Ok, so I promised an update of charts I was watching with a view to trading this Week, but unfortunately due to a sickness bug I was unable to do so, and that also unfortunately meant missing out on taking a couple of nice trades.
The continually developing chart patterns of GBP:NZD have had me truly fascinated over the last couple of Months as bearish patterns develop within bullish themes and visa versa. Despite this there have been some very trade-able moves offering a large number of pips in a short time....albeit with a sizeable element of risk attached!
As there's nothing on the horizon that can be confidently deemed as imminent trades, here are a few charts showing Forex Pairs at inflection points where the market must come to a decision quickly in regards to the near term future.
Whilst we are seeing a fair amount of intraday volatility and little in the way of solid long term trending I'm going to focus my TA on a shorter term basis sharing a few possibilities for the week ahead.
Daily and Weekly chart's are
I promised to post up some analysis for Cable this weekend in view of a planned swing short, however, on closer inspection defining the entry will not be quite as clear cut as originally expected on a risk Vs reward basis.
Following previous analysis where Cable was heading towards resistance in the 1.5980 zone we have seen a continuation of that rally which has now extended itself to the 61.8% fib retrace as shown in the chart below.
It's not technically a swing trade, just a trade based on probabilities.
Previous GBP:JPY analysis suggested there would likely be some upside and as that upside is now in progress I've decided to take a position with a view to those upside targets being achieved.
What a tough week it's been from a swing trading view point!
Woke up Monday morning, checked through the Watch list and the set-ups were coming together nicely, but by Monday afternoon everything seemed to be falling apart and I had one of those days where I started thinking all my TA posted last Weekend was a complete waste of time!