Weekly Trade Setups Ideas & Chart Analysis by

Sipho Mnyakeni – October 12th to October 16th,

2020

AUDNZD

Price has broken out of channel and 1.08316 which held as resistance, when we do our top
down analysis we can see that we have a well-established Head and Shoulder’s reversal chart
pattern on 12Hour time frame, which signals strength and the potential to attract buyers.

We are looking for prices to pull back to 1.08316 and form a bullish price action signal.
Our target is 1.10440 near term resistance, we will remain bullish while prices still trades
above 1.08316 support.

GOLD

The long term trend on Gold is bullish, and last week we saw Gold closing above 1906.39
and it is now back into trading range.

We will see how Gold will react now that it is caught between 1906.369 range support and
1973.72 range resistance.

We can look for minor pull back to 1906.39 range support and a bullish price action signal
our target can be 1973.72 range resistance and possibly 2075.17 all-time high resistance.

S&P 500
Towards the end of September we identified a buying opportunity on the S&P500 and we did
not hesitate to take the trade.

We did our top down analysis started off on the weekly time frame we saw prices pulling
back to 3233.39 key support, and we switched to the daily time frame to get an early entry
signal and luckily we spotted a Doji candle stick and we took the trade.

Since our initial entry we have had a nice bullish follow through and we are now looking for
prices to pull back to 3420.68 and provide us with a second entry signal.

But before we can open our second position we have to move our stop loss from the initial
position to break even to keep our risk consistent at -1R.

Our initial target is 4R just below 3588.26 all-time high resistance.

If the market provide us with the second entry signal we will scale in to maximise our profit
potential.

Let us see how the market will unfold in the coming days.

GOOD TRADING FOLKS!!