Mid Week Update, NZD:CHF & That SPX Chart!

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11 Apr Mid Week Update, NZD:CHF & That SPX Chart!

Posted at 21:41h in SPX by
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Although I promised myself the NZD:CHF swing long would not be closed until the 0.8210 target was hit, this mornings rally had a bit of a blow-off look to it and I couldn’t resist closing the trade at 0.8064 to bank a 109 point profit. Taking that profit probably wasn’t a professional thing to do as it technically makes the risk vs reward on the trade less than 1:1 because the stop loss was around 200 points away. Anyway, its done now and the trade is closed, but I probably wouldn’t discount re-entering the position if circumstances become attractive again.

You may also remember I’ve been watching this long term SPX chart with a view to taking a short entry on a test of the expanding megaphone pattern. Whether this pattern really exists is questionable but as promised I entered a small short anyway at 1596 with quite wide stops:

SPX Monthly 11th April 2013

Finally, I’m watching Cable ahead of a potential short entry as price is now in the resistance zone I detailed a few Weeks back. No positions entered just yet although I was close to it but I may enter in the next few days if any intraday set-ups look worthwhile.

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4 Comments
  • and then
    Posted at 16:47h, 12 April

    Am also expecting the GU back down… always a tough call when it’s been relatively strong for a while, but i’ve had 15,420 pencilled in for a while now…

  • RS2OOO
    Posted at 18:15h, 12 April

    I covered half the SPX short today at 1582 on the basis that 14 S&P points in under 24 hours is pretty good.

    The thing to bear in mind is tops don’t usually happen in a day, so if the megaphone pattern is to play out, there should be plenty of tests of resistance before a proper break down, therefore giving plenty of opportunities to re-enter the position.

  • This Week's Swing Trading Round-Up and GBP:USD; 14th April 2013
    Posted at 21:23h, 14 April

    […] you’ll know from previous posts, SPX has achieved the top of the multi-year megaphone pattern. On its own a megaphone top pattern is not […]

  • RS2OOO
    Posted at 21:42h, 15 April

    I closed the 2nd half of the SPX short at 1544 for + 52 points.

    Despite my intention to hold it, I couldn’t resist banking it on the basis that I’ve never traded SPX before, but other Indices that I do trade look like they could be near major support.

    If I get a chance to re-enter near the original entry, that will be great. If not, no problem, I’m happy with the result of that trade.