21 Jul This Week’s Swing Trading Round-Up; 21st July 2013
With low volumes and little going on in the markets things still remain quiet. The 2nd half of the EUR:AUD short is still running and went into the Weekend showing a loss of around 70 pips. I’m preparing myself to closing this position if it rallies past the 61.8% retrace of the current short term swing move. I’m also quite relieved I took half profits when I did even though at the time I was worried I’d regret it. Apologies for not having put this trade in the trades log yet, totally forgot about it!
The potential set-up on GBP:CAD still remains as a possible trade for the coming Week depending on how the next day or 2 pans out.
Indices have rallied further than expected so I’m hoping more than ever now that July lives up to its past and produces a major turning point in the markets as that turning point can now only be down! Read here for the background to this.
EUR:USD has also been interesting following Goldman Sachs strong buy recommendation to clients back at the beginning of the Month from 1.3070 region and targeting 1.3400 plus. The recommended stop loss placement was 1.2800 and immediately after the call EUR:USD sold off hard down to 1.2755 taking out all of their clients stops and has since rallied back to 1.3150. Not sure what my view is on EUR:USD at the moment, but this kind of phenomena after Goldmans make a trading call public appears to be relatively common.
USD:JPY is yet to hit my sell target for a swing short, but as I’m fairly confident that sell target will be eventually achieved I’m looking at the possibility of a swing long. I’ve not analysed this in any detail yet but will post up the chart again if things start looking interesting.
That’s everything for now, hope your having a great Weekend.