Thursday 31 October: A lot of moving parts.

I can't recall many moments when there has been so many potential market moving events happening in such a short space of time.

Big tech earnings, US data, BOJ uncertainty, rising yields, GBP budget, EUR rebound, china uncertainty, NFP, US election. That's just off the top of my head...throw in the fact it's month end and it all equals a difficulty in forming a conviction. And even if I do find confidence in a trade, anyone of those events could throw the idea off course.

Therefore, I've decided it's prudent to wait until after the Tuesday's US election before forming a conviction in a fresh trade. By then, my hope is the dust will have settled on this week's narrative. And the market will have a clear direction one way or the other.

It is easier to make a decision to sit out a couple of days when you've had a trade hit profit. But I must stress, I'd also make the same decision whether I'd placed a losing trade, or no trade at all.

I don't like saying it's best to sit it out. But all we can do is make what we believe to be the best decision in the moment....as I always say: A decision you would stand by, regardless of the outcome.

I will continue to read articles though and I'll take the time to send over some psychology thoughts and a couple of ideas I'm working on.

But for now, a day earlier than usual... I'll wish you a lovely weekend.

Feel free to email any questions: johnelfedforexblog@gmail.com