S&P500 Trade & More on Silver

Posted on Wednesday 15:15 EST, 19:15 GMT, 20:15 BST

CHARTS & COMMENTARY WILL FOLLOW LATER THIS EVENING AROUND Midnight BST

EXPLANATION OF DUAL TRADES

When 2 different trades are issued in OPPOSITIE direction for the same instrument, it means that once the long (or short) has been executed at a profit, the next trade will be opposing trade i.e the short (or long) in the same instrument. These are NOT meant to be Order Cancel Other. If your broker does NOT allow opening opposite trades in the same instrument, then this type of trade is not feasible.

Here is an example

1. Long EURUSD between 1.4250-1.4280 for limit between 1.4290-1.4350, stop at 1.4190.

2. Short EURUSD between 1.4365-1.4395 for limit between 1.4280-1.4330, stop at 1.4440

Once the dual trades are published, readers are to place their trades, waiting whichever will be activated first. If for instance, the long trade (long at 14250-1.4280) goes in effect, then ideally, the trader awaits for the limit to be hit before going the opposite way and opening the short trade (short between 1.4365-1.4395). If the long trade is stopped out, then the opposite trade (short trade) shall remain unexecuted. If the long trade is executed but does not reach the stated targets (limits) then--depending on how proximate to the stated limitthe trader could engage in a sell and enter near the stated short trade. Such are the possibilities to use the dual trade.

The goals of these dual trade are to: i) to capitalize on anticipated fluctuations (as we did on Friday ahead of what figured to be a volatile Monday Aug 1st); ii) to take advantage of fluctuations that are not deemed to break into a new direction, and instead, end up returning to the original price territory.

S&P500 shows an impending short-term bounce towards 1275-1283 via Thursday's BULLISH HAMMER. Although it held above the 55 WEEK MA, S&P500's close below the 200 DAY MA remains a bearish occurrence. One way to shake off this sentiment is to see a WEEKLY CLOSE above the 1286-87.

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Latest Trading Ideas

EURUSD (1 New Trades, 1 not yet executed)

Long EURUSD between 1.4290-1.4325 for limit between 1.4365-1.4390, stop at 1.4220.

Mondays Short EURUSD between 1.4370-1.4410 for limit between 1.4310-1.4340, stop 1.4450 has not yet been executed. Market went as high as 1.4345. We keep this trade because the short stands just above the 55 & 100 dmas.

Mondays long EURUSD between 1.4240-1.4285 for limit between 1.4290-1.4360, stopped out at 1.4180.

USDJPY

Mondays long USDJPY between 77.10-77.50, for limit between 77.70-78.20, stop 76.70 remains in progress. We will LOWER THE STOP to 76.55 as expect a near term bounce to reach back towards high 77.80-78.20s.

EURGBP

Long EURGBP between 0.8710-0.8750 for limit between 0.8770-0.8815, stop at 0.8670. The 0.8770 was missed by 1 pip. We stick to the trade as long as stops are near 0.8660s.

S&P500 (2 New Trades)

Long S&P500 between 1250-1258, for limit between 1268-1275, stop at 1243.

Short S&P500 between 1285-1294, for limit between 1279-1288, stop at 1305.

Mondays long S&P500 between 1280-1287, for limit between 1305-1315, stopped out at 1273.

FTSE-100 (No Trade)

Fridays short FTSE-100 between 5810-50 for limit between 5740-5780 was stopped out at 5895.

Gold (No Trade)

Fridays long gold between 1618-27 for limit between 1640-1650, with stop at 1580 hit all limits.

Silver (1 new trade)

Mondays (last week) long silver between 39.70-40.10 for limit between 41.50-42.80, with stop at 38.30, hit part of the limit targets.

For those who missed the above entry, consider the following:

Long silver between 40.90-41.40, for limit between 42.80-43.50, stop at 38.70.

US Crude (WTI) (New)

Long US crude oil between 91.20-91.80, for limit between 93.00-93.90, stop at 90.50

Mondays long US crude between 94.80-95.30 for limit between 95.95-97.00, stopped out at 93.40.