It's been so long since entering the GBP:USD long that the comments beneath the post detailing the entry have expired so the only way to share my reasoning for the exit of the trade is through a new post.
Although we have seen an increase in volatility over the last few trading days of the Week, Friday's close still left us with little confidence of where the Markets are really heading.
All major Indices bounced from solid support and rallied following Bernanke's Speech, but the moves started to
No action was taken across any position or set-up this Week.
AUD:CADreversed shortly before reaching my desired short entry level target. Although the ideal entry was missed, price has now formed a nice downwards channel on the 4 hourly time frame which will now likely create future short side opportunities to watch out for.
AUD:CADremains one of the few pairs I'm still watching. Having misplaced the stop loss on the previous swing short attempt I'm keeping an eye on it for a new short entry on confirmation of a lower high.
Most time frames offer the same story and I've gone for the 4 hourly here as it compresses the data quite well. If the planned swing short is to remain a valid proposal then I'd like to see
A Week containing some of the lowest non-holiday trading volume in over a Decade was not likely to produce any convincing trading set-ups. And it didn't!
I sat on my hands through most of the Week and didn't find anything particularly interesting worth trading although the on FX pair that did make progress was AUD:CAD which
The following is a reprint of a post I wrote on my ADVFN forum, but I think it stands to reason that it qualifies for a place here on the blog.
I think learning how to trade from charts is very easy.
All you need is some horizontal Support and Resistance lines on your chart, and you buy or sell from them, simple as that.
It is our own shortcomings that allow us to lose money in trading, mainly over leverage which I've written about before in this post. Over leverage often means running stops too tightly thus not allowing a good trade to breathe, or, taking profits too quickly because
Very little to say this after this incredibly low volume and frankly dull Week of trading.
Intraday movements across Indices appeared to be almost completely random all Week and this is proven by the fact that today's low volume trading on DOW covered the whole Weeks range less a handful of points.
No new swing trades were taken and I continue to hold the 2nd half of
It's been a torrid Week for my trading with a series of events created by Draghi's Thursday speech that really caught me out on so many levels.
Thursday's violent Market sell off is the type that either follows through in subsequent days or ends in a consolidation period but this Week a violent sell off on Thursday was followed by an equally violent rally on Friday and I didn't see that coming. In fact, even my day trading system which I've started to build trust in remained on a sell signal throughout much of Friday before being stopped out.
So, how did this affect my Swing trades?