July’s Trading Cup leaderboard has seen five triple-digit returns after the first ten days of trading.
Hao Dong Nie has managed to rocket to the top of the leaderboard with a staggering return of 270.17%.
This is despite getting off to a rocky start, winning his first trade and then taking a big hit on his second trade.
Hao’s focus is exclusively on Gold, which is similar for many of our top ten traders, including last month’s winner, Mao Long Yang.
Following Hao’s two significant losses to start his trading in July, he managed to steady the ship, placing eight trades on Gold, including six straight winners.
Hao appears to put ‘tester’ style trades together once he has a view, and then when the confirmation comes through, he trades larger position sizes.
It is almost as if Hao was correcting his earlier mistakes, where he traded much more substantial at the start, only to take his largest losses.
Below is the current leaderboard captured on the 10th of July around 9am Sydney time.
Gold continues to provide plenty of volatility for traders
In June, Gold went from $1,734.72 to close the month at $1,780.15 or 2.61%.
And, as you can see on the hourly chart on Gold below, it continues to trend higher, hitting a fresh eight year high on Wednesday the 8th of July.
In our interview with Wen Bin Yang, he told us he loves to trade breakouts, as they provide the most volatility in the shortest space of time.
And it would stand to reason that many of the top ten leaderboard and traders around the globe, managed to get a piece of the recent jump higher on the shiny metal.
But are we going to see some resistance at the current levels? Will the euphoric buying action be met with profit-taking and those looking to trade a potential retracement?
The Eurodollar continues to advance with plenty of whipsaws
The Eurodollar has been chopping around sideways, with a slight bias to the upside.
There have been plenty of short-term breaks higher, which are met with selling pressure as the technical overhead resistance points play their part.
But it is more the intraday volatility that is providing the greatest interest to traders. The daily ranges have been large.
And the pattern seems to be a big push higher, following by an equally sizeable retracement.
British Pound currently overbought and sitting on resistance
The price action on the GBP/USD has been strong since the last day of June. We’ve seen the British Pound rise 347 pips since the low on the 30th of June.
But overhead resistance is intensifying, combined with an overbought condition as noted in the stochastic indicator.
Recently we heard from the Chancellor of the Exchequer Rishi Sunak about his spending pledge to help fill the pubs and restaurants, but many are suggesting it isn’t enough.
The fact that we see the government try and do everything they can to bolster the economy and yet the Pound is met with little buying.
Is this a sign that we see further weakness ahead?
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