As the heading suggests, I've taken a few new trades this Week, but have struggled or am struggling with all of them. It's one of those Weeks where I'm left wondering if Markets are just completely random and only a look at previous trading results remind me that TA must play a major part!
I came into the Week with one open trade, an AUD:CAD short, but on Monday my Day Trading system gave a long signal on the 5 minute time frame, so I decided to
I have no idea which way this will eventually break, but just wanted to share this triangle formation on the Gold 4 Hourly chart which seems to have been going on forever!
No definitive clues here as to which direction this will break, but worth watching as it develops:
As there's no new set-ups ready for entry right now (including AUD:CAD detailed in the previous post which still awaits confirmation), I thought I'd have a look through some old trades and found something interesting with EUR:AUD.
It was originally taken (see post here) as a "Box Trade" short. Box Trades are fairly rare set-ups, but thus far every one that I've taken has been a success.
With EUR:AUD I covered the position at the 61.8% fib (circled) which seemed sensible at the time but re-visiting the chart and I realise maybe
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
I've been told off through a couple of recent comments about the lack of updates to the site! It's certainly true that I've missed out on a couple of great trading set-ups that I've not had chance to post nor enter simply due to lack of time to spend at the screen and updating the site.
The original plan for the site was to use the time I'd have otherwise spent day trading on updating the site and analysing prospective swing trades but for the last couple of Months I've barely been doing either of those things due to commitments elsewhere.
Another Week has passed where no new positions have been added but there have been some potentially interesting set-ups and all that's kept me out of taking them was the possible impact this Weekend's Greece elections may bring to all Markets. There's certainly some volatility ahead that's for sure but how this will affect various correlated Market's remains uncertain for now.
Hope your Week is going better than mine! Though my Swing Trades are all looking good and even the DOW swing short is still showing good profits despite this Week's 500 point rise, the 2 day trades I entered today left a lot to be desired!
So I've had a scan through my watchlist and the following charts define those I consider most likely
Another relatively quiet Week from a swing trade perspective with only 1 new position taken.
EUR:AUD was rejected perfectly by the 61.8% fib retrace detailed inthis post, however I wanted confirmation of this rejection before entering a position and