Hi, we cautioned this week abut possible $ weakness. I have explained many times that when that happens funds switch to stocks and riskier assets like crypto.
This is exactly what has happened so far BUT I suspect this is all temporary. I am still looking to short the majors versus the $USA & I am certainly not buying stocks. I am looking at higher levels to short everything which is explained in the video.
I recommend that you do not trade any of the majors, especially the Euro until this week is over. Tomorrow is interest rate news AND the press conference.
On Sunday Thinus explained in his post why you should leave the Yens alone AND how this week quite possibly could see continued dollar weakness.
Then on Monday morning in the forum I warned about the Gbp. This is what I said 6 hours before Boris’ successor was confirmed….
“My position trade short on the Gbp/USD is currently +130 pips (was +500 at its peak). I am going to stick to the rules, ie stop to entry +5 and just stay in, BUT I doubt it is going to survive this week. Boris has pulled out of the election so Sunak, the sensible one is odds on to replace him. The markets will most probably react positively and I expect to the GBP to rise at least temporarily this week.”
“As Thinus points out in his analysis for this week the USD at some point is going to at least pullback and this might well be the week for it” (see his post for some of the possible reasons:
I don’t believe that this will be the week for a full blown USD reversal (I could of course be wrong), so my overall bias is still USD strength for now at least.
ps if there is $ weakness then I will be looking for opportunities to short the Gbp, Euro, Aud, Nzd higher up and long the Cad and Chf lower down. For that we focus on the BIG areas we have been discussing for weeks.
Ashley will post these levels if we see bigger moves, but they are the same ones we have been looking at on weekly charts for the last few months. If big moves happen ZOOM OUT ”
I am waiting for weekly candles to close. If you insist on trading only be in one dollar trade at a time. If one loses they all will!
In this graphic that I shared on Twitter you can see why I only want to short stocks (other than miners and oil on pullbacks)
Yes I am watching closely 🙂 this summarises why I am only interested in shorting stocks. Yes they are going up this week but there are no fundamental reasons to support the moves.. buyers BEWARE! https://t.co/OqR48AYBE5
— Marc Walton Forex & Crypto (@marcwalton) October 26, 2022
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.