This Week’s Swing Trading Round-Up; 5th May 2013

This Week’s Swing Trading Round-Up; 5th May 2013

Apologies for being a little late with this Week’s round-up but there isn’t really a lot to say.

There’s presently nothing on the watch-list aside from day trading set-ups that can be considered high probability for swing trading. A lot of my work had been based around the possibility that Indices were likely to form an intermediate term top, but both DOW and SPX have broken beyond levels I’d considered to be most probable resistance. This also means SPX has broken out of its Multi-Year megaphone pattern as shown on the Monthly chart in previous posts. That pattern may still be in play on a Monthly candle closing basis, but for now its best not to speculate too much on that.

Speaking of long term patterns, this DAX one is interesting. Were this set-up on a 15 minute chart for example a break-out from this ascending triangle would give a measured move target of 14,109 with stop loss below 4960.

DAX Monthly Ascending triangle 3rd May 2013

Whether such a pattern can really play out on the Monthly chart is impossible to tell, but it will be an interesting one to watch as it unfolds over the next millennial!

Trading wise, no new positions have been opened but both trades from last Week have been closed.

EUR:USD hadn’t achieved my upside target but I suddenly took a dislike to the chart, a bit of gut feeling to be honest and as the European interest rate due out imminently I exited the position at 1.3204 for +186 pts.

Today I gave up on the Gold swing short having sat in it for a fortnight without it going anywhere. I do think the lows will be retested but as it is forming an ascending triangle type pattern on the Hourly time frame there appears to be a chance it will go higher first, therefore the trade was closed and a modest 32 points taken.

For the Week ahead there’s nothing standing out for me as a potentially great looking trade but as soon as I spot something I like I’ll update the blog.

1 Comment
  • RS2OOO
    Posted at 17:44h, 07 May

    And typically…. Gold sells off today.

    A repeat of the NZD:CHF swing trade of a couple of Weeks ago.

    Its this type of situation that frustrates me more than anything else. I’m happy to be wrong as its one of those things, but being right and not making any money from it just irritates!