Index Swing Trading & Technical Analysis - Latest Posts

Sadly other commitments have prevented me from trading again this Week and although I cast an occasional eye over the charts in the hope of finding a ripe set-up to trade, I've not really seen anything convincing. I keep going over a few of the Yen and USD based charts but for now most remain within the confines of previous trading ranges making a directional call outside of those ranges quite difficult to make. Unsure if its just my state of mind or whether others are observing the same, but I've found most of the trade-able moves over the last few Months have come from relatively weak technical set-ups and arising from low volume.

Unfortunately due to personal circumstances I was unable to trade this Week. One trade was taken, A GBP:USD short that delivered around 150 pips over a 24 hour period, but sadly I wasn't able to post an analysis ahead of the trade. This trade therefore will not be listed in the Trades log. Hopefully things will quieten down this Week and I'll be able to get some new analysis up.

A lot of indecision from me this Week! The 2nd half of the EUR:AUD swing short was closed for a loss of -180 pips. Taking into account the +321 points taken on the first half of the trade, this gave an overall aggregate profit of +141 points. It's a real shame this trade didn't work out because technically everything looked good. Of course its possible that it will still reverse as the previous major swing high hasn't been decisively taken out, but the chart does look much less bearish than it did when the trade was taken so probably best to be out in the short term.

With low volumes and little going on in the markets things still remain quiet. The 2nd half of the EUR:AUD short is still running and went into the Weekend showing a loss of around 70 pips. I'm preparing myself to closing this position if it rallies past the 61.8% retrace of the current short term swing move. I'm also quite relieved I took half profits when I did even though at the time I was worried I'd regret it. Apologies for not having put this trade in the trades log yet, totally forgot about it!

GBP:CAD is currently trading in the middle of its long term trading range but has shown some potential for a possible move from here to the top of its trading range which may provide a short term swing long set-up. The 4 Hourly chart shows the recent leg down to have found support at the 61.8% fib retrace from the last major swing low to the recent swing high. For a potential long entry this would likely become the area where stop loss positioning should be considered.

No new trades were opened this Week as the mid-Week analysis for both FTSE and USD:JPY has thus far failed to materialise. I closed half the EUR:AUD swing short for +321 pips and left the other half to run. It was my intention to bring the stop loss down to breakeven but i didn't do it straight away and when I next looked at the chart I couldn't believe how fast it had rallied and the 2nd half of the trade is now showing -150 pips. Basically we've seen a 500 point rally in just a couple of days. I'm quite concerned about the trade now so will see how things look tomorrow and may take the loss on the 2nd half. In doing so I should still come out of the position with an overall aggregate profit. Without doubt I'm definitely pleased I took half profits when I did as things could be looking much worse had I not done so.