After watching a recent "step ladder" effect play out on CAD:JPY, I've noticed a similar set up in EUR:NZD that may end with the same fate.
Here's the old CAD:JPY chart showing how the step ladder effect played out:
Entered 2 new swing positions today, a EUR:GBP short and a EUR:USD short which I'll discuss here.
Just to get things straight, this position is risky, has low probability of being an instant winner, and goes against short term retail sentiment which is incredibly bullish right now.
However if the main trend is still to remain
EUR:USD closes today's session at resistance and I'm sure many will be looking to this level as an opportunity to add to shorts or to enter short.
Although my opinion remains that a long term low is not in, more so with €1 Trillion LRTO hanging over it, I definitely don't feel comfortable selling the current resistance, but I wouldn't buy it either. In fact, I entered long yesterday and covered the position at the
Due to the expected low volumes I've not entered any new major swing trades this Week or spent much time analysing new ones due to the fake moves common with this low volume end of year Week. As much of the Week was spent Day Trading I hope you liked the trades I've detailed over the last few posts.
So, a quick update on previously taken Swing Trades:
This is not my normal style of trading but is a valid method of trading so I've decided to give the trade a try and share it here.
EUR:AUD broke it's all time low this Week so I shorted it on an intraday retrace and will see how it pans out. Ideally I'm
I'll be completely straight with you here.... This is not a trade I could take and sleep well, however, Channel Back Tests are a type of set-up I've had great results with on a number of pairs over the last year, most recently on GBP:CHF