This Week’s Swing Trading Round-Up, EUR:USD And Gold Update; 28th April 2013

This Week’s Swing Trading Round-Up, EUR:USD And Gold Update; 28th April 2013

The first trading decision I made this Week has constantly haunted me since. After 2 Weeks sitting in the NZD:CHF swing long with no results to speak of I decided enough was enough and set the stop loss to break-even. That decision was made around 5 hours before it made a bee-line for my stop loss and then followed it off with a huge rally, the rally I’d given up waiting for. So frustrating!

The red circle in this chart marks the point where my stop loss was taken out:

NZD CHF 4 Hourly 28th April 2013

Moving on I spotted a brilliant set-up on Gold as detailed in this post. Unfortunately the desired entry level took place in the middle of the night and as I’d not expected it to come so quickly I’d not set a limit order. Instead I decided to enter the trade the following morning and currently hold short from 1471 with stop loss set at 1491. It might be worth pointing out that I actually took 2 trades but have already closed one out and will leave this one to run as a swing trade.

Here’s the current Gold 4 Hourly chart showing the initial reaction from that trend line back test:

Gold 4 hourly 29th April 2013

Finally, Following on from previous analysis detailed on the blog over the last few Weeks which you’ll need to read to fully appreciate the reasoning behind this set-up, I’ve entered a fairly risky long on EUR:USD from 1.3018. Sub 1.3000 was my ideal target area to enter this trade but if its going to go my way then the current entry should be good enough with stops set on a 4 Hourly candle close below last Week’s low.

I have 1.3000 as support on the 4 hourly time frame and I like the way that candle wick poked through the 200 MA to reaffirm support:

EUR USD 4 hourly 28th April 2013

On the Daily chart I see major support a little bit lower down so if the current trade does get stopped out I’ll be looking for a better entry from between 1.2750 and 1.2875:

EUR USD Daily 28th April 2013

Although I’ve not done a great deal of swing trading over the last Week, day trading the volatility has been excellent, in particular the “Obama Spike” following the false news from AP that the president had been injured in a White House explosion. I’m fortunate that I use an excellent news feed that provided the news a good few seconds before the market reacted thus allowing me to get positioned before the “headline reading” algos started selling anything and everything.

One memorable moment that came to an end last Week was my run of consecutive winning day trades which ended at 55. For me that was an outstanding achievement almost tripling my previous run of consecutive winning trades and in all honesty something I’m very unlikely to beat in the future.

I hope you’re trading has been equally good.

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1Comment
  • RS2OOO
    Posted at 17:04h, 02 May

    Closed EUR:USD swing long at 1.3204 for +186 pts. (exit posted live on the forum).

    Target hadn’t yet been achieved, but something about the chart made me feel uncomfortable holding the trade for more.

    In the event this may have been a good move as price is currently lower.