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rgudgeon

How Much Weight Should One Put on Market Direction?

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I am basically a trend trader. I have been out of this market now for some time as it (the market) has been up a down and sideways now for months. We have been in a sideways pattern for weeks and now we have seen a parabolic up move that just looks like it might blow off at any time.

 

The problem is that when I am out of the market I make no money - but don't lose any either.

 

Is it better to sit back and do nothing when the market is like this or should I just look for setups and work them regardless of having no direction from the market?

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Is it better to sit back and do nothing when the market is like this or should I just look for setups and work them regardless of having no direction from the market?

 

:2c:

rule number one is Capital preservation.....so sitting and waiting is best if it does not suit your system/style of trading. Plus unless you have setups that are robust, then they are not good setups, and taking them regardless at best might feed your broker but at worst will mess with you mentally and financially.....if that makes sense.

 

If you are a trend trader then these markets can be difficult unless your time frame is small enough, OR your trend entry system allows you to take a view and enter retracements and you happen to be bearish....then opportunities abound :)

 

If you feel you need to play, why not play very small size, or paper trade for a bit, or only take those setups you feel are the very best...(this last one is of course the hardest to sit and wait for). While you need to participate to win, you also need to be able to afford to play when it suits YOU.

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Is it better to sit back and do nothing when the market is like this or should I just look for setups and work them regardless of having no direction from the market?

 

Commonsense says IF there is money lying on the table, pick it up.

 

IF you have (or can research) a method which makes significant money after trading costs, why would you not trade?

 

And IF you don't have such method, why would you trade?

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I am basically a trend trader. I have been out of this market now for some time as it (the market) has been up a down and sideways now for months. We have been in a sideways pattern for weeks and now we have seen a parabolic up move that just looks like it might blow off at any time.

 

The problem is that when I am out of the market I make no money - but don't lose any either.

 

Is it better to sit back and do nothing when the market is like this or should I just look for setups and work them regardless of having no direction from the market?

 

Re: How Much Weight Should One Put on Market Direction?

 

if you are an option trader, NONE.

 

 

if you are a trend trader, what is a trend to you?

can you define it?

describe it?

articulate it?

quantify it?

visualize it?

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The significance of market bias (direction) depends on the context...off the open, it is critical...and I spend a lot of time and resource trying to determine what that bias will be

 

Why? Because when I get it right it is possible that I will be in the trade all day long, which is what I want to do...

 

If we are talking any other time of day, then it is questionable because other factors enter into the equation, such as time of day, news, programmed execution, price action of other markets, and several other factors. At other times I rely on tests of TBP and other factors including local volatility and momentum (as seen on the tape).

 

Good luck folks

Steve

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The significance of market bias (direction) depends on the context...off the open, it is critical...and I spend a lot of time and resource trying to determine what that bias will be

 

Why? Because when I get it right it is possible that I will be in the trade all day long, which is what I want to do...

 

If we are talking any other time of day, then it is questionable because other factors enter into the equation, such as time of day, news, programmed execution, price action of other markets, and several other factors. At other times I rely on tests of TBP and other factors including local volatility and momentum (as seen on the tape).

 

Good luck folks

Steve

.......... what is context?

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Context is the framework of data that surrounds the market. For example the context of the current market is primarily news driven, and that news is mostly about the European Debt Crisis. On any day that can change as events take place, and/or as economic reports are released introducing new information into the markets.

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Context is the framework of data that surrounds the market. For example the context of the current market is primarily news driven, and that news is mostly about the European Debt Crisis. On any day that can change as events take place, and/or as economic reports are released introducing new information into the markets.

 

how could you know the context has changed?

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attachment.php?attachmentid=26609&stc=1&d=1320598016

 

Trading is both science and art. The science is in your trade plan rules - signal setup, entry here, stop loss there, profit target here, manage the trade... whereas defining/reading market context is one aspect of the art-part of trading.

