7 Free Forex Trading Setups For Oct 16 – Oct 20 2017
How did these play out? 711 Pips
AUDJPY – Setup called for consolidation, which we got with bullish intent for 37 pips
CADJPY – Short flush setup the upside move for 94 pips
EURCHF – I was inclined for shorts and discounted the pop up. No trade
EURGBP – Another Euro cross that made a pop up only to get a sound rejection.
EURNZD – Simple pullback in uptrend, reversal candlestick obvious on trading time frame for 445 pips
GBPJPY – No trade. Consolidation
GBPUSD – Said setups were mixed and price action would lead the way. Late to the trade waiting for clear bearish sign. Break of Monday low gave entry for 135
Another week where certain Forex pairs did well while the others continued consolidation. You don’t want to trade in consolidation but a keen eye in regards to price action can alert you to who is winning and where the likely trade is.
I go in detail about how the GBPUSD was playing out here. Remember, we are reactive to areas we have pinpointed. You will NEVER know in advance what price is going to do.
This week, 570 pips was the outcome and the lesson is to keep grinding away. Week after week you take what the market wants to give and eventually it will give you more than you can imagine.
For this week, a lot of higher time frame consolidation patterns are showing us price action on our daily charts that don’t hint to an imbalance