Choppy headlines continue...Notice of session by session trading.

The mix of positive and negative headlines from the past few weeks has continued, this week in particular it has been extremely difficult to have confidence in any moves. The week began on negative footing, switching to risk on but switching back to risk off following president Trump's speech. A report that IRAN is putting a protocol in place for oil passing through the Hormuz strait has given risk assets a boost. The difficulty is that it was actually a document from a while ago, so should we trade the positivity or not? I suspect it won't be long before another negative headline sends the market down again.

It all leads me to think that for the time being, a session by session trading approach is required. It's something I've been dabbling with for a while but rather than take it on a trade by trade basis, for the time being, I'm going to trade session by session. Meaning, if I place a trade during the American session, I will close it before end of day. If I place a trade during the European session I will close it before the American open. The Asian session is a little more subjective, if I do place a trade during the Asian session I'll most likely close it before the American open.

It's not my preferred way to trade but I think it's necessary, at least until the Hormuz strait opens. I've had one too many trades head in the right direction, only to get stopped out due to a changing narrative as a new session begins.

*Side note, I'm actually going to Turkey on holiday next week. I'm too curious about the current environment to take a week off from trading but please forgive me if my market thoughts are more sparodic than ususal.

Please get in touch with any thoughts or questions: johnelfedforexblog@gmail.com