I put so much energy into day trading the volatility over the last Week that I actually missed out on some reasonably good swing trade set-ups that were previously discussed here. One of those was AUD:USD for a swing long, I actually entered that position but got frightened out of it for a small profit as the markets became quite uncertain and jumpy surrounding Cyprus and Europe news.
Although no new Swing trades were taken this Week, there are a number of trading set-ups on the watchlist, some of which I discussed in posts throughout the Week.
As I write this, Sunday night futures have already opened and there are huge gaps all over the place following the news out of Cyprus. I don't really know how the market will take this, of course bearishly is the obvious answer but the markets have shrugged off much worse in the past.
Ok, I admit, I'm jumping at straws here. Just can't see anything ripe for a trade right now and whilst flicking through the chart list this one stuck out.
Can a triangle back test on this large scale be valid as a technical trade?
Whatever may happen, it does look interesting:
Presented with little commentary are these GBP:CAD charts showing price testing the bottom of its 3 Year trading range.
I've been wrong on this pair before, so I'm not going to say "buy it" because this time could be different, and there's nothing on the chart convincing me that this support will hold. In fact, indications point to a large sell off if this breaks down.... But you need to make the call!
The Markets produced a fairly interesting Week with the DOW achieving all time highs and not finding any apparent resistance at the previous 2007 all time high. Quite amazing to consider that every long position you had ever taken will now be showing a significant profit! In fact, I'd guess most of us would be multi-millionaires if we'd held onto every DOW long trade ever taken!
Not sure if I'm interested in trading this just yet but as EUR:USD bounced strongly from support I think its worth keeping an eye on to monitor if/when support is retested.
The situation is slightly complicated by the fact that I have Support in 2 different places depending on the time frame you look at, so I'll detail both scenarios before throwing a spanner in the works with a 3rd Scenario!
A quick mention before I talk about this FTSE chart in case you missed it in the comments section, the USD:CHF swing long is now 90% closed. I've not marked it on the trades log yet simply because I opted to run the last 10% of the trade just to see where it takes me.
With DOW making all time new highs today, I thought I'd take a look at FTSE.