26 Aug This Week’s Trading Round-Up 26th August 2012
No action was taken across any position or set-up this Week.
AUD:CAD reversed shortly before reaching my desired short entry level target. Although the ideal entry was missed, price has now formed a nice downwards channel on the 4 hourly time frame which will now likely create future short side opportunities to watch out for.
I’m still holding the 2nd half of the Cable long from 1.5550 despite my initial target of 1.5910 being achieved. The target was reached overnight and I had no limit order in place to capitalise from it, and other commitments throughout the subsequent day gave me little opportunity to analyse the chart and make an informed decision. There’s a little bit of positive divergence forming on the Hourly time frame so I’m keeping an eye on this for now in case of renewed strength to retest those highs beyond 1.5900. The trade goes into the Weekend showing +260 points profit.
Volumes across all markets remained low throughout the Week so I’ve again chosen not to rush into any new positions, but early signs of volatility have been of note and I’m still hopeful of some decent set-ups in the short term, details of which I’ll post here.
In the meantime, if you are in the UK, enjoy your Bank Holiday Weekend.