This post is essentially to record my thoughts as opposed to being an outright prediction. Presently undecided whether I'm going to take the position as my previous Gold trade incurred a loss despite being one I was quite confident of.
My thinking.... short with stop loss on a daily close above
Today hasn't been particularly good to me. All open swing trades are now red!
AUD:NZD was +200 last Week, now showing -35
GBP:NZD was +120 within hours of entering the position, now showing -110
GBP:CHF was +140 when I got up this morning, now showing -45 on rumours of SNB raising the Euro Peg.
Amazing how quickly things can change. GBP:CHF has suprised me the most as it looked incredibly bearish yesterday and I remember thinking it could be one
Whilst we await the arrival of the Quad Witching Week volatility, here are a few FX pairs creeping in under the radar showing just a very quick picture of where they are and where they're likely to go...
Having taken a closer look at most of the Swing Trade candidates for next Week I've concluded that most FX pairs I'm watching need at least another session to determine their viability. By the same token so do Indices and although we are seeing strong bearish signs we've yet to see a confirmed lower high.
Flicking through a number of blogs it's quite clear that
CAD:JPY was covered in last Weekend's Analysis which can be found here.
Shorting runaway trains isn't something I generally make a habit of but once in a while something will come along showing technicals that can potentially justify entering a position very early in a topping process and CAD:JPY might be one of those candidates.
It's been a particularly good Week to both Day Trade and Swing Trade Forex Pairs and Indices since we have seen a return of much needed volatility to the Markets.
That volatility made for some quite great trading performances but as far as results go, I've only really banked the profits from
Just a quick update on these 3 charts that I've been following closely this Week.
NZD:USD was presented last Weekend as a viable Swing Short but I didn't take a position myself simply because I'm already quite heavy on the short side of NZD across other trades.
After the rapid sell off earlier in the Week, Price has recovered equally
I'm currently Flat Indices having held long positions throughout much of today but with little going on in the way of new swing set ups I thought it worth sharing a couple of DOW and FTSE charts to give an idea of the type of things I watch intraday ahead of entering Day Trades.
Because this Blog is predominantly a way to