20 Oct This Week’s Trading Round-Up, AUD:CAD, EUR:JPY, & USD:CHF: 20th October 2013
As the Week started with uncertainty over the debt ceiling situation I chose to have a lazy Week to avoid jumping into trades I may regret! Of course this was despite the debt ceiling conclusion being pretty predictable.
The DAX swing long is still running, showing circa 380 pips profit based on current futures pricing.
Whilst I didn’t swing trade the last Week I have had my eye on a few charts so here’s a brief run through of a couple of the more interesting ones:
USD:CHF looks likely to move lower. An aggressive short may have tight stops above 0.9182 or a less aggressive smaller position could be run with stops above 0.9306, both areas marked by horizontal lines on this chart. A nice target would be the line at the 0.8557 region:
AUD:CAD should find resistance in the current price area which is the 50% retracement of the large swing move. There’s multiple reasons for a pull back from here, but a few days of consolidation will probably come before a real move back down so I don’t think there’s a rush to get short:
I also like the tight upwards consolidation on EUR:JPY which could lead to an eventual surprise and fast run to the 137.74 area. MACDs upwards trend also seems to support this. Although I very rarely use them, I’ve found this type of trade is best entered when price is at the bottom of the bollinger band so it might be worth applying that to the chart when the time comes to enter a position:
I’ll probably keep a watch on these 3 charts over the coming Week with the likli-hood of entering one of the suggested trades.
Hope your trading is going well!