01 Oct This Week’s Swing Trades – Round Up
Things don’t really stand much differently to what was expected in last weekends outlook for this week.
I ended up taking all but one of the set-ups detailed last weekend and still hold a couple of them.
EUR:GBP was entered short on Monday at 0.8715 as price spiked above the 5 minute 200 MA which followed a pattern of these occurences getting sold off. It did get sold off, but then rebounded and spent the whole week bouncing between a 30 point profit and a 30 point loss. I looked at it last night and considered closing it as there were signs of positive MACD divergence on smaller time frames, but eventually decided that the original reasons for the trade were still valid and kept the position. That was fortunate as this morning it finally broke down from the week’s trading range and I hold this position into the weekend, currently showing a 126 point profit.
EUR: CHF and GBP:CHF both had similar set-ups and although when posting last weekened I favoured GBP:CHF for a position, I actually entered short on EUR:CHF as my system gave a sell signal on the 5 minute chart. Just like EUR:GBP it stayed frustratingly rangebound throughout the whole week and then broke down from it’s range today. It found various MA supports on numerous time frames simultaneously today and not wanting to go into the weekend with too much short-EUR exposure I decided to close the position for a 61 point profit. I’d be interested in re-shorting it in the near future as the original analysis and reasoning for the trade still stands.
AUD:NZD bit me on my first swing long attempt but this time round things are going much better. Price is now at an inflection point where the market needs to decide whether it’s just printed a lower high, or whether we are in a move that could become a meaningful rally to the targets detailed in previous posts. Stop loss is now at break-even, not because that’s the best place to put it, but because I just don’t want to take a loss if the trade fails. As soon as I see any price action I’m not comfortable with, I’ll exit this position. For now, it goes into the weekend showing a 117 point profit.
In preparation for next week, there are a couple of interesting swing trade possibilities I’m watching, the best of which will be posted here in time for Sunday’s Market opening.
I sincerely hope that the content on my Blog has been of benefit to you particularly as I’ve been fortunate enough to post some set-ups that have turned into stunning trades (That USD:CAD trade was out of this world), but, as always would appreciate feedback on anything you don’t like or anything you want to see more of. I’m still working on the Education & Strategies section of the site and haven’t fully decided on the best way of formatting it.
In the meantime, it’s going to be a scorcher of a weekend here in the UK – unbelievable that people are heading to the beaches in droves on the 1st October!!! Make the most of the beautiful weather while it lasts and refresh yourself ahead of next week’s trading.