The Week began with the following thoughts, which were posted on my ADVFN forum:
FTSE / DOW to look for long opportunities over the next day or 2.
EUR:GBP as a potential swing short.
Some Yen Pairs nearing previous swing highs in long term Macro down trends.
Apologies for the delay in updating on this Weeks Swing Trades, or, lack of them should I say!
The only trade taken this Week was the EUR:AUDshort which was unfortunately stopped out. From a news stand point, the decision by the Fed to continue pumping vast amounts of money into the markets with no end date spurred the Euro to continue it's rally in most Euro crosses, and thus due to the low potential reward envisaged on the EUR:AUD short my relatively tight stop loss was taken out to the tune of 100 points.
Although we have seen an increase in volatility over the last few trading days of the Week, Friday's close still left us with little confidence of where the Markets are really heading.
All major Indices bounced from solid support and rallied following Bernanke's Speech, but the moves started to
No action was taken across any position or set-up this Week.
AUD:CADreversed shortly before reaching my desired short entry level target. Although the ideal entry was missed, price has now formed a nice downwards channel on the 4 hourly time frame which will now likely create future short side opportunities to watch out for.
A Week containing some of the lowest non-holiday trading volume in over a Decade was not likely to produce any convincing trading set-ups. And it didn't!
I sat on my hands through most of the Week and didn't find anything particularly interesting worth trading although the on FX pair that did make progress was AUD:CAD which
The following is a reprint of a post I wrote on my ADVFN forum, but I think it stands to reason that it qualifies for a place here on the blog.
I think learning how to trade from charts is very easy.
All you need is some horizontal Support and Resistance lines on your chart, and you buy or sell from them, simple as that.
It is our own shortcomings that allow us to lose money in trading, mainly over leverage which I've written about before in this post. Over leverage often means running stops too tightly thus not allowing a good trade to breathe, or, taking profits too quickly because
Very little to say this after this incredibly low volume and frankly dull Week of trading.
Intraday movements across Indices appeared to be almost completely random all Week and this is proven by the fact that today's low volume trading on DOW covered the whole Weeks range less a handful of points.
No new swing trades were taken and I continue to hold the 2nd half of
It's been a torrid Week for my trading with a series of events created by Draghi's Thursday speech that really caught me out on so many levels.
Thursday's violent Market sell off is the type that either follows through in subsequent days or ends in a consolidation period but this Week a violent sell off on Thursday was followed by an equally violent rally on Friday and I didn't see that coming. In fact, even my day trading system which I've started to build trust in remained on a sell signal throughout much of Friday before being stopped out.
So, how did this affect my Swing trades?