5 Free Forex Trading Setups For Dec 18 – Dec 22 2017
How did these setups do?
AUDUSD – The continuation pattern forming at the top of a momentum run took forever to break free. That said, a few days consolidation is small and price patterns that form over a longer period of time…weeks….generally do better. “The bigger the brick, the bigger the break”. Max 40 pips
EURAUD – Price broke upwards on strength which is what we wanted. 100 pips upside. 70 pips downside max with strong bearish close.
GBPAUD – I’ve written before that when price bases on top of support, the statical probability is a downside move. Failure test entry (written about these many times) on Dec 20 lead to a 130 pip drop.
NZDCAD – Price sat inside a sideways consolidation.
NZDCHF – Failure test of highs led to max 49 pips downside. Engulfing candlestick lead to maximum 35 pips upside.
FOMC and upcoming holiday adds to some trading challenges the past week on daily setups. Either setups didn’t trigger or, like the AUDUSD, needed the four hour time frame to give the entry. Just over 200 pips potential were available but most traders no doubt sat aside on some of the moves as triggers didn’t happen.
This week, temper trading enthusiasm, lower risk or simply let the year end and start fresh in the new year.