Personal Reflections on War, Markets and an EOS Trade Update
Hey guys,
With the US launching strikes on Syria yesterday, we’ve all been holding our breath in anticipation of a Russian response.
Now, I’m in Australia. A nice little island in the middle of bumfuck nowhere, with no real geopolitical risks or wars on my doorstep. Being here, the sort of death and destruction that bombing and wars bring, really doesn’t seem real.
So understand where I’m coming from, when I speak about these sorts of events from a purely trading perspective and seemingly no human emotion.
With that out of the way, let’s get into it.
Market Overview
It seems that (for now at least), Russia has accepted the targeted attacks for what they are. Targeted attacks for Trump’s leadership to save face after talking the talk and not a direct provocation of Russia.
Here’s Trump on Twitter today pronouncing mission accomplished:
Cringeeee...
It’s all about getting a reaction, but with memories of Bush on that aircraft carrier saying the same words about Iraq over a decade ago while troops are still there, it pretty cringeworthy.
Market risk will continue into next week as the US ambassador to the UN Nikki Haley had this to say in response to Russia’s protests that the attack was a direct violation of international law:
“The U.S. is locked and loaded and ready to punish Syria again if it keeps using chemical weapons.”
Risk, risk, risk!
Cryptocurrency Markets
It’s Sunday so of course not much is happening outside of crypto. As a result, I’m just going to give a quick update on the EOS long setup that I spoke about just as markets were ripping at the end of last week.
Click the link but the thinking behind the setup was that price had held higher time frame support and had the momentum to sustain further buying on a short term pullback.
Here’s an updated intraday chart with the same short term level marked:
EOS/USD Hourly
You can see that the level bounced initially, but with higher time frame resistance holding, this 2nd retest doesn’t have me too excited.
Did you initially buy the level? Take anything off at higher time frame resistance if you did? Leave me a comment and let me know 😎.
Enjoy the rest of your weekend guys. I plan to post something on Steepshot later tonight, but we’ll see how I feel.
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
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Should be an interesting week for the gold market as well!
Yeah, you’re right. I’m going to go over some gold charts for today’s blog.
The whole situation in syria is disgusting, as usual all about oil. This time a pipeline.
I think we see Oil above 100USD before the end of the year.
You really think that’s all it comes down to?
Not all, as there are a number of sub-wars but the main cause I believe is the pipeline to Europe which has to go through Syria.