Feb 9 – Feb 14 2020
How Did These Do?
CADCHF – Was looking for a pullback and while price pulled back, momentum stepped in and made this a pullback failure. No trade.
CADJPY – I was aware this may head higher which made it a two way trade. After the pause, the four hour chart was used and entered off the double bottom. 43 pips potential to high.
EURAUD – Using the four hour as price stalled during the pullback, break down, pause, and breakout trade to downside for potential of 243 pips.
EURCAD – Range trading hat was on and this pair just melted to the downside. Wasn’t much way of entry. What started as a pullback trade ended up as a breakout pullback trade. Breakout of lows and pullback. 50 pips potential
GBPAUD – Was playing for another leg down due to the momentum to the downside on the first leg. Price chopped around for most of the week.
GBPNZD – Wanted a long but price started up early in the week. Price retraced for a retest and four hour chart showed a trading range. Use break of trading range to enter the higher time frame pullback gave 220 potential pips
I was talking to my friend Mark a few weeks ago about the state of the Forex market. We either had choppy price action or, just recently, large momentum moves that put price in areas where we don’t want to trade. We both agreed that the plays would soon happen and this week, over 1200 pips were up for grabs.
It is a good lesson in patience. Instead of trying to manufacture a trade, wait for price and then jump all over it.
This week, many of the pairs have already began to move so I’ve left many out for this update.