11 Free Forex Trading Signals For April 17 – 21 2017
For last week signals, currencies had quick pops from certain levels and unless you are positioned prior to break, these were tough trades to get involved with. A couple hundred pips maximum otherwise.
General rule: Look for the cleanest setups to get involved in.
With the conditions of the FX markets for swing trading, be very clear on your reasons for entering the trades. Don’t get sloppy with your risk management and keep reading price action for reasons to get out of the trade. Rookie traders attempt to read price action to remain in the trade which leads them to only look for positive things.
Given that risk management is vital to trading, the better bet is to find where your trade is weak and act accordingly.
Last weeks wrap…….
AUDCAD – Signal said a pullback would be the initial look however inside candlestick on April 9 was a short setup. 105 pip potential. As also indicated, congestion zone was a roadblock and obvious reversal candlestick showed up and price is rallying close to prior noted pullback zone.
AUDJPY – Consolidation at support points to probability of break. Price pushed down and hit a minor rally. Pips possible but would have been a hard trade unless you were positioned in pre-breakout consolidation.
AUDUSD – No clear support break. Support held.
EURCAD – Unless positioned before break on April 9, a difficult trade entry aftwards.
EURGBP – Nothing.
GBPAUD – Position in basing at resistance if you were looking for a break. Resistance held after 170 pip pop.
GBPCHF – What happens at 1.2650 level?
GBPJPY – Support has broken for +100. Follow through? We shall see.
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