6 Free Forex Trading Signals For April 24- 28 2017
How did these signals play out?
AUDCAD – Pullback to zone and depending on your entry, +116 MAX
CHFJPY – Price blew past the resistance zone, came back to test and rocketed +200 pips
EURCAD – Signal highlighted area of interest and gave both scenarios. Long played out for over 320 pips
EURJPY – Took off and never looked back. No trade.
GBPAUD – Weekly chart finally broke the downtrending pattern. Signal called to watch for weakness at resistance but as stated before, watch the failure to occur. Resistance broke after a very weak pullback which is bullish. Almost 400 pips potential.
GBPUSD – Basing occurred at support as mentioned. +100 pip on break.
Update On Last Weeks Free FX Signals
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.