13 Mar Mid Week Update And Some More Charts… DOW, AUD:CAD, EUR:NZD, GBP:NZD
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 I can now forget about for a Month or 2 as it breaks into a decent down trend. Nothing I saw on the chart could have predicted todays price action, and although it’s my opinion rumour driven price moves usually reverse themselves, I don’t really want to mess around with SNB so will have to decide on whether to cut this position now or wait until tomorrow. I don’t believe the SNB rumour but also don’t fancy being on the wrong side of potential intervention!
Anyway, here’s some charts I’m currently looking at.
A DOW big green candle like today’s often denotes a genuine breakout from a swing low or a blow off Top. Tomorrows close may give us the answer unless it’s a small doji, in which case we might get another fortnight of pointless chop!
Circled on the chart are the big green candle’s that either started a rally, or ended one:
Found it’s 200 MA. A few days messing around these levels will probably show some clues as to whether this is a buyable correction low:
But, a quick look at the Weekly chart suggests this could be worth a gamble on the long side. Rising wedges are usually referred to as a bearish pattern, but they aren’t bearish until price confirms it.
Still stuck in an underwater swing long on this as are a few other traders from the ADVFN forum.
Looking at this chart, I don’t think today is the day to give up on this….
But before you get too excited about that GBP:NZD support, take a look at this.
A break of this level or certainly a daily close below it will have me very interested in the short side: