Thanks to the USA

A much slower day in the markets today as expected thanks to our friends across the pond. Its the 4th of July which is of course American independence day. Therefore the American banks / funds are absent from the market which leaves us with low liquidity and a high volume of sideways movement AKA consolidation. 

Do not get to excited just yet about trading tomorrow as the Americans have stung us again this time not with low liquidity but to much liquidity, to quick and all at the same time! Yes its the first Friday of the month which is of course is NFP (non farm payroll) which is classed as high impact news which will undoubtably shake the markets especially USD pairs.

I will be avoiding USD pairs tomorrow and focusing on pairs such as CHF, EUR and GBP which admittedly can feel a aftershock of the NFP market bomb, but usually only ever so slightly. 

Be sure to trade safe and not to risk your hard earned cash on high impact news releases such as NFP, Best advice is to wait the news out and see where the markets position themselves after. 

USDCAD not much movement today however previous lows have been tested as per yesterdays blog post. No trade will taken by myself due to low confluences to take a long trade and of course NFP tomorrow. I will revisit this pair once the news has crash landed onto our computer screens and blown technicals away! 

I have neen stalking the markets today and I have pin pointed numerous of the best setups and noted them down on my watchlist pending execution. GBPUSD - Take a look at the bigger picture, longs will be favourable very soon. 

Trade safe tomorrow
Surfing the Elliots 

Written By Ryan Chandler

1 year ago (2019-07-04 17:36:35)