Oct 6 – Oct 11 2019
How did these do?
AUDNZD – The pullback terminated in a perfect complex pullback A-B=C-D. On the four hour chart, you can see the higher low put in on Oct 9 and the entry is a break to new highs giving us an up trending pattern. Price has only gone up 38 pips
EURGBP – The four hour chart comes into play (again) on a daily chart setup. As you know, when using trend lines, you want to have the last swing low before the new high as part of the line. That is why you get fanning trend lines. Using the trend line break as an entry and ensuring price breaks the four hour low on Oct 9, a sell stop order is used. Price crashed for 240 pips. IF you missed that entry, the small consolidation break is another entry.
EURUSD – Wanted a short and was using the four hour range for entry however there was no test of highs or basing at support for an entry. Didn’t see a long entry.
GBPCHF – Was considering short and was thinking breakout pullback. Price actually puts in a complex pullback which is bullish. Price broke support of first leg down and based under what could now be considered resitance. Basing under resistance is bullish (basing on support is bearish) . Enter inside of basing. Price drives 475 pips upside.
GBPNZD – With price basing at highs of a momentum move on the weekly, a channel on the daily, the long was in play. Break of four hour trendline and then the break of Oct 7 high leads to 396 upside.
NZDUSD – No weakness to short
625 pips potential this week while some of the pairs did absolutely nothing.
Some great lessons here in one week which covers a lot of the lessons we’ve had over the many years we’ve posted these.
Note that even with small gains in price, you still have room to remove risk in most of these trades due to the higher time frame approach.
The potential pips is not what you’d have gotten. What that means is you add opportunity from 0-625 and from my experience, many of you that have been here get a little over half.
Sep 29 -Oct 4 2019