I haven’t been posting trades lately because the market was pretty quiet the last 2 weeks of August and the first week of September was a shortened holiday week in North America with a holiday Monday and a NFP Friday. I have made no more than one trade a week and preferred to be outside enjoying the last days of summer over staring at the screens searching for trade setups in a sleepy market.
This week most traders are back and getting excited about autumn trading. There will be lots to rev up the market from here on. The prospect of a September rate hike has once again been on the minds of traders and U.S. bonds have selling off. The U.S. stock markets appear to be anticipating a rate hike and started to sell off last Friday.
Oil is moving downward and it looks like we could test the WTI $40 level again.
Gold looks like it could certainly test the $1300 area with anticipation of rate hike.
Of course, if the Fed sounds cautious as has been their track record this year and we hear only that the case is strengthening for a rate hike as opposed to a rate hike, the USD is likely to sell off. Fundamentals can change daily so it’s always important to be aware of pending major economic news but trading what you see from the technicals – especially with the trend is going to increase your probability of success.
Good luck with your trading!