Only the one swing trade taken this Week, and exited 24 hours later.
That was the EUR:USD long, the analysis behind which can be found in this post.
It rallied almost straight away after entering and 24 hours later price was rejected from quite strong resistance at the top of the recent range, which happened to coincide with the triangle I'd marked out in the previous analysis.
Following on from previous EUR USD analysis posted on this site over the last few Weeks, I've finally decided that I've spent too long waiting and missing desired entries!
The first ideal entry was 1.3000 and I missed that when it rallied 200 points within the couple of hours I was away from the screen.
Just a brief update this Week and unfortunately no charts due to internet connection problems corrupting uploads to the site.
Again I spent most of this Week day trading but observed that it's been more difficult to maintain the gains of the previous 2 Weeks mainly because we've not had any volatility in Indices as they've been trending, but trending slowly! I didn't want to participate in longs beyond DOW 13,600 due to overbought conditions whilst neither was there any reason to go short.
Ok, so last Week I was very interested in buying USD:CHF on condition we saw no Daily closes below 0.9182. Well, that level was breached and the trade idea was abandoned.
However, revisiting the chart today and suddenly that prospective long could be back on the table, funnily enough the same applies to the failed GBP:CHF long of last Week.
Not finding anything particularly easy to read at the moment, so treat the following post as me thinking aloud!
The 2 Indices I trade most are DOW and FTSE, so I'll start with my thoughts on those.
First of all to make clear, I have no idea where they are going, struggling a bit to be honest, so the following is based on my system.
Lots of swing trading opportunities, but sadly, other than a bad one, I didn't get to take any of them.
Of the stocks I'd mentioned last Week, most gapped up on Monday's open and rallied from the outset soon leaving them in overbought conditions on smaller time frames thus removeing the appeal of entering at safe levels. I'll continue to watch them but as a couple could be extended rallies within longer term down trends it's difficult to commit long fearing they may reverse any moment.
It's getting late, so just a very quick post to keep you updated with a couple of potential swings I'm watching.
EUR:USD should find major support in the 1.3000 level. The level is probably heavy with stop losses, so a spike lower could be a a great swing long entry.
Despite being a short one, this Week was a great start to the Year and racked up quite a few profits across day trades and the EUR:AUD short term swing trade taken on 1st January. After a few Weeks away from the Markets I'm normally a little apprehensive when jumping straight back in to trading, yet the first Week following a break has consistently been a good one for me. Could be luck, but it's happened so often over the last few Years that I have to consider it could be a benefit of having a break away from the Markets once in a while.