Today’s Key Market Drivers: 23rd November 2018
“Trading Mastery Launches on Monday night at 8.00pm AEDT.”
This week on Friday Live I will be discussing the importance of remaining calm when trades move against you and helpful tips to ensure you don’t screw up a trade that is likely going to make you money. We will also recap all the major headline news, review the technical charts for any breaches in price and look ahead to next week and see what economic data numbers are coming that will move currency markets. I will also give you a sneak peek at the Trading Mastery Website that launches on Monday. Join me at 3.00pm AEDT via this link.
Currency markets were relatively quiet on Thursday as the US celebrates Thanksgiving which is arguably a more important family get together than Xmas. Trading volumes were lighter except for the Pound which spiked higher after the publication of the political declaration of a framework. In normal human being speak that means a “terms of agreement”. Nevertheless, the Pound was higher against most of its rivals on the news but with the US on holiday and not a lot of volume coming into the market through the US trading session the rally faded as the day progressed. I don’t expect today to be much different, we will see the release of the latest Canadian CPI numbers but with US markets in Thanksgiving mode for the balance of the week I doubt we will see any sizeable moves until Monday. US Stock Index Futures markets have drifted lower with the S&P 500 currently trading below Wednesday’s low suggesting more weakness on stock markets is to come.
Following is a small excerpt from the Technical section of the Trading Mastery Workbook.
Over the years I have used dozens of different indicators as well as learning Wave analysis, Fibonacci techniques and other methods of technical analysis. So, what do I think is the best technical strategy? I am never going to tell you “don’t use that technique or just use this one”. That would be arrogant in the extreme as you may be able to make money tossing a coin as your strategy. All that matters is that you make money but there are important and obvious points that many traders overlook. What I am about to share with you is my personal view of how technical analysis can be used to win big. There are literally hundreds of different technical systems you can use but, in my opinion, only a select few will lead to you winning big and winning consistently.
Before I explain my favourite technical strategies I want to ask you a question?
In a perfect world where would you like to enter a buy or sell order in the currency market?
The answer in my view is obvious. If you wanted to buy a base currency you would want to buy it at the lowest possible price. If you were selling a base currency you would want to sell it at the highest possible price. It is impossible to consistently pick exact highs or lows in currency markets but if you consistently use the technique I am about to share with you and you dovetail that knowledge with your Fundamental analysis you have a strong probability that most of the trades you enter are being taken in a new trending direction that also has fundamental strength behind it.
I look forward to your company this afternoon for Friday Live at 3.00pm AEDT. Until then have a fantastic day!
Any trade updates throughout the day will be sent via Trade Time. You can also follow my daily updates on Facebook, Twitter, Instagram by searching for TrainwithAndrew. Make sure you subscribe to the Andrew Barnett YouTube channel after watching today’s Sunrise video below.
About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular keynote speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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