How Do We Make Money Today?
It was a tense 24 hours after global equity markets took a pasting, coming off 4%+ across the board.
That crazy move down now appears to be put down to an ‘Algo” glitch (if you can’t find a reason blame the Algo’s) and the markets slowly clawed back half of their losses from the previous day.
It’s lucky there was no major high impacting economic data releases because that could have really fuelled the fire.
So the majors stabilised and if anything look set to recover all lost ground and then some.
Sterling looks the best play to me and that’s for two reasons:
- It has a great technical set up
- It has a high impacting fundamental release that could be the catalyst for the rally
So I’ll be taking it easy through the Asian session and hoping the Halifax Housing data comes out higher than the 0.2% forecast.
The YEN crosses are all coming back into play as USDYEN rallies back towards 109.50 but they’re probably a day or two out from being ripe.
That’s where the cash is in my opinion!
Trading Pairs to Focus On
GBPUSD & GBPJPY
Check our Next Best Trades list for full details as to why these pairs are in focus.
Today’s Fundamental Drivers
Plan the Trade, Trade the Plan!
The idea of our “Market Insight” is to give you some guidance into your daily preparation.
Your Daily Analysis needs to become habitual – For full guidance on our daily routine click here.
Make sure you don’t waste unnecessary time in front of the screens.
Remember you need to be fresh, confident and ready to trade and by sitting aimlessly in front of your screens you will become stale and uncertain.
The key to your sucess: Isolate the opportunities that work for you and focus on them.
Don’t worry about things that you can’t make…..chasing them will only cause problems (tiredness & irrational behaviour will take over).
Tune up your charts & get ready to trade…..see you in the 247 Trade Zone!