As the heading suggests, I've taken a few new trades this Week, but have struggled or am struggling with all of them. It's one of those Weeks where I'm left wondering if Markets are just completely random and only a look at previous trading results remind me that TA must play a major part!
I came into the Week with one open trade, an AUD:CAD short, but on Monday my Day Trading system gave a long signal on the 5 minute time frame, so I decided to
As there's no new set-ups ready for entry right now (including AUD:CAD detailed in the previous post which still awaits confirmation), I thought I'd have a look through some old trades and found something interesting with EUR:AUD.
It was originally taken (see post here) as a "Box Trade" short. Box Trades are fairly rare set-ups, but thus far every one that I've taken has been a success.
With EUR:AUD I covered the position at the 61.8% fib (circled) which seemed sensible at the time but re-visiting the chart and I realise maybe
The Canadian Dollar has found strength against most currencies lately, but recent signs of it strengthening against the Australian Dollar have caught my interest.
Although the following set-ups look pretty tempting, initial thoughts are to gauge AUD:CAD against
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.
Here's a few charts from the current Watch list.
Most of these correlate with one another so if S/R works on one of them, it should work on all of them simultaneously. But there's always a spanner in the works somewhere..... FTSE has broken it's support:
Since the AUD:NZD Swing Long from February never made traction from support, I've been watching the pair and waiting for a retrace to switch short into the trend.
For me, the problem with retraces is being confidence that it is indeed a retrace of a macro trend as opposed to a genuine reversal of that trend. The current AUD:NZD chart