 

I agree news, time of day, open values, close values, 5th wave of Elliot wave, 930 cross, slingshot, 123 setup, ross hook, etc… etc… etc… all are part of reading context but I submit you can look at from a higher point of view.

 

Take any chart, the first instant you look at it - what do you see?

 

This is the basis of what defining context is about...

 

Do you see an uptrend?

Do you see a downtrend?

Do you see a sideways motion?

 

 

attachment.php?attachmentid=26610&stc=1&d=1320599432

 

Say for example you see an uptrend.... and yes things depend on your definition of uptrend, me I have found I like a chart for at least 3 time frames of the market I'm trading – I find conforming context in all three is more comforting and conclusive.

 

Do you believe that there are only 3 possible directions the market moves? I do and they are: up, down or sideways, what else is there?

 

I believe profit becomes available when the market context changes. Nothing makes me happier than to help others get out of bad trading decisions – enter where they exit.

 

Therefore, if it's already up, what are the remaining possible direction changes? Sidways or down.

 

Get the idea...( I think that makes for 9 possible combinations...I find it interesting how other techniques come together at some basic levels).

 

So if you see an uptrend...(by whatever means you define up trend) and as time rolls on you start to notice that for whatever reason you now see sideways or down movement...

 

ding ding ding context change

 

It’s important where this change occurs... it may be a reversal forming or it may be a pullback leading to continuation....ask yourself what else is there?

 

Now THINK...(actually this should be done outside of trading hours during nightly research/review, the science of trading should kick in here)

 

When do the best pullbacks to trade occur? During the beginning of the trend, the 1st pullback...which occurs after a reversal.

 

When do reversals occur? At the end of the trend with exhaustion or final flag sideways motion on the failure of the test of the prior extreme... (thanks Al Brooks for showing me this)

 

attachment.php?attachmentid=26611&stc=1&d=1320599765

 

 

Reading context is not mathematical in nature, if it were we would all have automated scripts to trade these moves...(ok taking it to the limit in millisecond timeframes - maybe)

 

Understanding this, thinking this way, is what I see as the basis of market context...

 

Other components I consider are: is price rising into a well-established resistance area... how many times has it done this 3-4 means reversal? How much profit potential is there in this setup versus risk burden? When did it last do this? Is this just before the well-established 10:00 EST news hour? Is this occurring on the 4th minute, 14th minute, 29th minute, 59th minute? Is price at 94 rising to 100(round numbers)? Did it spike on low volume thus is this a probe? Was there just a huge volume spike? Where are the prior reversal /swing points, does it want to head back there? Reading context gets complex... but It adds significantly to your confidence when you read what is going on correctly – confidence leads to consistency. Reading market context requires you to summarize the infinite number of market influences that come into the equation. (if you know differential equations, consider solving one with an infinite number of and ever changing constants).

 

With all this said, don’t over complicate things, pick one concept and master it, then move onto the next.

 

happy trading...

science_n_art.jpg.329d1acc832c4a1b17558d8dd14aa596.jpg

up-dn-sid-2011-11-06_1009.png.ce2e530ae12751489293665d945aa7da.png

example-2011-11-06_1014.png.14146d3e7963965a651d1606699e9ed3.png

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Steve, what is TBP? You probably explained it somewhere but i missed it

 

In my thread "An Institutional look at S&P Futures" I introduced the idea of pivots based on time ("time-based pivots" or TBP). Essentially the idea is that the market is moved by institutions that want to reach profit goals based on time (yearly, quarterly, monthly weekly and daily open high and low). As we move through time, each period assume more (or less) importance....so for example....as we reach the end of a week (say thursday or friday afternoon) and price is near to that time period's open, you may see the market test and then move up off of that price as institutions try to defend it....the same would be true of the end of month, and quarter year for instance.

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By observing how each market reacts to news of the day.

 

how could you know certain reaction was due to certain news?

is that a subjective decision?

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How can you "know" anything?

 

I think you have to rely on your training, and your track record of betting correctly on your analysis of the situation.

 

I was trained by skilled professionals and when I look back on my own experience I see that I am generally correct....

