15 Sep Trading Round-Up – Blog Trades To Date
I’m pretty conscious of the fact I’ve not posted a great deal over the last couple of days but I’ve not really seen a great deal of quality swing trade set ups to talk about.
The Indices did take a quick trip down following the previously discussed 4 hourly 200MA resistance, though they went on to find support so I closed the last of my DOW short positions this morning which was luck rather than judgement because I didn’t expect the huge intraday rally that followed in the afternoon session. Indices are now back to the 4 hourly 200MA’s, but the 3rd attempt is too risky to play without further confirmation of the next direction.
The very first trade detailed on the blog – the GBP JPY channel short seemed like a great start, but now that it’s 600 points lower I kind of regret my haste to exit that position, though it was still a good trade that delivered results relatively quickly.
Since that trade, all that have followed went pretty much to plan with the AUD CAD short being another quick trade that went a little better than expected, adding another tick in the box for the “2B” top set up.
AUD:JPY is yet to achieve my ideal short entry level as it was rejected by the 61.8% daily Fibonacci retracement so it’s looking a little less likely that the set up will materialise in the short term but I’m keeping my eye on it.
USD:CAD remains on my watchlist in view of a possible break out that is yet to materialise.
I entered the EUR:GBP short today at 0.8723 but I’m not overly confident about the trade, however, this entry does allow for relatively tight stops and I’m comfortable with that.
I remain long AUD:NZD and continue to hold out for the bigger move that I originally based my entry on. Seeing this position go into a 100 point loss followed by a rapid rally to a 200 point gain, and then a sell off taking the position down to a 200 point loss has been pretty difficult to watch, but my position size is relatively small and until the stop loss is hit I’m going to stick with the bullish opinion that got me into the trade in the first place. I added to this position today which is something I very rarely do, but the set up that was on offer allowed for a very tight stop loss and that position now has it’s stop loss set at breakeven. A daily close below todays low would probably have me reviewing the whole bullish theme particularly as there is a definite bear flag look about the daily chart.
What does please me is the fact that since the first blog post on 28th August, every published trade taken and closed to date have been profitable ones, giving a total overall profit in excess of 600 points across all trades so far. Trust me, this wont last…. there will be bad trades, I’ve just been fortunate to have found some quality technical set ups that have worked according to plan so far.
In the mean time I’ve got my eye on a few things but none of them are quite ready to commit to at this stage.
In regards to the Euro debt situation and everything else that’s going on, well, I’ve not really been able to keep up with it all and decipher the rumours from the facts. All I do know is that the longer this lasts the better it is for day traders and scalpers who love the intraday volatility.
Once we start seeing Goldman Sachs, JP Morgan and the likes lowering price targets, then we’ll probably start seeing some nice rallies to participate in! Of the 10 top headlines I glanced at today, all but one was bearish, and even the bullish one had a bearish overtone, yet we saw DOW print a 350 point rally from it’s futures low to it’s cash high. One thing is for sure, never attempt to actually understand the markets!