Price Action Swing Trading - The PAST Strategy

[Matthew West-Robinson]

Hi all (or myself...am I talking to myself? ), just wanted to provide a mid-week update on my PAST trading progress.

Was stopped out on my USD/MXN trade at 0.5% loss. Also took two further trades in GBP/JPY following last week's analysis. Was stopped out on both - one at break even and the other at a 0.5% loss. So I'm now about 4.5% down from all trades that have been closed. However, my EUR/NOK trade has decided to take another bearish tumble and I am now some 15x my risk in profit. If I closed the trade now, I would have a realised gain of 7.5%. Therefore a total realised gain of 3% based on 15 trades closed at either break even or at a loss and 1 trade closed in profit.

BUT....I am not going to close the EUR/NOK just yet. Going to at least leave it until the end of the week and see what the latest weekly candle looks like and whether we are close to or else have breached weekly support. Stay tuned!

Here's the EUR/NOK 4hr chart. I have circled where I entered the market with my short:



I also wasn't able to find a good long entry in the USD/HKD - I am pleased I didn't try it as the bears have absolutely smashed it. I will stay away! Here's the USD/HKD and the incomplete weekly candle for this week:



Finally, I have also executed a short in gold. Gold has been bullish over the last few days but it seems the shoting star signal from the previous week is still valid. Yesterday's daily candle had a lovely shooting star and I got in at the break of the 4 hr trend line....albeit a little late but I'm in and currently in profit. I'm not in a position to yet bring my SL to break even but it's looking good:

I have circled where I got in. You can see the nice trend breaks that have been occurring:




Enjoy the rest of the week.

All the best,

Matt

 

[Matthew West-Robinson]

Hi all, it's the end of the week.

I am still in EUR/NOK and Gold. With the NFP figures released on Friday, Gold took a dip and is now $1,399.01. I am now 2x my risk in profit and have brought my SL to break even. I am looking forward to next week and I'm hopeful the bears can keep the momentum going. Have a look at the weekly chart now - huge resistance at around $1,436!



With the EUR/NOK, I am trying not to let my emotions get the better of me but Friday's price action showed a great recovery of price. There is now a bullish doji pattern on the weekly. This would be the sort of signal I would look for if considering a long position if the was a good preceding trend! Long term this pair has also been on a very strong bull trend, pretty much since 2017. Here's the weekly chart. You can see the well established trend and the latest doji candle:



So what do I do? Here's the 1 hr chart. It looks like price has broken back through to this triangle. If price breaks to the upside then I may consider closing the position. Otherwise, I'll continue to hold. We'll see...



For next week I am watching the GBP/NZD & GBP/HUF. Both showing bullish pinbars on the weekly with good preceding down trends so I am looking to buy!

All the best,

Matt