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Saw some of these other posts...

 

Certainly there is a mythology that everything is "in the chart"...therefore you need only look at the chart and see where it is going up, sideways, down.....and for the one dimensional thinkers in the crowd, I guess that is the solution you end up with.

 

Unfortunately that just doesn't "get it"....first a chart is just a display of data.....what happens in front of that...is that PEOPLE WHO CONTROL A LOT OF MONEY MAKE DECISIONS TO BUY OR SELL....THEN THE CHART IS CREATED...

 

I don't expect everyone to understand, but if one can obtain a good understanding of what motivates those people to buy or sell, you really have something...One of the purposes of Time-Based Pivots is to show how participants are motivated to act BEFORE the chart is created...If you know what participants are likely to do at specific times (and prices) then you have an edge over folks who simply watch a chart and then have to decide whether to react (or not) to what they are seeing.

 

While I were addressing this, I remember that Richard Dennis was asked once "Is technical analysis dead"?.....he is reported to have smiled and said "I hope not".....I think that about sums it up for me as well.,

Edited by steve46

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I am basically a trend trader. I have been out of this market now for some time as it (the market) has been up a down and sideways now for months. We have been in a sideways pattern for weeks and now we have seen a parabolic up move that just looks like it might blow off at any time.

 

The problem is that when I am out of the market I make no money - but don't lose any either.

 

Is it better to sit back and do nothing when the market is like this or should I just look for setups and work them regardless of having no direction from the market?

 

Hi rgudgeon

Strange name?

If you are not trading, how are you supporting your family?

The present conditions are NOT going to change before 2013

Trade small , BUT trade.

Kind regards

bobc

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I am basically a trend trader. I have been out of this market now for some time as it (the market) has been up a down and sideways now for months. We have been in a sideways pattern for weeks and now we have seen a parabolic up move that just looks like it might blow off at any time.

 

The problem is that when I am out of the market I make no money - but don't lose any either.

 

Is it better to sit back and do nothing when the market is like this or should I just look for setups and work them regardless of having no direction from the market?

 

One of the reasons 'old school' trend traders tend to trade multiple markets is for this very reason. On a well chosen basket of instruments (not too correlated of course) one or two will usually be trending.

 

Another possibility is to sample your data differently (a pretentious way to say look at another time scale :)) For example an instrument that has been stuck in a range for weeks and months will often (usually) be making great 3 4 5 + day 'trend' runs from the top to the bottom of the range (and back again). If you observe this on lets say on an hourly chart these they can look like (and be traded like) epic trends.

 

Incidentally quite a few commodities and currencies have had some great trends recently (depending of your perspective of course).

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One of the reasons 'old school' trend traders tend to trade multiple markets is for this very reason. On a well chosen basket of instruments (not too correlated of course) one or two will usually be trending.

 

Another possibility is to sample your data differently (a pretentious way to say look at another time scale :)) For example an instrument that has been stuck in a range for weeks and months will often (usually) be making great 3 4 5 + day 'trend' runs from the top to the bottom of the range (and back again). If you observe this on lets say on an hourly chart these they can look like (and be traded like) epic trends.

 

Incidentally quite a few commodities and currencies have had some great trends recently (depending of your perspective of course).

 

Hi Blowfish

I rate this best advise given in 2011

MMS will have to give you a prize.

Kind regards

bobc

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That's kind of you to say Bob. The bit on price behaviour was a bit of an aha moment for me. "Looking at a higher time frame for context" is a fairly well established concept however that idea is seldom fully explored. If you scratch a bit deeper and really look at how things fit together, you can come up with a really robust understanding of overall market structure.

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I never thought that I have to be in the market everyday. Sometime not trading is the best trade. Markets give us plenty of opportunities, missing a couple of them wouldn't kill you...

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I never thought that I have to be in the market everyday. Sometime not trading is the best trade. Markets give us plenty of opportunities, missing a couple of them wouldn't kill you...

