Weekly Swing Trading Round Up 17th December 2011

Weekly Swing Trading Round Up 17th December 2011

Due to illness at the beginning of the Week I was unable to follow through on my promise to post some current entry set-ups  and by Tuesday the trades were no longer viable based on my risk parameters. However, I did still manage to enter a couple of trades this week.

The GBP:NZD swing long was a nice quick trade yielding a 200+ pip profit on the first half of the trade and a small profit on the 2nd half of the trade which was taken out by a trailing stop loss. It’s a fast moving pair that can turn at a moments notice which is fine during long term trends but can be a little disconcerting during periods of high volatility such as that we’ve seen lately. It tends to trade inversely to U.S Indices so volatility there is reflected in this pair which becomes bullish during “risk off” periods.

I’m still holding the NZD:CHF swing short which seems to be consolidating all over the place but has yet to give me a true signal that the trade is wrong. That trade goes into the Weekend showing a +30 pip gain, but day to day this has fluctuated from anywhere between -70 and +70 pips.

For Indices we are yet to see any signs of the famous “Santa Rally”, a traditional rally that plays out on low volume most years in the latter part of December. There have been no signs as yet suggesting we’ll get a rally this year but it can be late in it’s arrival. For DOW daily support lies in the 11,750 area and intraday support lies in the 11,845 area. Both these levels offer trade-able entries both long and short. Whatever you’re opinion on Indices there doesn’t appear to be a big rush for the exit’s right now and nor does there appear to be any convincing buying but in the short term we are trending down and need to respect this by shorting resistances and possibly day trading longs from supports for the sharp intraday retraces we’ve been seeing.

I’m going to take a scan through my watchlist which is in need of an update and will produce any worthwhile findings here for your attention.

Have a great Weekend.

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