Isn't it funny how Weeks have gone by and I've struggled to find anything worthy of posting, then all of the interesting set-ups arrive at once!
So, just before signing off for the evening I just wanted to present this FTSE 4 hourly chart.
It can be mentally challenging to enter trades like this when the press is plastered with bearish news, but the last couple of years should have conditioned us to ignore the news because we all know, no matter how bad the news
I'll be completely straight with you here.... This is not a trade I could take and sleep well, however, Channel Back Tests are a type of set-up I've had great results with on a number of pairs over the last year, most recently on GBP:CHF
I really need to apologise on this one as it's a set up I've had my eye on for 3 Weeks and each time I checked the chart it wasn't quite ready to post an entry, but now I may have left it too long for the perfect entry, however, a possibility of a good short may still exist.
As there's nothing on the horizon that can be confidently deemed as imminent trades, here are a few charts showing Forex Pairs at inflection points where the market must come to a decision quickly in regards to the near term future.
I promised to post up some analysis for Cable this weekend in view of a planned swing short, however, on closer inspection defining the entry will not be quite as clear cut as originally expected on a risk Vs reward basis.
Following previous analysis where Cable was heading towards resistance in the 1.5980 zone we have seen a continuation of that rally which has now extended itself to the 61.8% fib retrace as shown in the chart below.
EUR:USD has finally achieved the zone where I've been planning a short entry. Unfortunately it has achieved this level with a huge bullish daily candle and therefore unless you are really aggressive I would suggest it's too early to start jumping into swing shorts just yet.
As we are still in a situation where there remains a lack of very high probability trades that are both ripe and imminent, I'm going to run through the main part of my watchlist showing what I'm looking at right now, why I'm looking at it, and detailing in pictures the simplicity of the type of trading set-ups I trade.
Since the SNB Euro Peg we've seen both EUR:CHF and GBP:CHF rally exceptionally hard to overbought levels. As I was fortunate enough to have participated in the long side of the GBP:CHF move, I'm now looking for signs to enter short ahead of a pull back.