08 Dec This Week’s Trading Review; 8th December 2013
My life outside of trading continues to restrict my trading time and therefore another Week has gone by without being able to provide any new swing trading analysis. Although this period of limited updates has gone on for much longer than I originally anticipated, I have to get my priorities right and focus on these areas because attempting to swing trade with so much else going on will only risk my ability to trade successfully.
You’ll have seen from my comments and trading log updates the AUD:NZD swing long was stopped out. I knew this trade had additional risks as it was taken against the main trend, but I’ve seen similar set-ups perform quite well in the past making this trade a viable risk. In the event that wasn’t to be, more frustrating was all the other trade possibilities I examined at the time of entering this trade performed very well.
The EUR:GBP swing short I’d analysed actually went straight to my downside target in one full sweep and has since rebounded hard from that target meaning the potential was there to make money both on the short side and to reverse long to collect those points all over again. Nonetheless its far from being my biggest trading regret this Year – Gold and GBP:CAD win that prize hands down both of which delivering circa 1000+ points from where I’d originally entered the trades, only that I exited both for tiny profits due to uncertainty developing around the original set-ups that led me into the trades.
I’ll post more on the Year’s trading regrets at the end of December.
After Goldman Sachs, Citygroup and a few others announced conviction sell recommendations to clients for USD:JPY back in October (posted here) I do find myself smiling at the fact it has rallied hard ever since. It wouldn’t be funny if it was a one off, but this happens every time GS and other big names get vocal about a particular trading recommendation.
Going forwards I’m really not sure where my next swing trade is going to come from. EUR:JPY will pull back quite hard soon and I’d like to catch a few pips from that as the ultimate downside target to re-test support is very likely to get achieved but for now I’ve no idea how far the current rally will extend before hand. The longer the rally lasts the better because that will improve risk/reward for the trade I have in mind.
Anyway, I hope life and trading is treating you well and regardless of how busy I am, I’ll make every effort to post details of my next swing trade as soon as I spot something with good profit potential.