LIVE WEEKLY FOREX SIGNAL UPDATES!
Free FX Trading Signals Now Published: APRIL 24 – 28
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Free Price Action Trading Course
- How to trade this Forex trading signals, check this post
- Want to learn how to trade with price action? Well check out my free Forex price action trading course.
- For better trade entries, I use this: multiple time frame trading
- I also use this: patterns with pattern (advanced multiple time frame trading)
- Nothing beats these: top 10 reversal candlestick patterns (the trigger to buy or sell)
Type Of Trading Strategies To Trade These Signals?
- Trendline Trading Strategy
- Trendline Breakout Strategy
- Broken trendline Breakout And Re-test strategy
- Support and Resistance Trading Strategy
- Diagonal Price Channel Trading Strategy
- Inside Bar Trading Strategy
Please note the following:
- All of these setups have the potential to move 100 plus pips if price responds as anticipated and the stop loss should be tight if you are going to trade these setups in smaller time frames like the 4 hr or the 1 hr timeframes using multiple timeframe trading techniques.
- This means that your risk:reward ratio is going to be really good.
- Stop loss should be placed a few pips behind the “signal” reversal candlestick(s)
- Use of pending buy stop and sell stop orders are recommended after reversal candlestick buy/sell signals are generated.
- Note the time frame the trading setups are in if you intend to use multiple time frame trading technique
- Follow the arrows and notice the lines drawn on the charts…the trade setups on the charts are self explanatory.
- Keep track of previous week signals! Price will do what it wants on its own time and some of the signals are valid even a few weeks after original publish date.
6 Free Forex Trading Signals For April 24- 28 2017
Last weeks signals: surprise election call by Theresa May drove both affected currencies higher which many traders may have had difficulty with.
Which leads to the lesson that understanding what a failure of a technical setup is and looks like affords trading opportunity. That is what we had in some of the pairs affected by the election call.
These failures would have given you a potential of over 900 pips if you were watching the areas highlighted on the signal charts.
This brings up an important point: Forex trading is greatly influenced by events such as this that nobody even sees coming. This can make FX trading an extremely challenging pursuit.
Events such as this rarely will change the overall trend of the currencies and of course that will depend on what trend you are looking at. For swing trading, my preference is the weekly trend with trades on the daily chart although I do hop onto daily trends for lower time frames such as 4 hours at times.
Instead of getting churned while day trading (and paying retail spread costs a few times per day), a longer play can rack up hundreds, if not thousands of pips with one trade entry.
I was taught this lesson early in my trading career with a trade in a JPY cross that racked up 1021 pips with a 60 pip stop. That’s been my trading plan ever since.
You still can not ignore what the chart is telling you. Learn what a failure looks like and you will see the opportunity present itself. I will discuss those in the wrap up below.
As you go through the update from last week below remember that pips accounted for were what was up for grabs. You may not have caught all of the move.
AUDCAD – Slight hold up right on the white line I had drawn. You could see the weakness was not going to happen by the candle formations.
AUDJPY – Chop
AUDUSD – Nothing worth writing about
CHFJPY – Chart said too far extended and needed a retrace. Also said the experienced price action traders can play a long from the zone if bulls appear. 120 pip rally from noted support zone
EURAUD – Head and shoulder pattern did not complete. Signal turned into a trend line bounce trade off of “neckline” with incredible bull candle for over 200 pips using buy stop on engulfing candlestick.
EURCAD – Signal indicated bulls were interested but at close of week before posting signal, price was ranging below support. That does not place the odds of continuation higher. Lower shadows on candlesticks, inside spinning tops and an engulfing candle covering the previous 2 days sets the stage for the bulls to take a run. Close above support and price flew over 300 pips from noted location.
EURNZD – Not the cleanest chart and without solid bull/bear candles.
GBPAUD – Signal was looking for a pullback for another rally. Nothing available for the long run up.
GBPJPY – By the close of the 17th, you should have known that the support break was not going to last. Buy stop over highs was a +300 pips trade
GBPNZD – Signal said to watch as a learning opportunity. Did you learn anything?
USDJPY – Nothing.