Oct 13 – Oct 18 2019
How did these do?
AUDUSD – Some traders may have found an entry for a decent short off the four hours. On our end, there was no entry trigger for a short and we didn’t make a new low that could be traded. After the daily chart pushes up, an easy pullback occurred with an obvious reversal candlestick. Price rallied 100 pips.
CADJPY – Breakout pullback. Simple play for small pips. 37
EURCHF – Rejection at highs but no follow-through. Price ranged.
EURJPY – Break of highs, pullback and follow through. 105 pips
EURUSD – Price did pull into congestion and for shorts, looking for price to break below. It didn’t, but broke the trendline and pulled back to top of previous congestion zone where support was found. 120 pip rally ensued.
NZDCAD – Price broke down from congestion instead of a long play. The short could be a trade but not by us.
USDJPY – We were thinking short and what looks like played out was a failed breakout. No trade.
1149 pips. That was the potential last week using a simple approach to trading that we do here every single week.
Whether the approach brings hundreds of pips or a small amount, it is the same approach:
- A general bias given the structure and price action
- Scenarios of “if then” depending on the moves of price
- Reads of bullish and bearish dominance usually via the four hour chart
- Use trend lines and other patterns to enter trades
A trader should know what they are looking for. It takes 10 seconds to glance at a chart to see if the possibility of a trade is there.
This week, I have not posted GBP crosses due to the massive moves the last week. You can still have them on the radar and look for failures of the large moves.