14 Oct This Week’s Trading Round-Up
It’s been a quiet week on the swing trading scene for me as I missed the entries on both of my favourite set-ups. This is often the cost of aiming for a pip-perfect entry as a means to limit risk as much as possible.
The ideal entry for the planned Cable long was missed as I just couldn’t be at the screen at the right times and I’m not one for limit orders – I prefer to take a position live.
Very similar with the USD:CHF short which pretty much started collapsing from the moment market’s opened last Sunday night – around an hour after my post suggesting the position! I guessed the top would be revisited early in the week for another chance of entering short, but it didn’t materialise. Price currently sits on hourly support in the 0.8923 region as I type this so it will be interesting to see what happens next. If support breaks I’d be interested in entering short on a retest of 0.8923 from below. If support holds, I’ll probably just stay out.
Throughout this week I have done a bit of Day trading, mainly on DOW, FTSE and EUR:GBP. I also made an attempt to enter the Cable long on Thursday and sat in the trade virtually all day whilst nothing happened, so I gave up and exited the trade for a small gain. A few hours later I logged back in to see it had rallied over 100 points starting from the moment I exited the position! I’m sure many of you will be pretty familiar with situations like that….it’s just one of those things and is probably a result of our mental side of trading as opposed to the technical side.
I’m still holding the AUD:NZD swing long. Not looked at the chart yet today but last night it was at major daily resistance and I was hoping price could break through it this time. I held through the last test of this resistance and had to sit through a couple of weeks pull back. So hoping it makes it’s move this time as I really do believe in this trade and don’t want to be frightened out if price pulls back again. Last night this position was showing approximately 300 pips profit and stop loss is now above breakeven.
I did something naughty on Thursday night…. The whole idea of the blog was part of a bigger move away from time consuming day trading and extremely time consuming and stressful scalping, but conditions were right to dig out my scalping system and have a go. I took 14 scalps over a 2 hour period between 7pm and 9pm BST. One was breakeaven, one was a loser and 12 were winners. It played out beautifully but by the end of the session I felt really drained and tired so I definitely don’t plan on making a habit of it. Swing trading is definitely the way forward from a quality of life point of view.
I’m going to have a good look through the watchlist this weekend and hopefully get some interesting set-ups posted ahead of Sunday night’s open.
Have a great weekend.