Daily Alert – Wednesday 11th November 2020: Markets lacklustre since Pfizer boost
On Monday night, looking closely at the H1 chart for US equity indices, JPY and GOLD, it was very clear that the Pfizer vaccine-inspired price moves had run out of steam in the final hours of the daily candle.
For this reason, I did not trade anything at the Monday close.
Tuesday saw moderately risk-on sentiment, but the JPY was flat and US equities were flat or down. All rather mixed up and confused. So I didn’t trade on Tuesday night either.
These decisions were sound. It is legitimate, in fact it is required, to decide to not trade if there are insufficient reasons to trade or a significant reason to not trade. Trading for the sake of it or taking the best available trade because we have an emotional need to trade will result in your money becoming someone else’s money.
I do like the look of GOLD now. As I mentioned on Monday it is sitting nicely at support and it has not budged since. A little bit of risk-off sentiment and/or USD weakness should see GOLD rise.
I’ll be back on Friday.
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