December 2012

Hope you have had a lovely Christmas, I for one certainly enjoyed my break from the screen, and in all honesty going through the charts now I'm doubtful I'd have made many pips had I been trading. Initially the plan was to go through a random list of 2012 swing trades to identify where improvements can be made going forwards but in all honesty there were only a couple of trades where obvious improvements could have been made.

The only action taken this Week was to close existing swing positions. No new positions were opened for reasons I will explain in a moment. The DOW swing long from 12,870 was performing very well initially, but price kept finding resistance at the 13,045 region which was expected, so I closed half of the position for a profit of 177 points leaving the second half to run with trailing stop loss.

A number of swing trade candidates I've been watching have closed the Week at resistance or support. Buying and selling at these levels is usually sensible but before committing to new trades I've been waiting for further confirmation as some Markets have shown enough potential strength/weakness for those supports and resistances to possibly get taken out. So in the mean time I continue to watch and wait.