Swinging Cable
Hello,
Just lately I have been reading up on swing trading and just started Marc Rivallands book.
I was wondering if anyone trades this way and how this type of trading might work on the Forex?
I have a link to a Daily chart of the GBP/USD below which i have marked up and was hoping someone in the know might take a look and let me have comments. Basically the green bars are up, red down, the blue represents major indecision, the red boxes are inside days (the up and downs are based on price and ignor the open/close and the red lines at the base of the bars indicate swing lows with pale reds being false lows that didn't work out. you basically trade with the trend and are looking for a 3 down reversal to go long on a breach of the 3rd days high. If the price moves below a previous swing low then this would indicate a change of trend and you would short).
Looks like we could have an opportunity tomorrow if cable doesent push up too high today?
http://img512.imageshack.us/img512/3453/gbpusduu8.jpg
Cheers,
Cube
Hello,
Just lately I have been reading up on swing trading and just started Marc Rivallands book.
I was wondering if anyone trades this way and how this type of trading might work on the Forex?
I have a link to a Daily chart of the GBP/USD below which i have marked up and was hoping someone in the know might take a look and let me have comments. Basically the green bars are up, red down, the blue represents major indecision, the red boxes are inside days (the up and downs are based on price and ignor the open/close and the red lines at the base of the bars indicate swing lows with pale reds being false lows that didn't work out. you basically trade with the trend and are looking for a 3 down reversal to go long on a breach of the 3rd days high. If the price moves below a previous swing low then this would indicate a change of trend and you would short).
Looks like we could have an opportunity tomorrow if cable doesent push up too high today?
http://img512.imageshack.us/img512/3453/gbpusduu8.jpg
Cheers,
Cube