AUD

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 missed the chance as the move began overnight therefore making the risk/reward ratio a little less favourable, one I forgot about, one didn't play out as expected, one still hasn't finished the set-up and one is very close to decision making time.

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 only assume the problems could be weather related. One of the most common subjects I'm emailed about is that of creating a system to notify readers immediately when I enter a trade.

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 open trade although if you read my ADVFN forum I did manage a brief post there at the trade inception. The trade in question is a EUR:AUD swing short from resistance opened during the evening of 7th January from 1.5269. The initial target was the 1.5000 area marked by the previous swing high on the Daily chart which could become support for the current correction but since entering the moving averages have risen possibly suggesting price wont go as low as I initially hoped.

Firstly I have to apologise for the lack of updates to the blog. Hopefully you will understand that my life outside of trading has been really testing over the last few Months restricting my ability to spend the time I'd like to spend on analysing and taking new trades. Despite not taking many trades, the set-ups I've posted over the last few Months have in the main played out very well so I hope there's been some inspiration from those!

In all honesty there still isn't much out there that's worth trading based on my low-risk approach but as I've not posted any updates for a Week here's a quick one just to show I'm still plugging away in the background waiting for opportunities. Last Week I mentioned a few trade possibilities and 2 of those played out well even though I didn't take them myself. The 3rd one was AUD:CAD for a swing short from the same 50% fib level in this chart although I did suggest it may take a while to play out.

As the Week started with uncertainty over the debt ceiling situation I chose to have a lazy Week to avoid jumping into trades I may regret! Of course this was despite the debt ceiling conclusion being pretty predictable. The DAX swing long is still running, showing circa 380 pips profit based on current futures pricing. Whilst I didn't swing trade the last Week I have had my eye on a few charts so here's a brief run through of a couple of the more interesting ones: