12 Free Forex Trading Signals For Aug 7 – Aug 11 2017
How did these play out?
Quite a few of these setups had price in the zones so don’t discount any setups that are still valid.
AUDCHF – Resolution with break from boxed price action. 149 pips
AUDJPY – Price broke through potential turning point and put in reversal candlestick but no trade trigger.
AUDUSD – Price holding at noted turning point. No upside trigger.
CADCHF – Price pulled back to our trading zone but no trigger.
CHFJPY – Price basing around our pullback zone
EURUSD – Low price range this week. Price still in upper channel.
GBPAUD – Price basing around our inner trend line.
GBPCHF – Basing above former resistance turned to potential support (check August 8 daily candle) was tip for support break. Sell stop of lows gave 155 pips as price traded into our noted second zone
GBPJPY – Price pushed lower past line in the sand however end of week close showed bear weakness. No trade.
GBPUSD – Price creeped lower. No trade.
NZDJPY – Trade scenario played out as price failed to hold and dropped for 250 pips.
USDCAD – Price simply based most of the week. No trade.
Not much happened in our trading setup watch list last week as the week prior had strong moves that gave our signals over 1300 pips. That’s the nature of the markets and something all traders should understand regardless of their trading method.
Markets move in trends, momentum, consolidations, and while there are opportunities in all those conditions, they may not be taking place visible on your time frame such as the daily chart.
In strong momentum markets that are overbought (or oversold), you may have to drop down a time frame to see how price is reacting when it is hitting support/resistance zones or measured move objectives (see CADCHF for last weeks review).
Just over 100 pips came last week but if you averaged one standard lot normalized for USD ($10/pip), it would have been a great payday.