It's been a particularly good Week to both Day Trade and Swing Trade Forex Pairs and Indices since we have seen a return of much needed volatility to the Markets.
That volatility made for some quite great trading performances but as far as results go, I've only really banked the profits from
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
There are a few charts I'd like to post ahead of Sunday Night's FX Market Open and I'll start with GBP:NZD
If there's one thing that can be said about the New Zealand Dollar, it's been one of the best Trending Forex Pairs during recent times. I say the best, because although other pairs have trended reasonably well, the New Zealand Dollar does so smoothly without huge whipsaws. There are certainly a few NZD pairs that I regret not participating in.
For GBP:NZD the 15th Decmember 2011 high down to the 15th February 2012 low captured a 2000 point move with the largest retrace being just 350 points. Nice if you can get it!
For the last 3 Weeks price has been forming a possible bowl shaped rounded bottom. I do find these long winded rounded bottoms difficult to trust but the advantage of them being you can usually spot very quickly when your trade is
There is still very little to say in regards to high probability swing trading set-ups. Last Week it appeared that we might see some volatility back in the Markets to offer some new Swing set-ups, some of which I detailed over the Weekend did play out but
There's so little to swing trade at the moment and even less to talk about so I've resorted to creating my own charts just to spark up some discussion!
Ok, this idea really doesn't appear to offer much value ahead of a prospective trade, but on occasion if I'm considering a trading idea, I'll add some candles to a chart just to see if the potential
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
Having failed on the last attempt to trade the long side of GBP:CHF (arguably through poorly placed stop loss positioning), I re-entered the trade relatively late in the day at 1.4487 as price showed signs of the original analysis playing out.
This risk is
I've entered a long position in GBP:USD tonight. It's not really a position I'd consider a Swing trade though it may turn into one, it's simply a trade based on historic topping patterns previously seen in Cable.
Looking at the 4 hourly time frame we have an area of support (not a precise support level) that should soon