Another relatively quiet Week from a swing trade perspective with only 1 new position taken.
EUR:AUD was rejected perfectly by the 61.8% fib retrace detailed inthis post, however I wanted confirmation of this rejection before entering a position and
My previous Cable Swing Long on a pull back from the recent high proved to be a little premature as the correction we've seen has been much deeper and ferocious. If only it had been a swing short!
Glancing through the chart now there's a few things that have caught my eye
Selling on Indices is pretty much established now so unless you are already in swing shorts, entering positions now based solely on the targets detailed in this post is probably not worth the risk for the small potential reward.
However, if you are already positioned here are some levels that will
Another relatively quiet Week for swing trades, not so much due to the lack of set-ups but more because I didn't chase them as there was enough volatility to earn a fair few points out of day trading the Indices.
The only swing position I had open was
Here's a few charts from the current Watch list.
Most of these correlate with one another so if S/R works on one of them, it should work on all of them simultaneously. But there's always a spanner in the works somewhere..... FTSE has broken it's support:
Since the AUD:NZD Swing Long from February never made traction from support, I've been watching the pair and waiting for a retrace to switch short into the trend.
For me, the problem with retraces is being confidence that it is indeed a retrace of a macro trend as opposed to a genuine reversal of that trend. The current AUD:NZD chart