This post is essentially to record my thoughts as opposed to being an outright prediction. Presently undecided whether I'm going to take the position as my previous Gold trade incurred a loss despite being one I was quite confident of.
My thinking.... short with stop loss on a daily close above
Just a quick update on these 3 charts that I've been following closely this Week.
NZD:USD was presented last Weekend as a viable Swing Short but I didn't take a position myself simply because I'm already quite heavy on the short side of NZD across other trades.
After the rapid sell off earlier in the Week, Price has recovered equally
My first ideal short entry for AUD:CAD has already been missed, well, 2 entries if you consider the more aggressive short entry that could have been taken from the failed trend line back test shown in the 4 hourly chart.
However, there may still be an opportunity to enter short against any strength over the coming days but
We've already discussed the Trending Characteristics of The New Zealand Dollar in this previous post analysing GBP:NZD so I'll get straight to the point on this one.
NZD:USD is showing some fairly classic signs of a short term top on multiple time frames and although I don't think price will play out quite like my annotated price projection, it gives an idea of
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,
Not much going on today and not much to post about so here's a quick post showing a day trade I've taken on FTSE.
The chart explains it all really. No idea if the trade will fail or not as different time frames are so
Here is a brief example of a DOW day trade I took tonight and it should give you a better understanding of the simple way I approach day trading.
The way I trade and the strategies I use tend to relate to market volumes and volatility and because of this some of what I do is
As with practically everything that moves, I've been watching this for a while. My last trade was a swing short back in June of 2011.
It does tend to be slow moving which makes it more cost effective to trade on futures contracts rather than daily contracts where the financing can