25 Nov This Week’s Swing Trading Round Up; 25th November 2012
The only new Swing trade taken this Week was the EUR:CAD swing long which I’ve held over the Weekend. The trade is based solely around the 200 MA on the 4 hourly time frame where many pairs exhibit bullish tendencies above the 200 MA and bearish tendencies below it. It’s a simplified method of swing trading and defies my normal logic of requiring at least 3 independent solid reasons offering support for a trade before considering entry. It will be interesting to see how this trade plays out and the chances are I’ll try a few more similar set-ups over the course of the coming Months.
Where Indices are concerned, other than a few short term day trades I’ve unfortunately not participated in the rally of last Week as I’ve been waiting for confirmation of a higher low before becoming convinced that a low is in place. I would be surprised if we can continue last Week’s rally throughout this Week without some kind of pull back, even if only to re-test the Hourly and 4 Hourly 200 and 100 Moving averages which were sliced through on low volume last Week. I do currently hold a FTSE short from 5808 but don’t consider it a swing trade hence no mention of it here previously.
In the meantime I hope your trading is going well and on Monday I should be able to spare a couple of hours in search of some new swing candidates so will of course post details here as and when I find some good ones.