29 Sep This Week’s Swing Trading Round-Up & GBP:CHF; 29th September 2013
DAX as with other indices seems to be going through a correction at present but its quite clear DAX remains one of the strongest Indices. As you know, my system shorted FTSE back in May on the basis a medium to long term top may be in place. Bearing this in mind it could turn out the DAX Monthly break-out candle is little more than a fake-out and I am concerned that the huge profits seen on that trade will turn to dust, but I’m quite determined to stick to the plan on this one unless I see a real break-down in the technicals.
The same as for DAX may apply to the GBP:CAD trade too, but for now there’s no evidence to suggest its break-out from a 3 Year trading range is anything but the real thing so I continue to hold that position also.
Sticking with GBP which has been the stand-out currency recently, I’m also watching this GBP:CHF chart ahead of support being confirmed at both the fib retracement and the green 200 MA on the 4 hourly time frame. In the short term we may see a battle between the 200 MA and the pink 50 MA so for now I’m just watching with interest:
Finally, another pair I’m watching is USD:JPY for a potential short position. I understand Citigroup entered a sizeable short positions from 98.43 with a target of at least 95.00 if not 93.75; Stop loss at 100.05
In the meantime, Indices futures have just gapped down quite significantly on the Sunday night open so its time to see what news is driving that.
Hope you are trading well.