Just a quick update on these 3 charts that I've been following closely this Week.
NZD:USD was presented last Weekend as a viable Swing Short but I didn't take a position myself simply because I'm already quite heavy on the short side of NZD across other trades.
After the rapid sell off earlier in the Week, Price has recovered equally
I'm currently Flat Indices having held long positions throughout much of today but with little going on in the way of new swing set ups I thought it worth sharing a couple of DOW and FTSE charts to give an idea of the type of things I watch intraday ahead of entering Day Trades.
Because this Blog is predominantly a way to
DOW Price has been trading within the confines of a box on the 4 hourly chart and this afternoon we've had the first 4 hourly candle close outside the box limits.
As an aggressive trade I'll be looking to enter short on confirmed failure of price to re-enter the box and I'll be targeting an initial down side move towards
I've just entered a spur of the moment USD:CAD long at 0.9993 based on some of the following parameters.
Firstly, although not a major factor in this decision, this long position has the potential to act as a hedge against my existing GBP:CAD short position (showing a 10 pip profit as I type). Ultimately the real decision for the basis of this trade was made upon
Not much volume around this Week, in fact, Mondays Stock Indices Volume was the lowest non-holiday volume for over 10 years! That makes for some quite dull price action.
Still hanging onto the GBP:CHF swing long which shows a 4 pip profit as I type this. Virtually every CHF pair produced really
Just a quick chart for the Day Traders amongst you to keep an eye on.
I currently have a day trade long position open in DOW and this chart shows both my initial upside target but more importantly a level that may warrant looking for short entries if resistance is comfirmed.
Not shown on the chart is the Fibonacci levels, so to confirm, this
Just taken a DOW long based on the hourly channel detailed in the chart below. A 3rd touch of a channel like this one over a short period of time (7 trading days) actually fails more often than not, hence not entering right on the channel itself but waiting for confirmation of support. Also worth noting the channel coincides with
Here is a brief example of a DOW day trade I took tonight and it should give you a better understanding of the simple way I approach day trading.
The way I trade and the strategies I use tend to relate to market volumes and volatility and because of this some of what I do is