I promised to post up some analysis for Cable this weekend in view of a planned swing short, however, on closer inspection defining the entry will not be quite as clear cut as originally expected on a risk Vs reward basis.
Following previous analysis where Cable was heading towards resistance in the 1.5980 zone we have seen a continuation of that rally which has now extended itself to the 61.8% fib retrace as shown in the chart below.
Here is a DOW Chart Pattern I've been keeping an eye on and now is probably the best time to share it with you, not necessarily as a trading idea because the repetition of a single pattern is not in itself means to take a position, but it's something we should all be aware of to enable us to take full advantage of if other factors begin to support it as a solid trading idea.
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
It's not technically a swing trade, just a trade based on probabilities.
Previous GBP:JPY analysis suggested there would likely be some upside and as that upside is now in progress I've decided to take a position with a view to those upside targets being achieved.
EUR:USD has finally achieved the zone where I've been planning a short entry. Unfortunately it has achieved this level with a huge bullish daily candle and therefore unless you are really aggressive I would suggest it's too early to start jumping into swing shorts just yet.
It's not the best looking Swing Short Set-Up and there are risks to this trade, but it's one of the better looking chart's at this precise moment in time so I've decided it's a risk worth taking.
NZD:CHF was on my Watchlist as a possibility for a long entry, but it's failure to show strength combined with
What a tough week it's been from a swing trading view point!
Woke up Monday morning, checked through the Watch list and the set-ups were coming together nicely, but by Monday afternoon everything seemed to be falling apart and I had one of those days where I started thinking all my TA posted last Weekend was a complete waste of time!