23 Mar This Week’s Swing Trading Round Up; 23rd March 2012
First of all, apologies for the lack of updates over the last Week. This has been due to other commitments taking up my time and compounded by the fact there were no new swing set-ups worthy of talking about.
Earlier in the Week I talked about AUD:USD and CHF:JPY as potential swing long set-ups, but neither of them played out so no positions were taken. CHF:JPY was particularly difficult because I really liked the chart but all other Yen Pairs looked bearish so this had me on alert, then CHF:JPY went on to give a sell signal on my system so staying away from it for now, but will still keep an eye on it for further signals.
Earlier in the Week I closed the Gold short. There were a few non-technical reasons for this. Firstly with so many open positions I was concerned there were too many to manage particularly as I didn’t have much time to screen watch, and also because my previous attempt at shorting Gold took a loss. The position was closed for a $2 profit.
After 6 Weeks of holding the AUD:NZD swing long, it had finally started drifting into a loss. It’s a trade I should have closed Weeks ago because it did hit my upside target but I decided to hold onto it longer. A great opportunity to dump this position came on Wednesday’s data spike and a 25 point gain was taken.
I closed the 2nd half of GBP:NZD today for +245 pips as price broke below yesterday’s low. 161 pips was taken on the first half of the trade to give an overall aggregate profit of 203 pips.
CAD:JPY still remains one of my favourite swing short set-ups on a long term view, however, you may remember that I took this trade against the main trend based on historic analysis and thus far the analysis has played out perfectly, but whilst that analysis remains valid, in view of oversold intraday conditions I opted to close the position after today’s hourly bullish engulfing at 82.39 thus banking a +205 pip profit.
All in all, realised gains this Week stand at +477 pips and no losses incurred which makes for a pleasing end to the Week and allows me to go into the Weekend with no open swing positions to worry about. I did take a Cable short today which goes into the Weekend at break-even though I’m uncertain at this stage whether it’s a keeper in the longer term. I’ll take a closer look at the chart and post details of anything interesting that would make it a worth while swing trade.
Going forward there are a couple of great looking potential swing trades on my watch list, but these don’t look ripe just yet though I’ll post up the details over the Weekend anyway.
Hope you had a great trading Week and enjoy the Weekend.