rising wedge Tag

As the Week began I felt quite content in continuing to run both GBP:CAD and DAX swing long trades but the short term picture for both has changed, drastically so for GBP:CAD. Being committed elsewhere on Friday I didn't even log into my account so you can imagine the shock when I logged in after market close to see GBP:CAD that had been showing a +300 pip profit now showing a -160 pip loss! It's unbelievable how much damage can be done to a great trade in a single day, and I absolutely didn't see it coming.

The following analysis was intended to be a continuation of that detailed last Week in this post. Having entered a long position (1.6171)  today primarily based on that previous analysis I decided to run the ruler over Cable again, but this time findings are a little more mixed. By the end of this post it's possible I'll begin to have doubts about the probability of my long position delivering the result initially envisaged. Running through almost all time frames, I'll start with the smallest and work through.

I've just entered a spur of the moment USD:CAD long at 0.9993 based on some of the following parameters. Firstly, although not a major factor in this decision, this long position has the potential to act as a hedge against my existing GBP:CAD short position (showing a 10 pip profit as I type). Ultimately the real decision for the basis of this trade was made upon

Whilst volumes are low this week I've taken a break from hunting out new swing trades and will be spending my time day trading Indices. Here follows my current trading map of the DOW: On  4 hourly I have a line at 12,322 Absolutely no idea why I've put this line there and no idea why I've only got it on the 4 hourly time frame. Whatever made me put it there in the first place (a long time ago) would have been a good