Daily TA & Trade Ideas – 18th Feb 2021

EURJPY we are long at our buying opportunity at 127.60/40 with stops below 127.20.

CADJPY we are long at our buying opportunity at 8315/05 with stops below 8290.

EURUSD unexpectedly gave up all of last week’s gains. Clearly we are trading sideways in a directionless market. Up one day & down the next. It is a scalpers market only. We cannot run positions for more than a day as we risk the market reversing.

Longs at 1.2100/1.2090 stopped below 1.2080 for a sell signal. If you managed to reverse in to short there was a potential 50 pip profit as we hit targets of 1.2060/50 & 1.2035/30.

USDCAD we are short at strong resistance again at 1.2740/50 with 60 pips profit on the slide to 1.2682 so far. 

GBPUSD longs at our buying opportunity at 1.3865/55 unfortunately stopped below 1.3840.

EURGBP topped exactly at our selling opportunity at 8740/50. Shorts offered up to 45 pips profit.

Gold Spot broke 1785/84 for a sell signal targeting 1775/73 & 1765/64…however we held 4 points above here. 

Silver Spot longs at best support at 2685/75 work yesterday again (we have done so well buying this level for 2 weeks). Another easy 60 pip profit as we topped exactly at the first target of 2740/50.WTI Crude March Future bounced to targets of 6055/70, 6110/20,  6145/55 & 6185/95 before we topped at 6226.   

Dax 30 March bottomed exactly at our buying opportunity at 13880/850. Obviously this is key support again today.

Emini S&P March dipped a little to 3896, above our buying opportunity at 3890/80. We could establish a sideways consolidation trend to ease overbought conditions but there is no sell signal. 

Nasdaq March longs at our buying opportunity at 13530/500 worked perfectly. We bottomed exactly here & shot higher to just 7 ticks from the first target of 13730/770. 

Emini S&P minor resistance at 3920/23 but above here targets 3935/40 (we topped exactly here yesterday) & 3958/60. Despite severely overbought conditions we can continue higher in the bull trend for 3971/74, perhaps as far as 3990/95.

No sell signal so shorts are too risky. Downside is expected to be limited with our buying opportunity at 3890/80 & stop below 3875. A break lower meets a buying opportunity at 3850/40 with stops below 3830.

Nasdaq longs at 13530/500 offered a good profit on the bounce back to 13730/770 & above here in the bull trend we look for 13820/830 & 13880/900. A break higher meets the big 14000 number. On further gains look for 14150/200.

Bulls obviously remain in full control so downside is expected to be limited without a sell signal. A buying opportunity at 13530/500 with stops below 13450. A break lower however meets the next buying opportunity at 13280/240 with stops below 13190