This is how swing trading looks like
Hope you had a great weekend! Did you see the Olympics closing?
Anyway… Take a look at the next chart, it is the GBPAUD, one of the currency pairs that I like the most, not only because I’ve made a few pips here but also because of the big swings:
Where do you think it is likely to go? It is as clear as water…
What I do with this kind of charts is to look for long opportunities, and ignore every short opportunity.
Remember we are looking at daily chart, and you don’t have to hold your trade until it completes the market swing (I’d recommend it though, it’s what I try to do).
If you don’t feel comfortable holding them overnight, just keep looking for long opportunities, and close them when you feel that the time is right.
Just for your information, there are 1330 pips in this swing. Would you take them all?
Let me know what you think and leave a comment.
Good luck in the week ahead!