Trading Plan: Monday 29th October 2018

Mark NugentOct 2018, Trading Plan

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Trading Plan: Monday 29th October 2018

Last week was almost uniformly risk off. I didn’t place any trades at all. The US Equity markets are essentially in correction mode, which is a loss of 10% or more and all gains year-to-date have been wiped out.

Sentiment remains very negative due to trade war concerns and disappointing earnings results and forecasts from the major US tech companies.

I think I’m going to start the week by observing the sentiment and being cautious.

It is far from clear that we’re going to see an equity rally into the year-end and we do have the American midterm elections next week. It may be quiet in the run-up to those elections.

I think oil has lost the upwards price pressure due to the looming US sanctions on Iranian oil.
There is no real direction in currencies at all. If any currencies are going to be strong, it’s probably the USD and JPY and if any currencies are going to be weak it is probably EUR and GBP.

So in a nutshell I’m not going to jump into trades for the sake of trading. I think, at least at the start of the week, I will be observing from the sidelines and trying to judge whether the risk sentiment is going to improve from its current gloomy state.

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Trading Plan: Monday 29th October 2018

Last week was almost uniformly risk off. I didn’t place any trades at all. The US Equity markets are essentially in correction mode, which is a loss of 10% or more and all gains year-to-date have been wiped out.

Sentiment remains very negative due to trade war concerns and disappointing earnings results and forecasts from the major US tech companies.

I think I’m going to start the week by observing the sentiment and being cautious.

It is far from clear that we’re going to see an equity rally into the year-end and we do have the American midterm elections next week. It may be quiet in the run-up to those elections.

I think oil has lost the upwards price pressure due to the looming US sanctions on Iranian oil.
There is no real direction in currencies at all. If any currencies are going to be strong, it’s probably the USD and JPY and if any currencies are going to be weak it is probably EUR and GBP.

So in a nutshell I’m not going to jump into trades for the sake of trading. I think, at least at the start of the week, I will be observing from the sidelines and trying to judge whether the risk sentiment is going to improve from its current gloomy state.

Here is your video:

You can download the video HERE.

The updated Trading Plan is HERE.

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