Swing Trading using the 4-hour chart 1–3

Certainly, as a swing trader you have the luxury that you do not have to constantly monitor your trades, which, for example, day traders or scalpers should do. You are in the comfortable position that you place your orders in the market and then you are able to leave. Since your position is provided both with a stop-loss as a take profit order, ultimately the market decides, which one of two orders will be executed first.

Momentum: The momentum informs the investor about the pace and strength of a price movement.

fakeouts in trend channels are but excellent trading opportunities that have a high degree probability of winning.

The long shadows under the two black Heikin Ashi candles suggest that buyers caught this market again (we know these buyers now). The further development of the chart clearly shows that this fakeout was exactly the start of the upward trend that followed. What you see (downward breakout, arrow), is the exact opposite of what was actually intended.

the US dollar rises, usually the other major currencies such as Euro, Australian Dollar, British Pound, New Zealand Dollar, Canadian dollar or Swiss francs are going down.
3. A strong dollar is usually unfavorable for commodities such as gold, silver or oil, and vice versa. This correlation can of course change temporarily. But, you will see that the correlation sooner or later sets in again.
On the subject correlations a whole book is to be written. If you know the three mentioned rules, you are already ahead from the majority of market participants, who know nothing about it. If you want to deal with, for example, the correlations among the currencies, I recommend this site. You can find information on correlation change in the major currency pairs on an hourly, 4-hour and daily basis.

myself run my swing trading with a basket of indices, commodities and currencies. Here is the list:
Indices: DAX, Dow Jones, SP500, Nasdaq100
Bonds: Bund futures (futures on the German 10-year bonds).
Commodities: WTI Crude Oil, Gold and Silver
Currencies: EUR / USD, EUR / JPY, GBP / USD, USD / JPY, USD / CHF, AUD / USD, NZD / USD, USD / CAD
That's a total of 16 markets. Believe me: If you observe these markets every day, you have a fairly accurate sense of what is happening on the financial markets at the moment. The more experienced traders know, of course, that all these markets correlate. This means that they are more or less related to each other.
Although the correlations can change over time, you can still set up some rules that apply generally:
1. Stock indices often highly correlate. When the American markets rise, you will see mostly that the Asian or European indices do this as well. The three major US stock indexes Dow Jones Industrials, S&P500 and Nasdaq100 can safely still be called the drivers of the world's stock markets. When these three are in a downward trend, the other indexes have a generally hard time countering this.
2. The US dollar is still the most important currency in the world. If

you should always keep an eye on the VIX. The VIX is the abbreviation for CBOE Volatility Index. This index expresses the fluctuation of the US stock market index S&P 500.

the stock market closes in the evening only to open again the next morning.
This is not always to your advantage, because the closing price of a day is not per se the same with the opening price of the next day. Very often differences occur, that are called overnight gaps or price gaps. This can occur naturally to your advantage, but also to your disadvantage. It really gives no joy when you get up the next morning, and the stock that you bought yesterday is 5% lower.
The alternative for a trader who wants to avoid big price gaps in shares is: only trade markets. What do I mean by this? You should trade general markets instead of shares. This can be equity indices (Dow Jones, DAX, NASDAQ, and S&P500), commodities (gold, silver, oil) and currencies (euro, dollar, pound, yen ...).
If you trade "markets" instead of stocks, you might indeed occasionally also end up experiencing price gaps, but they mostly are much smaller

It is best to accompany your long position (or short position, when you go short) with an OCO-order. Your position is thus automatically protected by a stop loss order to limit the losses and to realize the profits through an automated take profit order when the target is reached.