Due to the expected low volumes I've not entered any new major swing trades this Week or spent much time analysing new ones due to the fake moves common with this low volume end of year Week. As much of the Week was spent Day Trading I hope you liked the trades I've detailed over the last few posts.
So, a quick update on previously taken Swing Trades:
A quick update on the projected channels outlined for both FTSE and DOW ahead of today's session.
Fortunately the FTSE channel did hold overnight and I exited the position today on the cash close at 5560. The updated chart shows that this evening's
As you will know by now, in view of the low volumes and erratic price movements across many Index's I've decided to concentrate on a little day trading during this week.
As it's now after hours and price can pretty much do it's own thing, I've just entered a small stake buying FTSE at this
Update to last night's DOW trading map.
4 hourly produced a bearish engulfing from my 12,322 line so the line definitely has validity. The 50 MA and 100 MA both reside at support and this is an area to keep an eye on if the selling continues:
As a bit of light hearted fun to pass away the holidays I'm running a competition on my ADVFN forum for the most outrageous 2012 economic predictions - with a prize for the most unlikely one that becomes reality.
Here's a few I've entered.....
1. DOW yearly candle produces an outside bar (higher high and lower low).
2. Retail sector becomes the big story of 2012 and outperforms by miles whilst financials flat line.
3. political issues in the East cause major oil supply disruption and prices briefly spike to over
Whilst volumes are low this week I've taken a break from hunting out new swing trades and will be spending my time day trading Indices.
Here follows my current trading map of the DOW:
On 4 hourly I have a line at 12,322
Absolutely no idea why I've put this line there and no idea why I've only got it on the 4 hourly time frame. Whatever made me put it there in the first place (a long time ago) would have been a good
In General the Week ended with results appearing to be positive but after removing day trading figures the end result was relatively weak on paper.
From a swing trading perspective the technical picture looked relatively promising but in reality proved to be unreliable based on my own risk/reward parameters.