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
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
From one Indice to another and from one FX pair to the Next, there isn't anything glaringly obvious that I can see for the Week ahead. There are plenty of set-ups, but the risk of failure seems on the high side for most. On that basis I've pulled a couple of names from the hat and decided to have a closer look.
I'm really sorry to say that yet another Week has passed with very little in the way of updates from me. I'm starting to become unsure as to why I'm not seeing the trading opportunities that were plentiful throughout January to March. I've started to question whether I'm lacking in confidence, missing good set-ups, or there just isn't anything that can be deemed high probability. There have been a lot of moves that looked obvious after the event, but picking the good ones before the event has been particularly difficult and hence I've barely collected any pips all Month.
Only 3 trades were taken over the last Week, a DOW short from 13,010 which wasn't intended to be a swing trade but ended up as a 3 day hold and delivered a 186 points profit, a Cable short that was stopped out for a 35 pip loss, and finally another attempt at shorting CAD:JPY which has remained a
Having gone over the watch list a number of times tonight, there's almost nothing that can be traded with confidence without further price action to finalise some of the ongoing Swing set-ups.
You may recall that I've been trading the long side of GBP:NZD with success and
Today hasn't been particularly good to me. All open swing trades are now red!
AUD:NZD was +200 last Week, now showing -35
GBP:NZD was +120 within hours of entering the position, now showing -110
GBP:CHF was +140 when I got up this morning, now showing -45 on rumours of SNB raising the Euro Peg.
Amazing how quickly things can change. GBP:CHF has suprised me the most as it looked incredibly bearish yesterday and I remember thinking it could be one
CAD:JPY was covered in last Weekend's Analysis which can be found here.
Shorting runaway trains isn't something I generally make a habit of but once in a while something will come along showing technicals that can potentially justify entering a position very early in a topping process and CAD:JPY might be one of those candidates.
Almost certainly a little premature with this one as price continues to make new highs whilst COT report shows traders are now net short the Japanese Yen for the first time in recent history.
As you may know from previous discussions surrounding CAD:JPY, I've never been interested in the long side of this pair, partly due to the fact that none of my systems have triggered buy signals since the trend reversed a couple of Month's back and partly because