27 May This Week’s Swing Trading Round-Up; 26th May 2013
We’ve gone from watching paint dry to seeing quite a bit of volatility over a very short time frame and therefore no new swing trades have been taken, rather the environment has been more suited to day trading albeit with small stakes and wide stops.
My call for retraces across AUD pairs failed quite spectacularly and none of the pairs analysed last Week showed any signs of reversing throughout this Week and I’m currently paying for that with the AUD:NZD swing long teetering near its stop loss levels, currently showing a 120 pip loss.
The Nikkei aside, the only chart I’ve really had my eye on all Week has been EUR:USD looking for signs of a reversal with a view to entering a swing long. At the moment there is no confirmation a reversal will occur but support has been holding solid thus far. From a technical perspective EUR:USD shows a text book bearish head and shoulders pattern but I’ve seen so many of these fail in recent years that I’m not convinced they are really statistically worth the weight traders apply to them. If I’m looking to go long when a H&S pattern is present I tend to view it as little more than a warning sign.
Beyond that there is little I’m overly interested in right now although that can change very quickly. That said I do look forward to opening the Nikkei chart each morning! The volatility on that incredible, even 100 pip one minute candles are just noise on the chart!
Apologies for not being able to post an array of interesting charts this Week, but having called a few wrong last Week I don’t want to rush into swing trading anything without confirmation.
Hope you’ve had a great long Weekend.