10 Free Forex Trading Signals For May 1 – 5 2017
How did these Forex setups play out?
CHFJPY – The monthly pin bar confirmed. Break of highs and pullback as seen on chart. Yes, you can infer lower time frame pullbacks by higher time frame candles as seen by the candle of Friday April 28. 200 pips up for grabs!
EURJPY – Over 200 pips on the long in a perfect resistance or holding trading play.
EURNZD – Slight pullback after resistance failed to hold. Break of doji for entry booked 200 pips.
EURUSD – Triangle formed during the week with break on Thursday. Probably not a trade many would take although it’s in profit.
GBPCHF – Labeled as a resistance holding or failing trade. Resistance held. Inside candlestick and price dropped 100 pips before finding legs.
GBPJPY – Price broke resistance with small range candles until the Friday pop of 170 pips. I’m not going to count this as many traders would have ignored this pair due to the weak price action
GBPUSD – Like the GBPJPY, this pair is sluggish as it entered the zone of previous congestion.
NZDJPY – I mentioned bear flag broken at support…..and this highlights why I said in an previous update that you can’t ignore the horizontal zones! Price broke the support side of the flag and jumped 132 pips. Even though it’s a trendline, it was a support holding or failing trade. Support held.
NZDUSD – Support holding but I much prefer the failure test (spring in Wychoff terms) on May 4 as a reversal in this context.
USDJPY – Basing under support and then triangle formation. Break to the upside nets over 100 pips