As discussed in the Trading Round-Up for Last Week I've got no high probability swing set-ups on the radar right now but promised to talk about a couple of things I'm watching that could offer some shorter term trades and may eventually become solid swing trading candidates.
Since the original EUR:GBP long term analysis detailed in this post it was always my intention to follow it up at the end of the first Quarter in view of a potential long term swing short that could yield a significant devaluation of the Euro against the British Pound.
Probably posting this potential swing set up a little on the early side, but it demonstrates how far out I begin to plan a potential trading set up and allows me to follow and understand the way a particular Index or Forex Pair is moving before taking an entry.
If this plays out and offers a trade, it will be the
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
Whilst we await the arrival of the Quad Witching Week volatility, here are a few FX pairs creeping in under the radar showing just a very quick picture of where they are and where they're likely to go...
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
I always feel quite conscious when I've not updated the site for a couple of days. The traffic keeps coming but nothing new for anyone to read! Unfortunately if there's nothing convincing in the charts it becomes difficult to keep the site updated with stuff that's on topic and interesting.
I've sat on my hands most of this Week though finally gave up messing around with GBP:CHF as it wasn't responding to any of my analysis. I'm happy I stopped out early now because
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