The markets yesterday certainly were not kind to my forward order! I lost that one, but that’s part of trading my friends. I don’t normally do forward orders which is why I didn’t take full risk on this one. I kept it medium and although I hate losing so much, it’s not going to break me either for that loss. We move on.
I currently think the markets are unfavorable overall, with gold being in a weird spot, and the indices not playing our game! Oil has collapsed, but I am not sure if the move is substantial or not. Tricky spots. The best positioned is the DAX I believe hugging the 12k level.
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Again, not really much to worry about newswise. This has been a pretty slow week for financial news.
OUTLOOK BY INSTRUMENT:
GOLD: I personally do not like the position gold is in. However, it might offer some good opportunities to short between 1283 and 1263. Look for short signals in the open areas on the Fib master as long as we stay red since the MM is also bearish. The long might come if the indices take another tumble and gold is the “go-to” for the money. Look for the break of 1285.75 before considering the long side though in my opinion.
OIL: I got burned this week here, so I’m reluctant to trade this but I am now looking for either a long above 52 again or a weekly close under 50 to put us back in bearish territory.
INDICES: Remain soft. I don’t think they have really changed but this might be a serious slide. Not sure yet. However the DAX seems to be the only tradeable one in terms of position to look for orders above or below 12000 and hopefully we get a good active day to take a trade in either direction.
LONDON OUTLOOK VIDEO: