07 Mar DOW, FTSE Intraday Charting And GBP:NZD Swing Long Update
I’m currently Flat Indices having held long positions throughout much of today but with little going on in the way of new swing set ups I thought it worth sharing a couple of DOW and FTSE charts to give an idea of the type of things I watch intraday ahead of entering Day Trades.
Because this Blog is predominantly a way to diarise my swing trades, any day trade entries and exits are always posted live on my ADVFN forum.
Although many traders advise waiting for confirmation or execution of trailing stop losses before exiting trading positions, I generally just exit them when I want to whether that be at a specific target or on a trailing stop loss. What I sometimes lose in missed additional profits I make up for through closing positions ahead of a move back to the trailing stop loss, so it all equals out in the end.
Earlier DOW longs were closed at this target level, A re-test of the old 61.8% fib level combined with the 4 hourly 200 MA. A nice safe exit that takes the worry out of what might happen next and allows one to sit on the side lines ahead of a possible short entry if resistance prevails:
Looking higher up, the 15 minute chart gives 12,880 as an area well worth watching as potentially strong intraday resistance:
That basically gives you the DOW levels I’m watching, whilst I’ll also be watching for any new evolving patterns whilst keeping an eye on the 20 and 50 MA’s on the daily chart.
FTSE shows a channel that has caused some difficulty for bulls throughout the session. Again, worth watching this inflection point ahead of either potential long or short positions:
I wasn’t going to create a new post specifically about this but as I’m posting anyway, I thought I’d tag this on the end….
As you know, I entered a GBP:NZD swing long Sunday night shortly after the Forex Markets opened, but my first target was hit so quickly I decided to exit the position with a view to re-entering on a retrace.
It’s fair to say that the retrace of the last 48 hours has been quite sharp, and as the original trade idea still remains valid, I decided upon a closer look.
4 hourly price has fallen to retest the original break-out area, which also combines with the old and battered channel as well as the 100 MA on the hourly time frame (not shown). This is good enough for me, so I’ve now entered a 2nd swing long from 1.9206 but before committing longer term to this trade I’ll be keeping an eye on the daily time frame over the next day or 2 looking for price to at least attempt to break todays high.
Here’s the chart that attracted me into the trade, but note that since taking this screen shot price is already starting to recover from the day’s low: