Due to other commitments outside of trading my attention has been predominantly elsewhere though I have tried to follow Market movements where possible.
Firstly, a brief outlook of Stock Markets based specifically around the DOW which may look like it's going to plunge, but I'm not sure about pre-empting that move for the following reasons:
Unfortunately I don't practice what I preach, possibly because trading Indices helps me get a feel for what's going on in the markets overall.
But, based on my experience, ignoring Indices completely and just swing trading currencies with wide stops and small positions is the most profitable way for retail traders like ourselves to make money in the markets.
First of all I'd like to apologise for neglecting the blog over the last Week, and to say I appreciate how many of you come back every day to check for new posts.
My commitments outside of trading have been immense over the last couple of Weeks and this looks likely to continue for a short while so I've not had the chance to really get into the trades I wanted to take.
From a swing trading perspective I did absolutely nothing this Week!
Almost everything I'm watching traded within a range and it's becoming increasingly difficult to gauge the direction any breaks from those ranges will be.
The watch list remains the same as that described in last Weekend's update though maybe I've missed potentially good entries on EUR:GBP which remains on the radar, as does AUD:CAD and CAD:JPY
This Week was particularly interesting to watch unfolding events across a number of markets but with commitments elsewhere I didn't get the opportunity to get too involved with anything from the watch list.
CAD:JPY is still high up on the potential trades list whilst this apparent topping action continues to bounce around. Ideally I want to catch this for a swing short just as it starts it's descent, but for now it remains choppy and still has the potential to continue North, though with 3 marginally lower highs the probability still favours the down-side.
The only changes this Week are the closure of the GBP:NZD and USD:CHF Swing trades, details and reasoning for both can be found in this post.
Beyond that I've not really seen anything I like but remain interested in both EUR:GBP for a possible swing short depending on whether it finds resistance at it's current test of the previous swing high on the Daily chart and also CAD:JPY which may have already topped ahead of a swing short, but I remain uncertain at this moment in time.
My normal practice is to enter details of opening/closing trades in the comments section beneath the Post detailing the analysis ahead of the trade.
However, there have been a number of comments and emails asking if there is a way I can communicate entries and close-outs using a live email service etc. Unfortunately, for now, that is not something I want to do, particularly because this is just my personal blog, not a service (which I guess would have to be FSA registered in some way), so the best option is to create new posts specifically detailing the entry/exit price.