19 Aug This Week’s Swing Trading Round-Up 19th August 2012
A Week containing some of the lowest non-holiday trading volume in over a Decade was not likely to produce any convincing trading set-ups. And it didn’t!
I sat on my hands through most of the Week and didn’t find anything particularly interesting worth trading although the on FX pair that did make progress was AUD:CAD which opened at the Week’s high and continued to fall for another 5 consecutive days losing just short of 200 pips in the process. Of course, this didn’t bring any joy to me having been stopped out of a swing short at the high in the preceding Weeks. As tempting as it was to re-enter the trade the sensible thing to do is wait for a sell-able retrace, but there wasn’t any, it literally just kept drifting down all Week.
I continue to hold the 2nd half of the GBP:USD swing short which closed the Week fairly unchanged showing a 150 pip profit.
The latter part of Thursday did bring some long awaited break-outs on Indices, but incredibly low volumes and OpEx Friday make it difficult to tell if these will be sustainable. That said, I believe a Daily close above 2012 Market highs would be something worthy of note and could suggest a decent continuation of the rally and that could ignite some nice movements in FX pairs. Hopefully the next few days will start bringing answers and I’ll be on the watch out for new trading set-ups worthy of talking about, and maybe, finally I can start updating the Blog more regularly.
A bit late with this Weekend’s round up post due to work commitments over the Weekend, but there really isn’t much else to talk about right now so I hope you didn’t mind the wait, and thank you to those of you who check in daily. I really do hope I’ll soon be able to offer more interesting talk of set-ups that can actually deliver decent moves!
In the meantime, I hope your enjoying the weather while the markets are quiet.