We have entered the last quarter of the year, and week 40 is the start of this last segment.
Things got just slightly better as the GBP fell. I had opened a 0.08 lot of GBP/USD short and originally planned to keep it longer till it fell to at least 1.30, but when XAG/USD rose back to a local high unexpectedly, I opened a XAG/USD short and closed the GBP/USD trade at a small profit of 30 USD, not because I do not believe that GBP will continue to fall, but purely from the stand of risk management as I have many open trades at the moment. XAG proceeded to rise up to a high since 2012 before falling back a bit. I do not know whether this decision will turn out good, but I am also learning with every trade I make.
Data (link in segment below) revealed that big monies has started cutting down on gold longs, after last week’s significant increase in gold shorts. I remain optimistic that gold prices will fall back to the 2000 level, though admittedly my timing is somewhat off.
DOT continued to fall to a near $4 mark. Disappointing to be honest, but we probably have to hold on till after the US presidential election.
Welfare pack for this week:
Download this week’s CFTC Commitment of Traders (big monies) analysis here.
Read more on what is the CFTC Commitment of Traders report.
Do note that the financial markets are volatile and unpredictable. The above report is only another set of tools to help with our analysis, and by no means is a 100% indicator as to what will follow. It should be used together with other necessary research which a trader or investor should do.