 

It is true that there are a lot of opportunities to enter the market, but it is completely untrue that missing a few will not kill you. If you miss the good trades, at best, you could end up the year as wounded shark bait.

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One of the reasons 'old school' trend traders tend to trade multiple markets is for this very reason. On a well chosen basket of instruments (not too correlated of course) one or two will usually be trending.

 

Another possibility is to sample your data differently (a pretentious way to say look at another time scale :)) For example an instrument that has been stuck in a range for weeks and months will often (usually) be making great 3 4 5 + day 'trend' runs from the top to the bottom of the range (and back again). If you observe this on lets say on an hourly chart these they can look like (and be traded like) epic trends.

 

Incidentally quite a few commodities and currencies have had some great trends recently (depending of your perspective of course).

 

adding to this, we can also look at spreads. calendar spreads are probably the best place to start.

 

Take a look at heating oil:

 

HO.png?

 

(image from Scarr Trading if i can say that - im not affiliated or even subscribe to their service, but this just shows the point graphically)

 

Its usual for the back months to trade at a premium to front months due to insurance and storage charges. This market isnt. Buy the July, sell March contracts?

 

Spreads to trend more than out-rights with less volatility due to the fundamental drivers behind them. You also get margin offsets meaning you can take bigger positions to make up for the lower volatility or trade in a more risk adverse way, risking little.

 

So with BlowFish's idea of looking at other markets, you have 100's in which to find a trend. When you include calendar spreads you have 10,000's. Including inter commodity spreads you have 100,000's of markets. Taking BF's idea of other time frames to all of the above, you have 1000000000000000000000000000000000000000's of different markets.

 

Still say you cant find a trend? :haha:

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here is a quote for you: when in doubt get out

 

the problem is,

 

we were so certain we were right,

that we would go long in the face of an impending avalanche,

and when the slide begins,

we were so sure that it was only a minor correction, and that the market will go back on its upward trend in no time.

when the slide did not stop, we find justifications to allay the doubt,

when the doubt finally takes hold, we are already 3 feet under.

the wishful trader would look for a small rally to get out,

which never happened.

By the time DOUBT is confirmed, the trader is 6 feet under.

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RGUDGEON

"Is it better to sit back and do nothing when the market is like this or should I just look for setups and work them regardless of having no direction from the market"?

 

To.Mitubishi, and Tams

 

My answer: “when in doubt get out” was to the above question and intended to rgugeon I think it is the best course of action for him

 

Rgugeon even answered his own question “at least I did not lose any money”

 

And here is another quote for you Mitsubishi. “A trader become a real professional when he/she does not feel bad if they missed a trade” The biggest edge any trader has is: they don‘t HAVE to trade all the time

