and correction sets in

I am currently in Hyderabad india and started trading the indian markets, they are fun !

Pardon me for not posting regularly since i have been studying the Indian markets and have diversified in Crude Oil, Gold, and EUR USD trading.

In Indian market i have been trading the NIFTY futures.

So i will be posting the general market updates on the above instruments

Lets strat with NIFTY 50 – the spot level avg 20 day volume is about 400 million. it is a fantastic instrument to trade . Current solid resistance is 12,050. but i feel it is strongly coupled with the US market where a strong correction has set in.

Gold has just crossed a solid 5 month old resistance of 1300 and 1310.  Current trend is upward for the china trade war and now trade war with Mexico is pushing the prices up from last week. I am long on GCQ19 with a short stop loss at 1315. Last week made about 3 points on GCQ19 on friday. Gold has broken on the upside the 50 days SMA.

On Crude it was a fantastic hit and run trade – a sell stop limit of 55.64/55.63 at 50.65 and placed a buy limit order at 55.00 and it was hit with a profit of 65 ticks. Crude is down and there is no support on it at all. Crude has crashed below 200 days SMA. the only support i see is at 52.50 and then at 50.

EUR USD is directionless on a daily chart. On  weekly chart it is a fantastic downtrend and dollar index has hit a resistance a solid 6 week resistance of 98.40 and has gone just below the previous support of 97.71 (nov dec 2018)

Nasdaq and US market is in correction. i am really bummed that i did not short early and have been taking a mere 100 points on NQ but that is fine.

happy travel trading !

 

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