October 2012

This Week was particularly interesting to watch unfolding events across a number of markets but with commitments elsewhere I didn't get the opportunity to get too involved with anything from the watch list. CAD:JPY is still high up on the potential trades list whilst this apparent topping action continues to bounce around. Ideally I want to catch this for a swing short just as it starts it's descent, but for now it remains choppy and still has the potential to continue North, though with 3 marginally lower highs the probability still favours the down-side.

The only changes this Week are the closure of the GBP:NZD and USD:CHF Swing trades, details and reasoning for both can be found in this post. Beyond that I've not really seen anything I like but remain interested in both EUR:GBP for a possible swing short depending on whether it finds resistance at it's current test of the previous swing high on the Daily chart and also CAD:JPY which may have already topped ahead of a swing short, but I remain uncertain at this moment in time.

My normal practice is to enter details of opening/closing trades in the comments section beneath the Post detailing the analysis ahead of the trade. However, there have been a number of comments and emails asking if there is a way I can communicate entries and close-outs using a live email service etc. Unfortunately, for now, that is not something I want to do, particularly because this is just my personal blog, not a service (which I guess would have to be FSA registered in some way), so the best option is to create new posts specifically detailing the entry/exit price. 

On following the EUR:GBP Daily chart for some time, the price action over the last couple of Weeks is suggestive of a weakening retrace within an ongoing down trend. The Daily chart showing ideal conditions ahead of a swing short, however, other time frames are not as clear cut. Any decision to enter a swing trade on this pair will probably have to be made through determining the key levels on the particular time frame you wish to trade.