Edited by khamore1

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    • Date : 1st December 2021. Market Update – December 1 – Taper gets a boost & Transitory gets “retired”. Powell “retires” Transitory in light of Omicron & surprisingly suggests faster taper – Stocks tank, Dollar& Yields rise on faster tightening expectations.   USD (USDIndex 95.90) back down from leap to 96.60 on Powell testimony. Saw fresh wave of risk aversion as Treasuries sold off, yields spiked (particularly the 2yr) , Stocks fell significantly with USA100 down over -2.4% (APPL bucked the trend +3.16%) USA500 -1.90% (-88pts) 4567 & USA30 off 652 pts or -1.86%. Consumer confidence saw a slump in the headline, and a rise to a 13-year high in the inflation component. The Chicago PMI fell to 61.8. Home prices increased to fresh record peaks. US Yields 10-year rates were down over 7 bps to 1.41% before closing at 1.443% before recovring to 1.468% now. Asian Markets – Equities – Topix and Nikkei are currently up 0.4%, the Hang Seng bounced 1.1% and the CSI 300 is up 0.1%. The ASX, which outperformed yesterday, dropped back -0.3%. Data over night – Japan’s manufacturing PMI came in stronger than expected and while China’s private PMI reading signalled stagnation at 49.9, that was compensated somewhat by the stronger than expected official manufacturing PMI released yesterday. AUD GDP was not as bad as expected -1.9% vs -2.7% & 0.7% last time. USOil – continues under pressure, down to $64.08 (14-week lows) yesterday – recovered to test $68.00 today – expectations continue to grow that OPEC+, will put on hold plans to add 400,000 barrels per day (bpd) of supply in January at their meeting tomorrow. Gold finally some intra-day volatility – Powell surprise spiked to $1808 – before testing $1770 with a couple of hours, back to $1788 now. FX markets – Yen rallied USDJPY dipped to 112.50, back to 113.40 now, EURUSD now 1.1326 & Cable steadied to 1.3300-1.3330. European Open – December 10-yr Bund future down -11 ticks at 172.26, slightly outperforming versus Treasury futures. Central bankers may be getting more nervous about inflation outlook, but Omicron clearly is clouding over growth outlook & in Europe at least that will boost the arguments of the cautious camp at the central banks. US yields remain firmly below the levels seen before the new virus variant hit the headlines & sentiment is likely to remain jittery, even if stocks are set to back up from yesterday’s lows, with DAX & FTSE 100 future posting gains of 0.9% and 0.7% respectively & a 1.4% jump in the NASDAQ leading US futures higher. Data releases today kicked off with a big miss for German Retail sales (-0.3% vs 1.0%), higher UK house prices & firmer CPI from CHF. Today – PMIs (EZ & UK),US Markit Final Manufacturing PMIs, US ADP and ISM Manufacturing PMI, JTC and OPEC meetings, BoE’s Bailey and Fed’s Powell & Yellen testify. Biggest FX Mover @ (07:30 GMT) NZDJPY (+0.60%) Risk-sensitive currencies remain volatile, from a slide to 76.65 yesterday, today a rally to 77.80. Currently MAs aligned higher, MACD signal line & histogram over 0 and rising, RSI dipping from 70.00 at 58, Stochastic remain OB. H1 ATR 0.172, Daily 0.84. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 30th November 2021. Market Update – November 30– Stocks at ups & downs. Omicron remains in focus and warnings that it will leave current vaccines far less effective and that it will take time to modify and produce new ones has seen markets adjusting growth forecasts and central bank projections.   USD (USDIndex 96.00 up from 95.92 low) saw a fresh wave of risk aversion as Treasuries sold off, but cautiously with only a modest back up in yields, & Stocks bounced significantly with the USA100 jumping over 2% intraday with IT a big winner. It closed with a 1.88% gain, with the USA500 1.3% firmer, and the USA30 up 0.68%. Wall Street stocks closed higher as investors were hopeful that the Omicron coronavirus variant would not lead to lockdowns after reassurance from US President Joe Biden. Moderna’s CEO told the FT that existing vaccines will be less effective and that it may take months before modified vaccines are available at scale. #Moderna +12.73% yesterday. US Yields 10- and 30-year rates were up just over 3 bps to 1.51% and 1.859%, respectively, with the 2-year 1bps higher at 0.508% The 10-year is currently corrected -3.9 bp to 1.46%, but it is still in negative territory, at -1.05% on Tuesday, keeping gold’s opportunity cost low. Equities – Topix and Nikkei are down -1.0% and -1.6% respectively, Hang Seng lost -2.3%, the CSI 300 -0.6%, while the ASX outperformed with a modest gain of 0.2%. USOil – down by 2%, drifted to $66.73 – after FT