11 Aug This Week’s Swing Trading Round-Up 11th August 2012
Very little to say this after this incredibly low volume and frankly dull Week of trading.
Intraday movements across Indices appeared to be almost completely random all Week and this is proven by the fact that today’s low volume trading on DOW covered the whole Weeks range less a handful of points.
No new swing trades were taken and I continue to hold the 2nd half of last Week’s GBP:USD long which goes into the Weekend showing +140 pips.
AUD:CAD sold off throughout the Week which was a little frustrating having been stopped out of the swing short at the highs following last Week’s Draghi speech spike. It has found solid support and I’ll be gauging the strength of the bounce with a view to possibly re-enter the trade in the coming Week or 2.
You may remember some Weeks ago GBP:NZD was a watch list favourite as I looked out for signs of a technical swing low which never materialised at the desired levels. Since then I’ve continued to watch as it approaches the final “line in the sand” for support in the form of a falling wedge back test. I didn’t seen anything convincing to suggest it really has printed a low this time, but it will be interesting to see how it pans out from here. This Weekly chart explains the situation:
Decent swing trading opportunities certainly seem thin on the ground right now but it’s possible I’ve missed a few good ones because flicking back through old charts there are plenty I had my eye on that played out perfectly but for one reason or another I didn’t take them at the time. I fear the Gold long I contemplated last Week could become another one of those.
Anyway, I’m glad the Week is over and await some volume to come back into the markets over the next couple of Months so we can get some fresh new set-ups.
Have a great Weekend.