Hope your Week is going better than mine! Though my Swing Trades are all looking good and even the DOW swing short is still showing good profits despite this Week's 500 point rise, the 2 day trades I entered today left a lot to be desired!
So I've had a scan through my watchlist and the following charts define those I consider most likely
My previous Cable Swing Long on a pull back from the recent high proved to be a little premature as the correction we've seen has been much deeper and ferocious. If only it had been a swing short!
Glancing through the chart now there's a few things that have caught my eye
The following analysis was intended to be a continuation of that detailed last Week inthis post.
Having entered a long position (1.6171) today primarily based on that previous analysis I decided to run the ruler over Cable again, but this time findings are a little more mixed. By the end of this post it's possible I'll begin to have doubts about the probability of my long position delivering the result initially envisaged.
Running through almost all time frames, I'll start with the smallest and work through.
The following analysis on GBP:USD was with the intention of finding a solid conclusion as to it's next likely direction. No solid answer was found so I wasn't planning on posting up the details but in hindsight it maybe useful to some so here goes.
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.
Having gone over the watch list a number of times tonight, there's almost nothing that can be traded with confidence without further price action to finalise some of the ongoing Swing set-ups.
You may recall that I've been trading the long side of GBP:NZD with success and
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