21 Oct This Week’s Swing Trading Round-Up 20th October 2012
The only changes this Week are the closure of the GBP:NZD and USD:CHF Swing trades, details and reasoning for both can be found in this post.
Beyond that I’ve not really seen anything I like but remain interested in both EUR:GBP for a possible swing short depending on whether it finds resistance at it’s current test of the previous swing high on the Daily chart and also CAD:JPY which may have already topped ahead of a swing short, but I remain uncertain at this moment in time.
Unfortunately I’ve not had the chance to analyse much else closely other than a quick flick through my charts which did not point out anything obvious.
As for Stock Markets, On the one hand you have a deteriorating world economy, deteriorating probably not a strong enough word, some might say collapsing.
On the other hand you have European and U.S Central banks absolutely determined to prop up anything they can throw money at.
Then there’s the $40 billion Monthly FED printing into MBS.
There are strong reasons to be either bull or bear. The Market hasn’t confirmed the bear side just yet, but Friday’s price action seemed intent on doing so. As you can see from the series of DOW charts posted which can be found here, here and here, it’s my opinion that the market is bullish above 13,277 and bearish below it.
In the meantime, enjoy your Weekend.