Trade ideas thread - 1 November 2018
Daily thread to exchange ideas and to share your thoughtsGood day, everyone! Hope you all had a pleasant Halloween yesterday and that you're all ready for the new month in trading. Markets are already offering plenty of treats in the new day with plenty of good opportunities to be had as the dollar is battered across the board.
- AUD, NZD leads after data beat but mostly off risk sentiment, positioning
- GBP remains upbeat as Brexit deal optimism continues to pick up
- JPY lags as equities sentiment starts to see some calm
- USD beaten down as month-end demand clears, focus starts to shift to midterms
I'm never a big fan of price movements against fundamentals but I am a big fan of price action responding to big figures and positioning data. More often than not, the two always work hand-in-hand together and that's what we're seeing now in my view.
Trading is all about being flexible as we're here to make money and go with the flow. Right now, I'm not convinced on siding with the dollar against the euro, pound and aussie as key technical levels look to give way and positioning data may be at play here. As I always say, fundamentals may support your view but if there is no technical picture to back it up, the trade just isn't there.
What are your views on the market right now? Share your thoughts/ideas with the rest of the ForexLive community here.