17 Feb This Week’s Swing Trading Round Up; 17th February 2013
For day trading its been a great Week, but somewhat quieter for swing trading. The majority of FX pairs I’ve been watching ended the Week pretty much where they started having just chopped about within ranges. A few pairs made larger moves but those moves were not really obvious before hand and some of them were from ongoing longer term trends that didn’t offer the ideal buying/selling supports/resistances that I tend to look for.
I closed out the USD:CHF swing long having been frightened out by a break of the 4 Hourly swing low, it did recover in the end and made fair progress, but again I didn’t see this coming so just banked what was available. I do think there could be another leg up to follow shortly so will be keeping an eye on it but I’m not desperate to enter this at present.
Having discussed major resistances across most Euro pairs earlier in the Week, we can see that most of those just chopped around as well and didn’t offer any further clues as to the next direction. Well, thats unless you look at the key Euro pair in the form of EUR:NZD which did show considerable weakness and might be the Canary in the Coal mine ahead of other Euro pairs over the coming days/Weeks.
At the moment I think its fair to say we need some kind of flush across the markets to get things moving again, a good high volume 2%+ sell off day on Indices would do the trick, but in the meantime there are plenty of ranges to play for day traders. As I type this, tonight’s FX markets have already opened and its noticeable that most Yen pairs have got off to a flying start with most having gapped up and rallied for the last hour. Most of these are still below their respective highs but this kind of Sunday night price action is often a sign of exhaustion so I’ll be watching those over the next 24 hours.
For now, I’m not sure where my next swing trade will come from, but hopefully its not too far away.
Hope you’ve had an enjoyable Weekend and remember there’s a U.S holiday tomorrow so trading is likely to remain thin for now.