19 Nov Weekly Swing Trading Round Up – 19th November 2011
Another relatively trade-less Week has ended where quality swing trading set-ups have been limited.
In all honesty it’s possible that I’ve not been looking hard enough for them as there have been some great moves but by the time I spotted the potential they were at levels where the most favourable risk/reward entries had already past.
Last Weekend I discussed GBP:NZD and took a long position on Sunday night’s gap down, closing it the following day. Throughout the week I day traded the long side of this pair but really should have just kept that original long as it would have been showing quite a substantial gain by now.
Still holding the GBP:CAD long, but have now found myself also holding a EUR:CAD short. Which one of these trades is wrong? Could they both be right? I think the answer to that question would only be favourable if the Euro situation started to worsen rather rapidly, so, I need to get studying those charts to make a decision…maybe I’ll consider doing a “chart-off” focusing specifically on those 2 pairs.
Beyond that much of my week has been based around short terms trades on the DOW and FTSE. After a rough trading day on Wednesday I posted a full analysis on DOW and so far that is playing out perfectly. When I reviewed Wednesdays trading day to gain an understanding as to why my normally tried and tested methods simply weren’t working, I came to the conclusion that some kind of rotation or unwinding of a correlation was taking place because this is now the 2nd or 3rd time I’ve had such a difficult day where the following day consisted of heavy volume selling throughout the whole session.
In the meantime I’m going to attempt to get some detailed analysis posted up over the next couple of days but due to an ongoing broadband/low bandwidth problem I’m having trouble using my charts which are taking upto 30 seconds just to flick between different time frames! Got a BT Engineer coming out on Monday to fix the issue, but in the meantime it may affect my ability to get some new posts up for the next day or 2 so please bear with me.
Have a great Weekend!