October 2011

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