Weekly Review and Outlook 27th November 2017

Mark NugentNov 2017, Trading Plan

Weekly Trading Review – Week Commencing 20th November 2017

Highlights of the Week

The week was risk-on until Wednesday when it turned neutral as the US took the Thanksgiving holiday.

In the US the FOMC Meeting Minutes on Wednesday were seen as negative as the elusive inflation is causing concern.

The week started poorly in Euroland as the German coalition building talks failed. However, good news at the Monetary Policy Meeting Accounts on Thursday and the new possibility of coalition talks in Germany with the SPD cheered up our Eurochums.

The UK Government started the week by leaking talk of offering another GBP20b in the Brexit divorce bill. Interestingly, at May’s meeting with Tusk on Friday, the divorce bill seemed to have slipped off the EU-whine list, being replaced by Irish border issues. Meanwhile, on Wednesday, the Autumn Forecast Statement lowered GDP forecasts significantly and raised the prospect of a second decade of low/no wage growth.

Themes for the week were:

1. UK equity pullbacks – entered FTSE250 long, exit for +0.37%.
2. Oil volatility in run up to 30 Nov OPEC mtg – entered GOLD long 15th Nov., still live, approx. +1.33% locked in.
3. JPY pullback – trade reversal – may have started on Friday.
4. GOLD pullback – trade reversal – possible short setup now.

Performance

I closed Monday’s FTSE250 long on Thursday’s open as it gapped down, for a modest gain of +0.37%. My WTI long, opened the week before, remains open at the weekly close on Friday night. Stop 1 x ATR behind the price, locking in a gain of around +1.33%.

Weekly Trading Outlook – Week Commencing 27th November 2017

Major Events

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Here is your Weekly Review and Outlook video.

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The themes and plan for this week’s trading can be found HERE.


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