14 Jul This Week’s Swing Trading Round-Up; 14th July 2013
I closed half the EUR:AUD swing short for +321 pips and left the other half to run. It was my intention to bring the stop loss down to breakeven but i didn’t do it straight away and when I next looked at the chart I couldn’t believe how fast it had rallied and the 2nd half of the trade is now showing -150 pips. Basically we’ve seen a 500 point rally in just a couple of days. I’m quite concerned about the trade now so will see how things look tomorrow and may take the loss on the 2nd half. In doing so I should still come out of the position with an overall aggregate profit. Without doubt I’m definitely pleased I took half profits when I did as things could be looking much worse had I not done so.
U.S Indices look ready to make new highs with the Fed seemingly more determined to create a stock market bubble. FTSE has lagging behind and I really hope it doesn’t make new highs because my system is short on the Daily time frame and a new high would deem my system wrong!
The Australian Dollar seems to be receiving an absolute beating day after day. It had been so strong for so long it became hard to believe it would ever sell off, and even when it started selling off I wasn’t sure if I believed in it. Now it would seem I’ve missed the boat for what could have been some of the best swing trades in a long time.
I’ve got no new charts to show right now so I’m going to sign off, but as soon as I see something interesting I’ll post the details up.
Hope you’ve enjoyed yet another scorching Weekend!