I'm somewhat late posting details of this trade as it was entered by an electronic limit order at a time where I had no internet connection to tweet it live, although details of the trade possibility were posted on the ADVFN forum in advance.
In short, here is what attracted me to this trade, entered at 1.4260:
Still no new swing trades unfortunately. In fact, at times I've felt like a rabbit in the headlights over the last couple of Weeks while watching huge swings take place across a number of FX pairs, sometimes responding to support and resistance, but other times completely ignoring them. It can be tough when markets go from dull uninteresting trading patterns to full on wild volatility because neither are ideal situations for entering new swing trades, rather, they are more suited to a day trading environment.
AUD:CADremains one of the few pairs I'm still watching. Having misplaced the stop loss on the previous swing short attempt I'm keeping an eye on it for a new short entry on confirmation of a lower high.
Most time frames offer the same story and I've gone for the 4 hourly here as it compresses the data quite well. If the planned swing short is to remain a valid proposal then I'd like to see
The Canadian Dollar has found strength against most currencies lately, but recent signs of it strengthening against the Australian Dollar have caught my interest.
Although the following set-ups look pretty tempting, initial thoughts are to gauge AUD:CAD against
A couple of Week's back I posted details of CHF:JPY as being a potential swing long entry as the daily 200 MA offered support offering an initial upside target of 91.37 and a break beyond that would provide fresh air through to 94.44
That post can be found here.
It was my intention to talk in further detail with regards to the upside potential on CHF:JPY over the Weekend but unfortunately family circumstances prevented me from doing so.
So, as a late update to the situation here's a quick chart showing
Whilst we await the arrival of the Quad Witching Week volatility, here are a few FX pairs creeping in under the radar showing just a very quick picture of where they are and where they're likely to go...