March 8 – March 13 2020
AUDNZD – The pullback failed and price fell back into support. Price broke support and gave a breakout/pullback trade entry with the only clear entry being a break of lows. 200 pips to the bottom.
AUDUSD – As per the setup chart, looking short. Failure test entry on March 9 was a clear entry for a 464 pip price drop.
BTCUSD – The pullback was indeed a move for the short side with a $3800 drop from the base at lows of momentum at the start of the week
CHFJPY – Price broke downside from the triangle for a great price move but there was no entry even on the four hour chart
EURGBP – Basing at momentum highs leans towards more upside as we noted. Price based just below resistance where astute traders position. 329 upside.
EURNZD – Would have loved to catch that massive price spike but no position available. What we did get was a pullback to the top of the range on the four hour chart. Took a while to get a trade going off the test but the result was a 290 pip upside jump.
EURUSD – Price did pullback to our zone and signs of weakness were present. We would prefer to not trade a pullback that occurs with momentum as mentioned before. Four hour chart gave no entry for the downside.
GBPCAD – Expected reject of highs after gap up. As noted on setup chart, we did have suspicious of “could reject”. Four hour chart showed lower high and break of low would confirm downside. 790 pip downside.
GBPCHF – Wrote on setup chart to monitor for breakdown. Clear basing at support with a downside breakdown of 370 pips from March 8 lows.
GBPJPY – Expected breakdown as noted. Unable to position for intial shot down but price retraced up into backside of previous support. Price held and 414 pip downside result.
NZDCAD – The insane spike on open are not to be played with. Always wait to see what develops. Price failed to put in a new high and break of support on four hour was clear. 217 pip drop if you wait for breakdown. More pips if you shorted the four hour pullback.
NZDUSD – Again, the opening spike must not be traded. Obvious failure test then lead to a 317 pip drop.
The exciting thing about these markets is that approach that you’ve read on these weekly setups does not change – and they continue to work!
Will you miss great moves because of lack of entry? Yes. But you need to have an approach that you follow. If you don’t, you will lose out eventually because if you don’t have a reason to enter, a reason that uses market mechanics, you are guessing. 1127 pips available with clear entries and setups this past week. Missed trades due to lack of clear entries.