Apologies again for taking so long to provide an update, just haven’t had the time to concentrate on swing trading.
The last swing trade taken for the blog was the AUD:CAD swing short which and this was stopped out on the day it printed its high prior to the small correction we saw. The correction would have delivered around 150 points profit which is a fair move for AUD:CAD. Nonetheless it was a risky and aggressive trade and in hindsight the stop loss was too tight. Had I taken either of the 2 discussed alternatives, EUR:CAD or GBP:CAD the trade would have gone straight into profit and delivered in excess of 500 pips profit!
Indices are currently going through a sell off. Its difficult to say whether this is just another correction or something more. My system is showing set-ups that are consistent with major tops but these are yet to be confirmed. Nasdaq has led the selling but let me present this chart to you showing at this stage of the move there’s nothing technical suggesting more than a correction thus far whilst price meanders around the Daily 200MA which has supported Nasdaq a number of times in the past:
A trade that I’m really disappointed to have missed is the planned swing short for USD:CHF originally detailed here. Frustratingly I even had a ticket open to enter this trade at my target entry level, but for whatever reason I just didn’t take it. Quite annoyed with myself for that as nearly all time frames were supporting the sell set-up. Still, if the original analysis was enough for you to get it on your watchlist and take the trade then at least some retail traders benefited from it:
At the moment I have nothing new on the watchlist and probably wont until we see whether the current moves across Indices and some FX pairs are just corrections within existing trends or something more sinister.
Following a sustained weakness in the Canadian Dollar a number of CAD pairs are showing signs of exhaustion which happens to coincide with Fibonacci retracement levels and areas of potential short to medium term resistance.
In particular there are 3 pairs that have my interest so I’ll start with the [...] Continue Reading…
Firstly an update to my previous post where I cited GBP:NZD as the favoured swing trade from my watch list. Yet again it performed as expected but yet again I didn’t enter the trade due to my focus being elsewhere. However, it may not be over for that pair [...] Continue Reading…
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As you’ll remember in my previous post of 2 Weeks ago I gave details of 5 currency pairs each demonstrating early stages of set-ups I tend to follow before entering a trade.
As things stand I’ve not entered trades in any of them as yet. For one of them I [...] Continue Reading…
An unreliable internet connection has kept me from Trading for yet another Week but suddenly today its started working fine again despite no work being carried out on my line. In view of the Weeks of torrential rain followed by a single sunny and very windy day one can [...] Continue Reading…
Over the last Week I’ve had significant problems with internet connection drop-outs which have prevented me from trading.
Of the 3 potential trades in my previous post EUR:JPY soon became the favourite and an ideal short entry target was achieved on the spike following the Turkey interest rate decision. Unfortunately [...] Continue Reading…
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Last Week’s EUR:AUD short achieved target on Monday although I didn’t bank profits at the target due to other commitments but managed to get the trade closed later in the evening for a 176 point profit which is a pleasing result for the first 2014 trade and made more [...] Continue Reading…
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I’ve started the Year with a tough bout of man-flu which again has kept me from spending anything other than brief moments at the trading screen. As much as I strive to post trade entries live I just couldn’t manage it on the blog for the current and only [...] Continue Reading…
