Video

#SaxoStrats
Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Short term
/
Buy
Trade view / 08 December 2017 at 9:03 GMT

Bullish hammers posted in CAC continue to support

Director / PIA-First Limited
United Kingdom
Instrument: FRA40.I
Price target: 5470
Market price: 5415
Background

The weekly chart has reacted higher from the reverse trendline (5000) and after the recent dip to 5265 further buying has been noted.

The daily charts continued to be supported by the Ichimoku cloud and bullish hammer candles. Further upside is expected to target the yearly highs (5535).

The 4-hour chart looks to be in an AB=CD correction which targets a move towards the 78.6% fibonacci retracement at 5476.

Parameters

Entry: Buy FRA40.i at 5380 and 5350

Stop: 5290

Target: 5470 & 5535

Time horizon: 1 week

Charts:
4-hour chart highlighting reaction from upward trending support & AB=CD correction
c3
 Source: Saxo Bank
 
Daily chart showing bullish hammers and Ichimoku cloud support
c2
 Source: Saxo Bank
 
Weekly chart with long-term trend support and reaction from reverse trendline
c1
 Source: Saxo Bank

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
2y
jcsousa jcsousa
Currently the price is far from the entry price but let see how it goes. If it drops i'm in. Nevertheless let me thank you Steve.
2y
Chris O'Connell Chris O'Connell
Hi Steve, whats your thoughts on this trade - i see its in the buy zone?
2y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi Chris, i still think this trade offers good risk/reward.
2y
Chris O'Connell Chris O'Connell
cheers mate

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