This Week’s Swing Trading Round Up – 3rd December 2011

This Week’s Swing Trading Round Up – 3rd December 2011

Very little to report this week and hardly any trades taken at all. Entered a DOW swing short on Tuesday from 11,617 which was a great entry at the time, but by Tuesday night something was bugging me about it so I closed it for around 100 pips. Shortly afterwards I had a powercut, so the next time I managed to log in was Wednesday afternoon and DOW was 600 points higher on the back of the bailout news…. phew!

AUD:CHF was the only other swing trade entered this week, and  that was stopped out on Wednesday’s news too.

The proposed GBP:NZD long entry never materialised as the support I’d been looking at was also sliced by Wednesdays news. There does appear to be an inverse correlation between GBP:NZD and the S&P500 so this will be worth bearing in mind going forwards.

Other than that there really isn’t much to report and not much of interest going on right now. I’ve no idea whether the huge rallies in Indices will continue or reverse. I certainly don’t feel that the news warranted such large moves and my only justification for it is that the Dollar swap news made the market realise just how bad things really are and they are therefore pricing in further QE which would appear to be an almost certainty now.  U.S Indices did show good positive MACD divergence at the October lows on the daily time frame though the rallies have seemed to appear from nowhere and in some cases from unlikely levels that weren’t necessarily solid supports.

Going forward I really do hope we start seeing some high probability set-ups as I really want to be able to fill these pages with great trades and recently these have been thin on the ground. CAD:CHF is something I’ve been watching with interest and currently offers one of the best looking trading set-ups so I’ll get something written up on that before Sunday night’s open.

Have a great Weekend.

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