At the end of another week of dismal trading conditions it’s clear that we’re in the Summer lull of the year. Even with a Greek default and NFP the market has traded sluggishly after an initial gap down on Sunday just to reverse then do very little.
Those hoping for the big EUR short trade were disappointed and probably stopped out Monday morning.
What’s a trader got to do to catch “a big one”?
Will it come this weekend after the Greek referendum?
The brokers are certainly sending out their notifications of margin requirements…
And it is a potentially earth shaking weekend – but then it could also be another non-event. After years of this Greek thing going on and on and on could it finally come to the messy conclusion everyone has been expecting that the EU seem prepared to go to any measure to prevent?
I’m so glad I don’t trade news and fundamentals, personally I want things to go back to business as usual with nice tradable price action and some decent moves.
So for now I’ll close the charts and go outside – hopefully normality will return to the markets soon but I have a feeling that might not happen for a while…
If you are thinking of trying to trade this Grexit (whether it happens or not) be very careful, have wide stops and lower your risk.
Just think back to a few months ago when the SNB announced they were ending the EUR/CHF peg – a lot of people lost their entire accounts and ended up with negative balances even though they had stops in place…
Could happen this weekend, could be a non-event.
What would be the best long term decision for your trading business around this weekend and the next few weeks (maybe even months)?