Avoiding Costly Rookie Mistakes
The 5 charts below were published on Wednesday to our WhatsApp Broadcast Group, highlighting the USD-Metals matrix was at a key juncture via some of our preferred radar screens. Take the previous 7.0 H&S neckline of USDCNH, which was broken late last year to trigger that 6.70 target. USDCNH rebounded back only to fail at the 7.0 level. This coincided with USDJPY's failure at its 200-DMA along with that crucial trendline support in silver.
Avoiding costly rookie errors
I was at the London Trader Show today, where my appearance on a panel discussion coincided with the release of US jobs report. This means I could not share my usual detailed interpretation and post-data analysis (voice and text) to our WhatsApp Broadcast Group. The moment the news was published, I posted this phrase at 13:32 London Time to the Group “Earnings slipped and unemployment rate rose V good for GOLD”.
Most traders would have focused on the stronger than expected headline figure “NFP” and gone to buy USD and sell gold. Not our WBG members, who are well guided with daily analysis/support until things basically stick in their brain and such thinking becomes reflexive.
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