28 Oct Weekly Swing Trading Round-Up Friday 28th October 2011
Only 2 Swing Trades were taken this Week, the first being the NZD:CHF short taken on Monday and covered on Wednesday for a 156 points. It was a relatively quick trade and there was probability of some downside, but it very quickly started looking a little oversold so the decision was taken to just cover the position. NZD:CHF is now trading relatively close the original short entry, so it might be worth a look to see if we can have a second go at it, but for now an initial glance suggests there are probably better trades elsewhere.
The second swing was taken today, a GBP:JPY long that for now is still hovering around the entry price.
EUR:USD remains near the top of my Watchlist for a swing short as detailed here.
GBP:USD is also another Swing Short Candidate, though it’s likely to mess with my head being short Cable and long GBP:JPY at the same time, but as many who know my trading style will verify, I approach each individual chart based on it’s own merits regardless of the overall sentiment on a particular Forex Currency Pair or Index. I’ll post a GBP:USD (Cable) analysis over the Weekend.
In regards to my trading performance this week as a continuation of last weeks post, combining Day Trading and Swing Trading the performance chart now looks like this….and worryingly a little on the overbought side!
W denotes withdrawals of funds which does skew the data slightly.