🖼 Daily Technical Picture 📈
➤ Welcome to November. Just two months to go prior to the end of a long but so far successful year. However, there will be a lot of action and many trading opportunities still to come.
➤ Except maybe not for a day or two. As if on queue we have a pause on proceedings. This is to be expected both from a fundamental and technical viewpoint. We are awaiting the important US Interest Rate decision on Wednesday and S&P500 is up against strong resistance (pink zone).
➤ If you are familiar with my trading style, you will know I don't like these 50/50 situations. Prices can break above or falter at the resistance. It's a perfect set-up by the Trading Gods to take your money. They either can hunt down your well-placed stop-loss or trap you against your directional bet. This is especially true when important economic data is released.
➤ My exposure is low right now so I'm quiet relaxed. I did have a go at buying NASDAQ yesterday, but cut the position as price failed to hold well. My overall 20% long exposure remains. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Unless something dramatic happens on Tuesday, my positioning will remain the same. I'll be waiting for the fireworks display on Wednesday to show the path forward.
➤ Welcome to November. Just two months to go prior to the end of a long but so far successful year. However, there will be a lot of action and many trading opportunities still to come.
➤ Except maybe not for a day or two. As if on queue we have a pause on proceedings. This is to be expected both from a fundamental and technical viewpoint. We are awaiting the important US Interest Rate decision on Wednesday and S&P500 is up against strong resistance (pink zone).
➤ If you are familiar with my trading style, you will know I don't like these 50/50 situations. Prices can break above or falter at the resistance. It's a perfect set-up by the Trading Gods to take your money. They either can hunt down your well-placed stop-loss or trap you against your directional bet. This is especially true when important economic data is released.
➤ My exposure is low right now so I'm quiet relaxed. I did have a go at buying NASDAQ yesterday, but cut the position as price failed to hold well. My overall 20% long exposure remains. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Unless something dramatic happens on Tuesday, my positioning will remain the same. I'll be waiting for the fireworks display on Wednesday to show the path forward.
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice