Only the one swing trade taken this Week, and exited 24 hours later.
That was the EUR:USD long, the analysis behind which can be found in this post.
It rallied almost straight away after entering and 24 hours later price was rejected from quite strong resistance at the top of the recent range, which happened to coincide with the triangle I'd marked out in the previous analysis.
Following on from previous EUR USD analysis posted on this site over the last few Weeks, I've finally decided that I've spent too long waiting and missing desired entries!
The first ideal entry was 1.3000 and I missed that when it rallied 200 points within the couple of hours I was away from the screen.
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.
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.
USD:CHF has shown considerable weakness lately so I've been waiting for a suitable retrace to enter into the trend.
Although bearish in the main, USD:CHF is entering oversold territory on some time frames so the aim here is really to test the water with a view to covering the position on any sign of incorrect timing.
It's been so long since entering the GBP:USD long that the comments beneath the post detailing the entry have expired so the only way to share my reasoning for the exit of the trade is through a new post.
Over recent Week's Cable has been trading a relatively large range of approximately 400 pips. The overall trend on the Weekly chart is down, but on smaller time frames there is no trend at the moment, only a range that will eventually break into a trend.
Whilst price is trading in a range it's relatively common for traders to make a decision as to the outcome of that range, but in reality the range itself is proof that there is indecision within the Market. The only way to capitalise on that indecision is to ignore any overall directional bias and play the range as it forms.
In the case of GBP:USD on shorter time frames that range has run a sequence of marginally higher lows whilst resistance has been repeatedly found at 1.5736 region. This could be indicative of an ascending triangle formation or looking at the chart the possibility of a bullish inverted head and shoulders pattern, but in reality these potentially bullish patterns can fall apart through time decay.
Therefore, the long position I've taken from
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