21 June Friday View

Yesterday's loss was another biggest after 15^th Apr Monday loss. From technical point of view major daily supports have now been taken out as well as weekly support at 31283 (USD 1297.42), the 78.2 % retracement from 27889 (USD 1156.66) to 43459 (USD 1802.40) is being challenged. If the price can not keep this level, the next is 27889 (USD 1156.66) itself. In between, we may see some consolidations but definitely not a good time to go long. Just look for opportunities to open short.

If you want to discuss about trading strategies, feel free to contact us. We are currently testing a couple of our new strategies. One with ADX and the other with Simple Moving Average (SMA). You'll be amazed to see the SMA strategy's performance. We were inspired to develop this strategy keeping a system as simple as kindergarten's ABC book, nothing fancy, no complex indicators and all. Keeping the following quote in our mind " If you have to think for more than 5 seconds about how your system is going to work, then it is too complicated. Simple is Sexy."

Not much of a release on the data front today. So market has data posted yesterday about US Unemployment Claims, Existing Home Sales, Phily Fed Manufacturing Index and most importantly FOMC Projections and statements the day before.

Stay Safe :)