22 Sep Update & Analysis On Blog Trades & Pending Trades
It’s been a manic week in the markets and a quiet week on the blog, so why’s that?
Well, day trades aside I’ve been sitting on my hands because all open positions were performing without the need for attention and there’s presently nothing new on the watchlist.
I started the week with a marginally bullish bias on Indices and viewed Sunday/Monday’s huge gaps down as buying opportunities for the gap fills at the very least. As posted on Mondays comments I entered FTSE and DOW longs all of which were closed on Tuesday once gaps were filled and it became apparent there was not enough momentum to break to the upside out of the huge daily ranges. From then on I switched short as day trades and closed all short positions last night on the U.S market close following FOMC.
After a failed effort to get short NZD:CHF for a pull back from overbought status I closed 2 positions there, one for a small gain, the other for a small loss. That was followed by another huge spike up on Tuesday night, so I re-entered Wednesday morning and got the move I’d been looking for.
Although I was looking for around a 200 point pull back, I was fortunate to bank a profit today of 274 pips with the exit being an area that may (or may not) become support as shown in this chart:
The star trade of the week without a shadow of doubt must go to the USD:CAD set-up and I really hope some of my readers managed to capitalize on this great move which achieved and exceeded my upside target in just 4 days, not bad for a trade I expected to hold for a couple of weeks!
This chart shows the combined Fib level and resistance that signalled my exit of the trade for a gain of well over 400 pips – A move that can often take Months with this pair!
This updated 4 hourly chart shows just how crucial, and how sensible it was to wait for a retest of the green 4 hourly MA before committing to the position – and the full scale of the fantastic move that followed:
Not every set-up went according to plan, and I was disappointed to have missed out on the failure of the AUD JPY Box Trade to achieve my desired entry level, instead, selling off from the 61.8% Fibonacci level. I watched it happen, but just didn’t manage to get an entry with everything else that was going on:
Having been so heavily involved with the wild volatility we’ve seen, I’ve just not had chance to hunt out any new set-ups so will make an effort tomorrow to find some and get them posted on the blog ahead of next week.
In the meantime, for me, this has actually been by best week ever based on trades that were both opened and closed this week. Based on points banked, Wednesday was the biggest points gaining day of my 4 year trading career with in excess of 600 points banked – and that is despite an intraday FTSE short being stopped out at the highest pip of the day prior to a 300 point sell off! I did re-enter the position 50 points lower so all was not lost. Overall for the week, after deducting losses, a profit of 1276 pips have been made.
Ok, that is more than triple my average weekly gain, but I can tell you now, there are premium subscription blogs out there that charge a lot of money to provide analysis and trading signals to members, and over 1 Month most will not come anywhere close to the gains we’ve made here just through this week alone, all based on simple analysis that anybody can do at home by themselves.
Don’t get me wrong….there will be bad weeks, but whilst the sun is shining, let’s make hay!
In the meantime, I have no open positions and don’t plan to open any swing trades for the remainder of this week.