Monday Market Watchlist 10/02/20

*An update on what I am trading and what I am looking to trade this week*

Good morning, I hope you all had a good weekend. I am going to use this blog post to give you a quick update on how I am seeing the financial markets move this week and show you some potential trading opportunities that I see in the market.

Current Trade Positions:

  • Dow Jones Index – Long Positions @ $28,448.00
  • US Crude Oil – Long Positions @ $50.00
  • GBPJPY FX Currency Pair – Long Positions @ 141.200 / 141.500

Weekly Watch List:

This week I am looking to trade a few key markets if certain conditions are met. My first potential trade opportunity is buying into another rally on the Dow Jones Index. The chart below shows why.

Dow Jones Index 4 hour timeframe chart

As you can see, price respected a nice daily support zone at $28,200 before rallying strong up to new all time highs last week at just above $29,500. Price has pulled back to the previous resistance now support zone at $29,000 and if this level does hold strong then I think we have a real chance of seeing new higher highs made at $29,800 or above.

There is potential for fundamentals to influence stocks once again this week with Coronavirus news still moving markets. This is one to look out for.

AUDUSD FX Currency Pair

AUDUSD daily timeframe chart

AUDUSD is back at a strong daily support zone at 0.66800. I think this could provide a good buying opportunity if price finds more support here. A daily closure above this level and some strong intraday bullish momentum would be a good sign that buyers are still present here and long positions could be profitable.

Look for an intraday trade entry set up if the daily support zone holds. A trendline break and retest or momentum continuation trade on the lower timeframe charts might provide great reward:risk positions.

US Crude Oil

US Crude Oil daily timeframe chart

$50 per barrel appears to be a significant price level for oil even though its technically outside at the very lower limits of the support zone range that has previously supported price over the last 12 months. I think if price closes above $50 once more on the daily timeframe chart then there could be a flood of buyers entering the market.

Price definitely appears heavily discounted and remember, the key to the success of almost any business is simply buying low and selling high!

US Crude Oil 4 hour timeframe chart

The chart above shows the intraday price chart for crude oil. I can see a potential shift in momentum begging to occur already. Price broke through my original bearish trendline and the bearish momentum is dying off with price beginning to move sideways and expand out of the daily price range.

Feel free to message me through this blog site or on instagram (@charlieab94) if you have any questions or want to show me some of your trade ideas. Have a great week!

Useful Links:

All my technical analysis is done using the TradingView platform. You can get access via the link below.

My preferred broker of choice is IC Markets. Low spreads and trading costs really help long term profitability. A link to their site is below.

FTMO Trader Funding Programme.

Thanks for reading and please don’t forget to LIKE, SHARE and FOLLOW my blog to stay up to date with the latest market analysis and trading education posts.

DISCLAIMER: None of the information posted on this site is to be considered investment/financial advice. Trading is high risk and you should only trade with money you can afford to lose.

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