02 Mar This Week’s Swing Trading Review; 2nd March 2012
Another Week has passed and still there is little to say as decent trading set-ups, although plentiful in the main, are not catching my eye at the right time or do not offer levels of probability that I’m comfortable with.
Despite Indices being comatose, the odd FX pair delivered great moves but unfortunately not whilst on my radar.
I did enter a GBP:CAD swing short on Monday morning at 1.5929 with every intention of posting up the analysis, but on reflection I decided there wasn’t enough evidence to support the trade and closed it out at 1.5942 for a 13 pip loss, giving up on the idea altogether. Well, it turned out that 1.5942 was the highest pip of the Week and not only that, it was the highest pip that preceded a 300 pip virtual straight line sell off! Bloody annoying! I didn’t re-enter the trade because once I exited the position I stopped watching it. It was only a couple of days later I realised my mistake.
The only swing position initiated this Week was EUR:AUD which I’d discussed last Week. I took a great long entry which saw an almost instant profit, and in view of potentially large swings ahead I closed half the position the following day for an 83 pip profit. That exit turned out to be the highest pip of a retrace and it sold off hard immediately afterwards, stopping out the 2nd half of the position at break-even. I’ve therefore logged this in the Swing Trade Log as an aggregate 41 pip profit.
After a couple of Week’s sitting through the USD:CAD long with price just chopping about, I decided I’d had enough so tightened up the stop loss and gave it one more chance to break out. The breakout never occurred and the position was stopped out for a 91 pip loss.
The only remaining open position is the AUD:NZD long, another one that I’d had enough of so I tightened the stop loss on that too, but it did go on to break out and goes into the Weekend showing just short of 100 pips profit.
All in all quite a dull Week though somehow I’ve managed to turn an overall profit which is surprising considering 3 of the 5 days this Week were loss making.
Although I’ve got nothing spectacular lined up, there are a few things I’m keeping an eye on and I’ll try and post a few bits and pieces throughout the Weekend.