Yes, I know, I’m use to day trade. But there are times that I switch on to Swing mode if a setup for swing trade present it self. The same thing when short term as well, if it presents me a good short term setup, then I plan and take it. But this time I am going to show you all that I also do Trade swing. But remember, the daily target is 10 pips or 50 pip for a week or 100 pip for a 2 week profit. Meaning if that is achieve, I have my very own holiday for the remaining of the week for that month.
Why the holiday. To stay focus back when I am back at the desk job looking at the chart an analysing them for 2 hours thoroughly and plan them while I’m fresh, means I have a better trade in my favor.
The chart I use for swing is the Weekly chart, Daily chart and the 4Hour chart.
First thing first, where are we in the weekly chart ( location ).
so, we are closing into a demand level or zone. from 1.3232 to 1.3030. Withing this zone or level, best practice not to be a seller at all. Or else you are feeding the large institution buyers and my self of course. SO this what I monitor to avoid the wrong bias.
Next stage… Trend ? are we still Bullish ? YES! we are!! The down move was hit by the daily chart supply level for a corrective move. Just like an elastic band. The pull back in fact pulls the price so as to gather momentum and energy to rally massively as well.
See that former supply that failed, that will become a fresh demand. The current demand has been used up this week so It will break and hence drop into the fresh demand ( former supply ). Becomes level on top of level.
This is a 4H chart where all the entries are made and plan and execute.
BUY LIMIT or MARKET order @ 1.3270 and 1.3250
Stoploss @ 1.32325
TP @ 1.3360 ( subject to change as per weekly chart longer term Trend ) I might ride it.
BE @ 1.3350 ( move SL or BE it as soon as price at this level )
Strength = 2
Period = 2
Profit Margin = 2
Retracement = 1
Arrival must be monitored. I want a strong move that has the least path of resistance to bounce up.
IF YOU EVER WANT TO COPY MY TRADE, PLEASE BE AWARE FX IS A HIGH RISK INSTRUMENT AND THE TRADE CAN GO WRONG AT ANYTIME. NO SUCH THING AS 100%. TRADE WHAT YOU CAN AFFORD BUT NOT WHAT YOU CANNOT AFFORD TO LOSE WHICH COULD AFFECT YOUR LIVES OR LIFE. USE A SENSIBLE SIZE IN YOUR POSITION SO THAT YOU WON’T BE BOTHER TO LOSE IF SOMETHING DOES GO WRONG. IF SOMETHING GOES RIGHT, PAY YOUR SELF BY WITHDRAWING YOUR PROFIT SO YOU CAN TASTE IT AT LEAST BEFORE YOU DO SOMETHING EUPHORIC ON YOUR TRADE ACCOUNT ( BEFORE COMMITING SUICIDE ).
I hope that disclaimer tells you do what is right, not what you feel.
Happy trading ever one in the world!!