14 Apr Belated Update, Nasdaq and USD:CHF; 14th April 2014
Apologies again for taking so long to provide an update, just haven’t had the time to concentrate on swing trading.
The last swing trade taken for the blog was the AUD:CAD swing short which and this was stopped out on the day it printed its high prior to the small correction we saw. The correction would have delivered around 150 points profit which is a fair move for AUD:CAD. Nonetheless it was a risky and aggressive trade and in hindsight the stop loss was too tight. Had I taken either of the 2 discussed alternatives, EUR:CAD or GBP:CAD the trade would have gone straight into profit and delivered in excess of 500 pips profit!
Indices are currently going through a sell off. Its difficult to say whether this is just another correction or something more. My system is showing set-ups that are consistent with major tops but these are yet to be confirmed. Nasdaq has led the selling but let me present this chart to you showing at this stage of the move there’s nothing technical suggesting more than a correction thus far whilst price meanders around the Daily 200MA which has supported Nasdaq a number of times in the past:
A trade that I’m really disappointed to have missed is the planned swing short for USD:CHF originally detailed here. Frustratingly I even had a ticket open to enter this trade at my target entry level, but for whatever reason I just didn’t take it. Quite annoyed with myself for that as nearly all time frames were supporting the sell set-up. Still, if the original analysis was enough for you to get it on your watchlist and take the trade then at least some retail traders benefited from it:
At the moment I have nothing new on the watchlist and probably wont until we see whether the current moves across Indices and some FX pairs are just corrections within existing trends or something more sinister.