07 Jun Mid Week Supports And Resistances For Potential Swing Set-Ups
Hope your Week is going better than mine! Though my Swing Trades are all looking good and even the DOW swing short is still showing good profits despite this Week’s 500 point rise, the 2 day trades I entered today left a lot to be desired!
So I’ve had a scan through my watchlist and the following charts define those I consider most likely to offer a swing set-up in the coming days.
I did take this as a day trade short entry today but closed a little early. Triangle resistance on the Daily chart worth keeping an eye on to gauge ongoing strength of the current rally:
Watching the current retrace with interest ahead of a potential short entry to take us back to re-test the previously resisting trend line. This trade could offer a potential 200 – 300 points, maybe more if the back test does not offer support:
Worth watching the next few days price action for potential short from resistance targeting 0.7340 for a potential 400 – 500 points. Ideally would like to see 3 or 4 doji’s at 0.78187 resistance to increase chances of price reversing:
Daily Futures chart now at combined 200 MA and horizontal resistance. Not likely to be a new swing set-up just yet, but will be a good barometer as to whether the risk on phase will continue. 4 Daily closes above the 200 MA probably targets an extension to this Week’s rally. Otherwise price will head back down, possibly to a new low to create the divergences required for a future bullish set-up.
If the 1543 level goes we can start targeting an extension to it’s bear trend, targeting either a back test of the falling trend line, or possibly a 100% retracement of the 2011 rally:
Been some time since I last covered this pair, and you may remember that 77.70 was always an important level. That level has now offered support, but the bounce has been a little too powerful to convince me that a rally from here is sustainable. The 3 red circles mark out areas for entries, stops and exits with a short bias:
Probably still my favourite. I’m still holding half a swing short in this pair, didn’t quite get my favoured levels to add to the position, nonetheless, the orange 100 MA is probably the last chance this pair has left to find support. Failure here and we can start considering a 61.8% retracement of the 2012 rally, ultimately looking for a 100% retracement. A bullish day or reversal candle tomorrow is very much required to stop this slipping further: