11 Free Forex Trading Setups For Oct 23 – Oct 27 2017
How Did These Play Out? 1300 + Pips.
AUDUSD – Monday saw the break with a quick retrace back inside catching shorts off guard, as mentioned on the setup chart I posted, as the day continued on. Price action short setup for 170 pips
CADCHF – While this trade did break to the downside and we were looking for another leg short, there was no entry.
EURCHF – We were looking for a short trade off of these highs. First test was successful of highs which was really the weekly following through. The reversal happened with the engulfing candlestick for 60 pips. Not ideal.
EURGBP – Was a little put off by the strong retrace on the 24th but the outside day candlestick setup up a short for 60 pips.
EURHUF – Strong retrace on this pair from consolidation kept me away. Week did end with a strong drop however.
EURUSD – Wanted to position inside the range but at the extreme. A trend line drawing from Oct 11 – 20 highs gave us a third bounce short. Price action entries on these is sell orders below previous candle lows. 175 pips
GBPAUD – Bull flag was in play as noted. Resistance trend line did not soundly rejected as other tests. 270 pips
GBPNZD – Wanted to see small consolidation on break of resistance. Got that and price went about 350 pips depending on your price action entry.
NZDJPY – Mentioned not a fan of those chart patterns and initially looking for another push long. Price matures during the week and as I have written many times before, know what a failure or successful hold of an area should look like. Price consolidated at lows which does not indicate strength. Reversal candlestick on Monday would have given you an entry below lows of 78.80 for a short trade of 90 pips.
USDJPY – Nothing
Not a bad week last week and the setups and triggers were very obvious especially for those who’ve been following these setups every week. 711 pips were available on a more conservative entry approach.
Some of you have asked about candlestick reversal patterns in order to get into some of these setups. I am a fan of that and to help you out, pick up the following free pdf to help you learn about them: Trading Candlestick Reversals