Whilst I'm still hunting down my next swing trade, here's a quick look at the Hourly and 4 Hourly DOW charts as seen from my perspective.
I've zoomed right in on this Hourly chart to give a better picture of the triangle breakdown.
My previous Cable Swing Long on a pull back from the recent high proved to be a little premature as the correction we've seen has been much deeper and ferocious. If only it had been a swing short!
Glancing through the chart now there's a few things that have caught my eye
I'm really sorry to say that yet another Week has passed with very little in the way of updates from me. I'm starting to become unsure as to why I'm not seeing the trading opportunities that were plentiful throughout January to March. I've started to question whether I'm lacking in confidence, missing good set-ups, or there just isn't anything that can be deemed high probability. There have been a lot of moves that looked obvious after the event, but picking the good ones before the event has been particularly difficult and hence I've barely collected any pips all Month.
Only 3 trades were taken over the last Week, a DOW short from 13,010 which wasn't intended to be a swing trade but ended up as a 3 day hold and delivered a 186 points profit, a Cable short that was stopped out for a 35 pip loss, and finally another attempt at shorting CAD:JPY which has remained a
As discussed in the Trading Round-Up for Last Week I've got no high probability swing set-ups on the radar right now but promised to talk about a couple of things I'm watching that could offer some shorter term trades and may eventually become solid swing trading candidates.
GBP CAD is one pair that really hasn't responded to my previous analysis. I loved the idea of the Daily Ascending Triangle formation that would finally form a break-out from the 12 Month trading range. Thus far, that hasn't come close to materialising and further technical damage has been done since.
Because of it's choppy nature and wide spread,
As there still isn't anything convincing for a Swing Trade right now, here's details of a day trade long entry I took this morning in GBP:CAD and an explanation of the methods I used to enter the position..
On the 15 minute time frame this morning's price action appeared to print a
USD:CHF has moved itself back onto my radar taking no.1 slot on my watchlist!
No guarantee of this yielding a short entry but I'd rather post it ahead of an entry than after a potential move has already started.
4 hourly hit resistance today, but what I really liked about it was
Here is a really nice short set-up on NZDUSD that I have found.
The first chart shows confluence of:
1) A previous area of support and resistance.
2) The 55 and 200 ema’s.
3) 38.2 % fib retracement from the peak printed on August 1st.
4) 50% fib retracement from the peak printed on August 31st.
5) 0.8000 round number.