09 Jun This Week’s Swing Trading Round-Up; 9th June 2013
As you can probably tell based on the mid-Week updates to the blog, my focus this Week was on day trading the volatility across Indices and this delivered some quite profitable trades.
Although EUR:USD remained top of the watch list for a swing trade on the long side, I found it quite difficult to find a comfortable entry and in the event EUR:USD rallied quite hard albeit through some sudden bursts each of which lasting no more than a few hours. This made the potential swing quite difficult to catch and therefore the trade was missed. EUR:USD now lies bang on resistance so it will remain on the watch-list to see how it copes and from there I can make a decision as to whether I’ll trade it, and whether it will be on the long or short side.
The re-entry of the stopped out AUD:NZD swing long proved to be the right decision and that trade was also closed this Week givng a profit of 195 pips – effectively recovering the loss made on the previous losing trade.
As I’m typing this, Sunday night futures have opened and I’ve noticed AUD:USD has gapped down right into support so I’ll keep an eye on this over the next couple of days as we may have seen an exhaustion gap that could be followed by a powerful retrace to the upside.
Not much else has really caught my interest, although I am watching GBP:USD whose rally has caught quite a few people out – but you may remember my reasoning for staying away from the short side of this pair, which was due to the positive MACD divergence on the Daily chart at the March 2013 lows. As you’ll know by now, I have a lot of respect for MACD divergences depending on the circumstances in which they occur. MACD is the only off-price indicator that I use and as you can see from my overall swing trading results, it serves fairly well overall.
Going forward, whether you’re going to trade it or not, I love the DAX Monthly chart discussed earlier in the Week and even though I probably wont trade it, it will be interesting to see how this plays out on such a large scale.
In the meantime, I hope you are trading well.