30 Sep This Week’s Swing Trading Round-Up; 30th September 2012
It’s been another Manic Week outside of my trading world and thus I’ve not had as much time as I would have liked to concentrate on some new trades, despite the fact there have been some apparently nice looking set-ups on the charts I have had time to scan through.
No new positions were taken, although I was quite prepared to enter the GBP:NZD long, but a nice entry didn’t materialise and it’s touch and go as to whether bulls have enough power to make anything of the set-up. I’ll still be keeping my eye on the bullish possibility though.
The second half of last Week’s EUR:GBP short was exited for a 96 point profit, making an aggregate profit on the whole position of 71 points. The reason for exit was simple, it had become oversold quite quickly and at times there appeared to be some willing buyers. Whether it can muster the strength for a rebound (of which I’d be looking to short a lower high) or not remains to be seen, but at the time of exit I felt that the profit wasn’t quite enough to comfortably trail stops. There was also a feeling of needing to bank something after the failed trade before it!
You may have noticed the post below this one showing a long term DOW channel. Whether such huge scale channels really exist as genuinely trade-able technical set-ups remains to be seen, though I have traded similar set-ups on some FX pairs with a fair degree of success. It also appears that in the short term at least, price has reacted from the channel, so it’s well worth keeping an eye on it.
In the meantime, I’ll try and scan some more charts later this evening, and if anything of interest pops up, I’ll share the details.
Hope you are having a great Weekend.