12 May This Week’s Swing Trading Round-Up; 12th May 2013
Having started the Week with absolutely no idea how things were likely to pan out it seems surprising that I’ve now got a bulging watch list! Strange how it works out.
Other than the NZD pairs discussed earlier in the Week, nothing is quite ready to talk about in detail just yet but I continue to watch. Yen pairs were something I wanted to stay away from but in hindsight I’ve probably been mad to ignore them. I mean, BOJ are pumping $80 billion worth of QE each Month and will continue to do so for as long as it takes to boost their flat economy. This is probably something that shouldn’t be ignored although my concern at the time was that it broke G7 rules but if anything the G7 are supporting it.
With USD:JPY now above 100, a continuation of this rally could see a technical target of 105 so I’m keeping an eye on that but don’t want to make any commitments just yet.
I entered a swing long position in EUR:NZD this Week as posted a few days back and this goes into the Weekend showing an approximate 90 pip profit. GBP:NZD was my preferred chart from a technical perspective but EUR:NZD appeared to be rising quicker so that was the one I chose to enter.
I still regret closing the Gold swing long because had I just left it running I could have been collecting a 500 pip profit this Week, but in all honesty I’ve not found the chart particularly easy to read and never have done with Gold, or Crude for that matter.
Personally I think there’s some major moves brewing across a number of markets but would rather wait for confirmation before pre-empting them. Specifically across USD, YEN, NZD, Bonds and Indices, normal correlations appear to be adrift and this is usually a sign of something big happening in the coming Weeks or Months.
Right now, I don’t have a lot more to say, only that the points I’ve accrued Year to date are well down on this time last Year and this is despite some fairly large trade-able moves having taken place, so maybe I need to commit to a little more risk going forwards, or, continue as I am with a tight risk/reward ratio and simply up the financial stakes. Something I need to think about at least!
Hope you are having a great Weekend and trading well.