Weekly Newsletter 8/12/2024
Welcome back to another issue of our weekly newsletter! We had a great first week to December, finishing 9.75% up. December is historically an interesting month for Forex traders due to less market volume and overall slower price action. However, we aren’t showing any signs of slowing down at LDG and look to continue finding great trade ideas for everyone in our community.
From my analysis, the DXY remains bullish on the weekly timeframe, but last week it turned bearish on both the daily and 4-hour charts. That being said, I’d like to see a few more daily candle closes before taking action, as there’s currently a lack of synchronicity across USD pairs. Some are bullish while others are bearish. For now, I’ll be observing USD pairs from a distance until we get some clearer price action we can be confident in.
The JPYX is showing much clearer direction, with both the daily and weekly timeframes looking strongly bullish. This is reflected in Japanese Yen pairs like GJ and EJ, which remain aligned with the bullish momentum. There’s no indication of bearish shifts in these pairs, making it easier to align the indexes with individual pairs for higher probability setups this week.
As a more swing-based trader, I don’t like the look of Gold right now. It was consolidating all week and we thought NFP may have changed that, but by the looks of it, it didn’t and we remain stuck in this ranging market. For traders like SFX, he may be able to find lower timeframe plays, however, we’ll be avoiding swing plays this week.
As you all know, WE HAVE MOVED TO DISCORD, meaning this will be the last update from LDG available on Telegram. If you haven’t already joined the free Discord, click here to gain access. Elite members will have a link available on their Whop Dashboard.
As always, please stay honest and disciplined to yourself, do not let yourself down with poor risk management or emotional trading, it will set you up for long term failure.
-GFX
