It's fair to say I spent much of the last Week sitting on my hands. The 2 currencies taking centre stage have been the Japanese Yen and the Swiss Franc which is exactly as I suggested in last Week's trading review. As the latter has some quite significant risks attached to it in the form of SNB's (so far weightless) promise to intervene, only the short Yen trade offered
Having failed on the last attempt to trade the long side of GBP:CHF (arguably through poorly placed stop loss positioning), I re-entered the trade relatively late in the day at 1.4487 as price showed signs of the original analysis playing out.
This risk is
I've entered a GBP:CHF Swing Long Position today based not on my system but through seemingly bullish Technical's on most time frames. I prefer to take swing long entries from levels that have proven themselves as support but I've not done that in the case of GBP CHF which put's me slightly outside of my comfort zone but does still allow for tight stop losses were I to choose a low risk option for this trade. Firstly it's the 4 hourly chart that attracted my attention: A clear breakout of
Euro aside, not a great deal has changed following the last couple of Weeks worth of analysis detailing trading set-ups that still remain pretty solid, most of which are still valid or have moves still in their infancy. To avoid going over that ground again, here I'll cover a few possibilities from the watchlist where we can watch out for
Here is a potential trade that looks directly at the opposite view to that given in the previous post which had a bearish CHF theme. So, one of the 2 trading ideas will almost certainly fail, yet both have good technicals supporting the respective future directions.
I'm approaching this new trading Week using absolutely nothing other than technicals to determine up and coming trades. Looking at the various fundamentals and stories in the media just end with me scratching my head and being too frightened to enter any trade!
It's unfortunate that the AUD:CHF swing short was stopped out for a 100 pip loss making this trade the 2nd official losing swing trade since blog inception. As and when time allows I will re-evaluate the whole set-up that originally got me into the trade in order to find ways of avoiding a similar loss, but in all honesty, I've taken many winning trades from almost identical set-ups so might have to just call it a bad trade.