Daily Alert – Wednesday 5th May 2021: Small pullbacks give some opportunity

Mark NugentDaily Alert, May 2021

Daily Alert – Wednesday 5th May 2021: Small pullbacks give some opportunity

As we have come to expect, risk sentiment is indecisive so far this week. However, there have been some pullbacks in equities and oil. I have jumped on these pullbacks by “buying the dip” or “trading the reversal” (same thing). So far so good on Japan225 and WTI, both long, with both trades in the money and no capital at risk as stop losses are now at breakeven.

The USD has taken a bit of a knock with PMI misses on Monday and today.

The GBP is moving up and we have Super Thursday tomorrow which could well propel the GBP further upwards if the Bank of England maintains the recent bullishness.

The EUR is struggling despite the covid vaccination programme finally gathering pace.

There is no sentiment against which to trade JPY vs commodity currencies.

I’ll be back on Friday with a review of the week, brief videos of closed trades and your April Performance Report.

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