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Apex Trading: Weekly Trading Bulletin 21-25 September 2020 – UnumCapital
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Apex Trading: Weekly Trading Bulletin 21-25 September 2020

Apex Trading: Weekly Trading Bulletin 21-25 September 2020

It was a risk-off mood across global markets for most of last week, and the risk off sentiment is still holding so far this week. In the US, the S&P 500 hasn’t seen a positive close since last Wednesday. Whether the sell off is a correction, or the beginning of a bear market, is a subject of much debate. At Apex Trading, we are mainly guided by price action, and whether it’s a correction, or the beginning of a bear market, we are always looking to profit from any such price action.

#1. S&P 500

Though the trend is still up on the Index, price action is suggesting a further move lower, and it seems we may be going for a retest of the 200-day moving average. Should we get a slight bounce this week, we are considering a short term ‘short’ trade on this market.

#2. GBPUSD

The pound is under severe pressure, with the UK reported to be planning another shut down due to increased Covid-19 infections. Add to that the possibility of a messy Brexit divorce, and the current wave of dollar strength; it leaves the GBPUSD pair vulnerable. Technically, price is breaking from a technical bear flag formation, with a measured target around 1.2400.

#3. EURNZD

Price broke out of a bear flag last week, but bulls would resurface again yesterday (21 September), taking the pair for a possible re-test, before a further move lower. We got taken out of our ‘short’ at break-even; we are now on the side-lines eyeing a possible re-entry. TP target is 1.7200

#4. USDJPY

This ‘baby’ is finally coming home; and price is now below our 105 ‘short’ entry. As mentioned in previous newsletters, we like this one more on the monthly chart, and that seem to be playing out well so far.

#5. Bitcoin

Price broke out of a bullish head and shoulder technical chart pattern on the weekly chart and is now attempting a retest. We like this one for a move to 15,500.

*Please note:

The above analysis and charts are based on Tuesday morning’s prices (22 September). We must also emphasis that these trade ideas are not exhaustive, and they are only our initial thoughts as we head into the week. You can therefore expect that some levels may be adjusted, to align with overall market sentiment. And also, new opportunities may arise during the week, which we may take advantage of.

To get our full thoughts and views on how we are trading this market, contact using email address innocent@unum.co.za; or phone number 0113842951.

Until next time, lets keep it Profitable as we climb to the Apex!

Regards

Innocent Maponde

Portfolio Manager: Apex Trading

Innocent Maponde

Innocent graduated with a B. Com (Honours) Degree in Banking in 2011, and gained corporate banking experience for about 2 years. His passion for stock markets made him complete the SAIFM ‘JSE registered securities trader’ exam in 2015, before venturing into full time equity trading in 2016 when he joined Unum Capital on their Proprietary Trading desk specializing in CFDs. Innocent believes proper risk management and consistency in executing one’s trading plan, are key to achieving success in the trading business.

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