New stock picks for 18/Aug

Well after that cracking day yesterday where every trade jumped out the gate and collectively made around 1,000 pips, we’ve got another couple of trades to take advantage of our increased deposit.

Short FTSE

The FTSE is still looking week, so a trade is going in with a stop at 4780. There wasn’t much volume yesterday, so I’m hoping the profit taking will continue. Still aiming for 4420.

Short Palladium

Chaikin Oscillator and MACD have both show bearish divergences, as has Money Flow Index. Stochastics if flirting with overbought levels, but remains unconvincing. As a result, a tight stop at 283, I expect it to at least test 265 but hopefully continue through to 255 or lower.

Short Platinum

Chaikin Oscillator, MACD, and Money Flow Index all looking weak again. Once again Stochastics is unconvincing. Stop going in at 1293, price target of 1180.

Watch the Pound

The correction in the GBP/USD is looking to have run out of steam. I’m not confident enough to take the trade just yet, but watch for confirmation over the next 24 hours.