It's been a very tricky Week to analyse new Swing trading set-ups, well, it didn't start that way but it certainly ended that way.
Following the GBP:CHF analysis detailed hereI was quite surprised to see a powerful break out the very next morning and after some indecision I decided to enter a long position on an intraday pull back. Initially the trade appeared to be
I've been told off through a couple of recent comments about the lack of updates to the site! It's certainly true that I've missed out on a couple of great trading set-ups that I've not had chance to post nor enter simply due to lack of time to spend at the screen and updating the site.
The original plan for the site was to use the time I'd have otherwise spent day trading on updating the site and analysing prospective swing trades but for the last couple of Months I've barely been doing either of those things due to commitments elsewhere.
The main feature of this Week was closing the long term Swings I've been holding for quite some Weeks.
I covered the DOW shorts that my system had taken some time ago but unfortunately I messed up on the trade losing out on 700 of the points that had been available at the previous lows. What's more, I think DOW will probably go
Another Week has passed where no new positions have been added but there have been some potentially interesting set-ups and all that's kept me out of taking them was the possible impact this Weekend's Greece elections may bring to all Markets. There's certainly some volatility ahead that's for sure but how this will affect various correlated Market's remains uncertain for now.
Not a great deal to add this Week as I'm still holding the same positions as last Week and no new positions taken.
I struggled again from a day trading perspective, rather unnecessarily really because all I had to do was keep hold of the first day trade of the Week (DOW long from 12,070) and I'd have had a great Week!
Hope your Week is going better than mine! Though my Swing Trades are all looking good and even the DOW swing short is still showing good profits despite this Week's 500 point rise, the 2 day trades I entered today left a lot to be desired!
So I've had a scan through my watchlist and the following charts define those I consider most likely
As you know, half of last Week's EUR:AUD short was covered ahead of a bullish set-up on shorter time frames that could lead to a 2nd short entry.
On 4 hourly and Daily time frames, the areas detailed in the following charts show levels where resistance should be prevalent if the move down is to resume.