CAD

Following previous GBP:CAD analysis today I entered a swing long position from support. To understand the history behind this position you'll need to read this post  and this follow up post. I still believe we'll see an eventual break down through the support thats held GBP:CADs trading range over the last 3 Years, however as I pointed out before, another test of major support was very likely due to the lack of consolidation following the previous test.

I put so much energy into day trading the volatility over the last Week that I actually missed out on some reasonably good swing trade set-ups that were previously discussed here. One of those was AUD:USD for a swing long, I actually entered that position but got frightened out of it for a small profit as the markets became quite uncertain and jumpy surrounding Cyprus and Europe news.

Due to other commitments outside of trading my attention has been predominantly elsewhere though I have tried to follow Market movements where possible. Firstly, a brief outlook of Stock Markets based specifically around the DOW which may look like it's going to plunge, but I'm not sure about pre-empting that move for the following reasons:

Having scanned through the charts tonight there's a number of charts at inflection points but nothing that I could deem as high probability, or at least high probability with minimal potential draw-down. CAD JPY is one of the more interesting FX pairs but comes with a warning; Different time frames are showing potentially different outcomes, but I do think it's possible there's a short term trade coming up.

AUD:CAD remains 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