No new swing trades were taken this Week as not a single set-up on my watch list created conditions that fitted with my pre-planned analysis.
Quite amusing was the USD:CHF set-up I’d been watching that not only ignored potential support areas I’d identified for a possible swing long, but literally crashed through them as if they didn’t exist!
Despite this, USD:CHF still remains within the identified falling wedge so I’ll keep watching it with a view to trading a 2nd break-out on the long side. For now, I don’t fancy being short as the number of green candles on this chart even in spite of the down trend still suggest there may be buyers around:
Another set-up I’d been watching was the mid Week retrace on Cable with a view to entering short. I’d planned on taking the chart screen shots and posting the analysis here, but totally forgot about it. By the time I remembered on Friday afternoon I flicked open the chart to find I’d missed the 2nd greatest single day sell-off since September 2011 !
As things stand there’s nothing in the charts shouting at me right now and I’m not sure where my next trader will be. Indices look good for at least a small pull back, Yen pairs will probably pull back before making new highs but I don’t fancy fighting that steam train. AUD:NZD, although bearish at the moment is nearing the bottom of its long term price range and may be creating a bullish falling wedge ahead of a future rally, but again, I don’t see anything thats imminent on any chart without seeing some further price action.
As soon as I spot my next trading candidate, I’ll post up the details.
Hope you are trading well.
February 4, 2013 at 09:07
I’ve entered long on USD:CHF at 0.9094 based on a nice intraday pattern I can see.
I’ve no idea at this stage whether I’ll run it as a swing trade, just going to see how it develops over the next few hours and will update this evening if I’m to keep it.
February 7, 2013 at 22:47
Sorry I’ve not updated on the USD:CHF position, been without a PC for the last 2 days.
Still holding the trade, its showing a fair profit, but I’ve not yet had chance to look at the chart.
February 12, 2013 at 18:10
Todays USD:CHF price action not looking attractive on any time frame so I’ve decided to abandon this trade at 0.9168 to give a profit of 74 pips.