 0.9875. Presently, the market is fluctuating around 0.9822. According to the candlestick pattern, the immediate resistance on the daily chart is 0.9909, followed by the secondary barrier of 1.0045. I set my profit level below the primary resistance mark so that the order would execute in the near term. For a bearish move, the primary support wall is at 0.9734 before the next support zone of 0.9631.
Crude Oil Yesterday, the market formulated a candle gap below the exponential moving average of 50 days on the four-hourly chart. Today the market may move to the downside to retest the moving average and fill the gap. Therefore, I placed a selling trade at 83.74. I set my stop-loss level at 84.94 because this is a risky selling market that could continue a bullish trend towards the psychological level of 90.00. For bullish traction, an immediate barrier is present at 84.55, and I set my stop loss level above this mark at 84.94. Trading below the level of 84.55 would push the market to the downside; otherwise, the market would pick up another bullish rally.
