17 Jun This Week’s Swing Trading Round-Up 17th June 2012
Another Week has passed where no new positions have been added but there have been some potentially interesting set-ups and all that’s kept me out of taking them was the possible impact this Weekend’s Greece elections may bring to all Markets. There’s certainly some volatility ahead that’s for sure but how this will affect various correlated Market’s remains uncertain for now.
AUD:NZD (short) and EUR:AUD (short) still remain as my main open swing positions and I’ve kept them open through this Weekend on the basis that any huge market movements come Sunday’s should see these pairs offset against eachother.
The EUR:AUD swing is coming close to a major target where consideration will be made as to whether I’m going to run it even longer or whether I’ll cover the remaining half of the position in it’s entirety. The following chart outlines the target in the form of the 61.8% Fib retrace which is also an area of previous S/R:
For now I’m playing the AUD:NZD swing by ear and have no major targets lined up. I’ll simply close it as soon as I see signs of the trend reversing or retracing hard.
The potential GBP:NZD swing long outlined a couple of days ago reached it’s down side target for entry and subsequently bounced hard to end Friday with a large reversal candle that remains in need of confirmation. I didn’t enter the long position at my target level simply because smaller time frames were not confirming the entry and I felt this a little risky considering the Market moving news due out this Weekend. For now I’m watching closely and will look to take an entry over the next few day’s if conditions warrant it.
Hope you’ve had a great trading Week.