Market taking a breather ahead of Scottish vote

The market took a day off yesterday after some wild and exciting moves last week, but I’d expect the volatility to return over the next few days as we get ready for the Scottish referendum. The ‘no-to-independence’ vote looks almost certain to carry the day but I personally would not try guessing the outcome and taking a risky position. We are traders, not guessers, so wait for the market to start moving and then look for good risk-reward opportunities.

The next few days are likely to involve plenty of stop-loss hunts, so look for levels where the short-term trailing stops are likely to be. The USD bull trend is the dominant factor in the market at the moment but I’m a non-believer and unable to buy dips with conviction. I might be in for a tough few weeks 🙁

Have a great day.

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