I put so much energy into day trading the volatility over the last Week that I actually missed out on some reasonably good swing trade set-ups that were previously discussed here. One of those was AUD:USD for a swing long, I actually entered that position but got frightened out of it for a small profit as the markets became quite uncertain and jumpy surrounding Cyprus and Europe news.
Ok, I admit, I'm jumping at straws here. Just can't see anything ripe for a trade right now and whilst flicking through the chart list this one stuck out.
Can a triangle back test on this large scale be valid as a technical trade?
Whatever may happen, it does look interesting:
Throughout this Week I've stood by the notion that Indices may be near to forming a top ahead of a decent correction. Although that's speculation I remain committed to monitoring charts ahead of the trading possibility that will follow.
The USD:CHF swing long remains intact but more interesting than the trade itself is the fact that the USD remained strong in general against some of the large one day rallies we've seen across Indices - another potential market topping sign.
Ok, so last Week I was very interested in buying USD:CHF on condition we saw no Daily closes below 0.9182. Well, that level was breached and the trade idea was abandoned.
However, revisiting the chart today and suddenly that prospective long could be back on the table, funnily enough the same applies to the failed GBP:CHF long of last Week.
Not finding anything particularly easy to read at the moment, so treat the following post as me thinking aloud!
The 2 Indices I trade most are DOW and FTSE, so I'll start with my thoughts on those.
First of all to make clear, I have no idea where they are going, struggling a bit to be honest, so the following is based on my system.
It's getting late, so just a very quick post to keep you updated with a couple of potential swings I'm watching.
EUR:USD should find major support in the 1.3000 level. The level is probably heavy with stop losses, so a spike lower could be a a great swing long entry.
On following the EUR:GBP Daily chart for some time, the price action over the last couple of Weeks is suggestive of a weakening retrace within an ongoing down trend. The Daily chart showing ideal conditions ahead of a swing short, however, other time frames are not as clear cut. Any decision to enter a swing trade on this pair will probably have to be made through determining the key levels on the particular time frame you wish to trade.