cast doubt on the efficacy of COVID-19 vaccines against the Omicron – expectations are growing that OPEC+, will put on hold plans to add 400,000 barrels per day (bpd) of supply in January. Gold spiked to $1795 – World Health Organization said on Monday carried a very high risk of infection surges. #TWTR was UP 12% pre-market on news Dorsey was leaving as CEO – it closed DOWN 2.74%. The USA100 rose+1.88%. FX markets – Yen rallied (a new flight to safety), Aussie and kiwi slide. USDJPY at 112.94, EURUSD now 1.1326 & Cable steadied to 1.3300-1.3330. European Open – The December 10-year Bund future is up 46 ticks, Treasury futures are outperforming and in cash markets the US 10-year rate has corrected -3.9 bp to 1.46% amid a fresh wave of risk aversion. DAX and FTSE 100 futures are down -1.5% and -1.1% respectively, while a -1.1% drop in the Dow Jones is leading US futures lower. In FX markets both EUR and GBP gained against the Dollar. EGB yields had moved higher against the background of improving risk appetite and a jump in German inflation yesterday, but while Eurozone HICP today is likely to exceed forecasts, central bankers have already been out in force to play down the importance of the number for the central bank outlook and rate expectations. Virus developments will also help to take the sting out of the number. Today – German labour market data, EU Inflation, Canadian GDP and US Consumer confidence are due today. Fed Chair Jerome Powell and Treasury Secretary Janet Yellen are due to testify before the US Senate Banking Committee at 15:00 GMT. Biggest FX Mover @ (07:30 GMT) AUDJPY (-0.68%) Risk-sensitive currencies slid and safe havens gained. AUDJPY dropped to 80 lows (S2). Currently MAs point rightwards, MACD signal line & histogram below 0, RSI rising above 30 but Stochastic OS. Hence a mixed picture intraday. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 29th November 2021. Market Update – November 29 – Omicron dominates sentiment. USD (USDIndex 96.30) recovers from Fridays slump (95.98), Stocks lost over –2.2% in thin half-day trading, Oil FUTS lost –13%, Gold slumped and Yields tanked (10-yr 1.482%) on a safe haven (JPY & CHF bid) risk off day. (and a strange carry trade bid for EUR). Weekend news, as Countries block flights and tighten restricts, but first Omicron cases in SA appear mild and hospitalizations have not spiked, has seen a bounce in sentiment and Asian markets. Pfizer suggested it would take 100 days to adapt new vaccine, if required. US Yields 10yr trades up 5.1 bp at 1.52%, after Friday’s slump. Equities – tanked in thin and short day on Friday USA500 -106.84 (-2.27%) at 45941 – USA500.F trades higher at 4639. USOil – collapsed to $67.08 – now up nearly $4 at $71.00. OPEC+ have delayed this weeks meeting by 2 days & likely to delay planned January production increases. Gold spiked under $1780, has bounced to $1795 but struggles to recoup $1800   FX markets – EURUSD now 1.1270, after a +125pip rally on Friday, USDJPY now 113.36, from 115.50 to 113.00 on Friday & Cable back to 1.3325. Overnight – JPY Retail Sales recover but miss expectations (0.9% vs 1.2% & -0.5% last time). European Open – The December 10-year Bund future is down -27 ticks, US futures are also in the red & the US 10-year rate is up 5.1 bp at 1.52%. Stock markets remained under pressure during the Asian part of the session, but DAX and FTSE 100 futures are up 1.2% and 1.3% respectively and a 1.2% rise in the NASDAQ is leading US futures higher. A part reversal of Friday’s flows then as virus developments remain in focus. Travel restrictions are making a come back and the services sector in particular is facing fresh pain, but as Lagarde suggested over the weekend, the impact of Omicron is unlikely to throw economies back to the situation at the start of the pandemic, meaning the overall situation has not really changed. We continue to see the ECB on course to end PEPP purchases on time in March next year, although developments will add to the arguments of those who want to keep the flexibility on the distribution of asset purchases at least for future emergencies. The BoE meanwhile may be postponing the planned rate hike into next year. Today – German regional and national CPIs, Eurozone Consumer Confidence (final), US Pending Home Sales, ECB’s de Guindos, Schnabel, Lagarde, Fed’s Williams, Powell. Biggest FX Mover @ (07:30 GMT) CADCHF (1.00%) The risk-off collapse on Friday 0.7400-0.7200 has recovered to 0.7280. MAs aligned higher, MACD signal line & histogram rising but still below 0 line, RSI 53.80 & rising H1 ATR 0.0018, Daily ATR 0.0062. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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