If you are in the United States then Happy Thanksgiving. For the rest of us we will be thankful when liquidity returns next week. I’ve managed to eek out a few percent last night and this morning but the markets are very quiet with likely two exceptions, Oil and USDRUB. For those of you copying my trades or even thinking about it I would recommend you have a look at the new My Code Of Ethics page.
USDRUB The only position I have open right now is a small USDRUB trade. The OPEC meetings are not yet over in Vienna however to quote Jesse Livermore “my business is with the tape” and the tape tells me that after taking a few weeks to consolidate the previous aggressive move higher USDRUB may be ready to move higher again having traded above last week’s high. I am tiptoeing here because this pair can be volatile and the margin requirements for it are usually higher so having twenty open positions is not an option in this case.
US Oil has now traded below the 2011 lows on speculation that key OPEC members are not prepared to cut production in order to protect their market share. Next stop the June 2009 $60 level? Maybe!
EURUSD Scalped some here overnight for approx 1.5%. It’s a slow moving market today and the technicals have not changed.1.2356 key support is holding as we begin to trade out of RSI 30 on weekly studies. Nevertheless the downtrend remains intact and the pair should meet significant offers ahead of the latest lower top at 1.2887. The Daily Webinars are here
