4 Free Forex Trading Setups For Dec 11 – Dec 15 2017
How did these setup resolve?
EURUSD – Continues to resolve with higher time frame uptrend and lower time frames giving both directions opportunities. No clean set ups since the 200 pip long late November
EURGBP – Failure test trade set for 55 pips to highs and move fell back into the range.
AUDUSD – Double bottom trigger on the four chart sent price up 160 pips
NZDJPY – Perfect example of what a bear flag failure looks like
Some of our setups last week took a while to evolve into actionable setups. Anybody who thinks that setups should magically go in your direction have probably not been involved in the markets for any length of time. We trade with probabilities, not certainties.
The key is to watch for pattern failures. A great example is a pullback. If looking for a long trade, what we don’t want to see is any momentum in the pullback. That would be a pattern failure and would take that particular setup of the table.
We are coming into holiday season and volatility is drying up. There are very few setups on the daily charts that I’d consider. Intra-day may still have opportunities for you to place risk on although my domain is daily and above.
Potential pips on these setups was 542 pips (1200 the week before) in best case scenario. As always, a fraction of those is good enough to make decent money in Forex if you are trading any sort of size.