In this week’s market analysis, I share with you what I think is the worst market to trade right now.
The market is none other than the S&P 500. If you attempt to trade breakouts, you will encounter a series of losses along the way. If you tried trading the pullbacks, the price would probably not come close to your desired level. And my best advice is to stay out of this market for now.
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Good news is that there are more favorable markets out there for trend followers to take advantage of. NZD/USD is in a downtrend and the 4 hour time frame provides shorting opportunity. Likewise, copper is a commodity that has fallen quite a bit over the last few weeks, and the 4 hour time frame presents a trading opportunity as well.
As a discretionary trend follower, you have the choice to stay out when the markets are not trending well, and to trade when markets are favorable.
Thanks and good trading!