Sometimes the Markets get the better of me and no matter how much I analyse the situation there just doesn't seem to be an answer that can prevent the same occurrence in the future. Such an occurrence arose today with the NZD:CHF swing long.
This is the 2nd swing long in succession on this pair having taken profits first time round only to see another desirable set-up soon after. Having held this 2nd swing for almost 2 Weeks with absolutely no progress, last night I decided it was time for a closer look. The result of this was to effectively forfeit any further risk by setting the stop loss at break even.
Only the one swing trade taken this Week, and exited 24 hours later.
That was the EUR:USD long, the analysis behind which can be found in this post.
It rallied almost straight away after entering and 24 hours later price was rejected from quite strong resistance at the top of the recent range, which happened to coincide with the triangle I'd marked out in the previous analysis.
Very little to say this after this incredibly low volume and frankly dull Week of trading.
Intraday movements across Indices appeared to be almost completely random all Week and this is proven by the fact that today's low volume trading on DOW covered the whole Weeks range less a handful of points.
No new swing trades were taken and I continue to hold the 2nd half of
As you know, half of last Week's EUR:AUD short was covered ahead of a bullish set-up on shorter time frames that could lead to a 2nd short entry.
On 4 hourly and Daily time frames, the areas detailed in the following charts show levels where resistance should be prevalent if the move down is to resume.
As you may know, CAD:JPY has been my favoured Yen trade on the short side recently based on good quality technical set-ups but in actual fact, the Austrailian Dollar has been the weaker currency against the Yen and therefore this might be where we should be focussing our attention.
It hasn't gone unnoticed by some that I've never posted an AUD:USD analysis.
There are some reasons for this, the main one being that I have a bet that AUD:USD will make all time new high's in 2012. The year started great and just a few Week's ago AUD:USD was within 300 pips of delivering my winnings, but the recent correction has concerned me a little.
So there we have it, I have an agenda and ultimately a