Pipcrawler

Good Evening Forex friends! It’s my turn to share my 2010 swing trading performance, and overall it was mixed. I started 2010 strong, winning 80% of my trades in the first half, but took quite a few jabs to the chin in the second half trying to fight the trend.

Soon after I posted my trade idea, news came out that the books from Ireland banks would be examined to see whether or not they can handle the debt load. This bit of news seemed to have calmed the markets down enough to spark an unwind of USD positions and a EUR/USD rally.

My trade orders were triggered as the Greenback rallied against the majors on a renewed focus on European debt issues. Unfortunately for my trade, and the EU, these worries have intensified, pushing USD/CHF to my stop out level.

My idea that the Greenback sell off has run out of steam worked out pretty well against the majors–except Cable. While the rest of the majors are trading lower on the week against the Dollar, Cable is grinding higher on better-than-expected UK data.

Wow! What a difference 24 hours can make on currencies as the China interest rate raises didn’t have much of a lasting effect on the markets. Traders returned to further Fed QE2 sentiment, and with the help of positive corporate earnings, risk was quickly picked back up.

My end of the week trade idea managed to produce a few pips for my account, but because I had to take off early for the weekend, I wasn’t able to update my blog until today. It looks like that saved me a few pips as well.

It looks like I got the price action I was hoping for as Cable pulled back just enough to trigger half of my orders to go long. With the help of today’s announcement from the Bank of England on interest rates and their bond buying program, we got to see another retest of 1.6000.

Good evening fellow Forex fanatics! We’ve got a simple technical setup going on in USDCHF as the pair stalls during its current downtrend. Check it out!

Cable weakness was strong enough today break a significant support and resistance level. Is this break for real or just another fakeout?

Well, we didn’t have to wait long to get the answer to my question on the EURUSD range. The area held for less than a day as a positive surprise in US Retail Sales brought a broad based USD sell off.