27 Jan This Week’s Swing Trading Round-Up 27th January 2013
Only the one swing trade taken this Week, and exited 24 hours later.
That was the EUR:USD long, the analysis behind which can be found in this post.
It rallied almost straight away after entering and 24 hours later price was rejected from quite strong resistance at the top of the recent range, which happened to coincide with the triangle I’d marked out in the previous analysis.
Now, I’ve seen this pattern quite a lot before especially after such a short period of consolidation, and although my exit was hasty I could easily see all of the profits being wiped out by morning, so I banked 52 pips there and then with a view to re-entering later.
However, I was wrong and price rallied hard overnight and throughout the following day right up to the area I’d originally targeted for the trade. Quite disappointed to have missed out on those extra gains after all the analysis I’d done beforehand.
That said, all is not lost and I’m watching this possibility of a pull back to retest the breakout for another swing long in the not too distant future:
That trade aside, my Week started well for day trading but ended badly. Friday was a terrible day for day trading indices as higher highs and lower lows were being printed throughout. This meant that my normal strategy of buying new highs and selling new lows got trounced upon by the market. Normally this kind of result is either due to a result of very low volume but may suggest there’s a period of choppy consolidation coming, so be careful with your entries and stop placements.
I have no new swing trades on the watch list, but haven’t really analysed anything in any detail for a few days so will attempt to put aside a couple of hours tonight or tomorrow evening and update on any decent findings.
In the meantime I hope your trading is going well.