Daily Alert: Wednesday 22nd August 2018

Mark NugentAug 2018, Daily Alert

Daily Alert: Wednesday 22nd August 2018

Updated trading plan is here – https://goo.gl/bkPJDf

Risk was on after the S&P500 hit a new all-time high (as reported widely, although my chart does not show this). The Trump-related news then causes US equities to stall (ex-lawyer admits guilt in violating campaign financing laws and ex-campaign manager Manafort found guilty on 8 counts, including tax fraud).

The USD continues to drop and the EUR, JPY and GBP all rise. So the plays to look for are EURUSD long, GBPUSD long and USDJPY short. As I mentioned yesterday the best technical set up was with the EURUSD going through support/resistance at 1.1535, which happened.

I took the EURUSD long at the close. SL 40 vs ATR 80.

The S&P500 formed a bearish pin bar yesterday so I put my stop to the low. It was triggered today, proving a gain of 29 points on a risk of 11 points, so circa 1.32%. My Euro50 long continues to steam upwards.

The Dow30 is interesting, sitting as it is on resistance at 25740. The S&P500 may well continue upwards as the market gets over the Trump-related negative sentiment.

I also notice the FTSE250 moving up through support/resistance at 20585.

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