9 Free Forex Trading Setups For Nov 27 – Dec 1 2017
How did these play out?
AUDUSD – Bear flag broke downside for a quick 50 pip potential.
USDJPY – Mentioned a thrust could also mean exaustion, not weakness at support. You need validation of that and we did as price broke upside for 120 pips
USDCHF – Wanted another run to the downside and that’s what we got for 80 pips after a bear flag.
NZDCHF – Price action was indicating failed support on the chart I posted. Price moved to the top of the range and put in a failure test of highs for the short setup. Short for 60.
GBPUSD – Setup chart had indicated a breakout but not to trade the actual initial break. Price broke resistance, pulled back into the range and trade long is break of strong rejection candlestick on Nov 28 for 160 pips
GBPNZD – Bull flag. Break to upside for 450 pips off of reversal candle on Nov 28
GBPAUD – Consolidation of highs indicated upside break. Price did so for 300 pips.
CADCHF – Support did break and even though price did follow through for a trade, there was no convincing short play on this break.
This was a short trading week so I didn’t expect much to happen in terms of price movement but almost 400 pips were at play – mostly EURO crosses. Most of the failure test trades had no follow-thru and these should only be considered by traders with experience.
One thing you must keep in mind is that some of these setups that get posted last longer than a week and some remain in play the following week. The most recent example is the NZDUSD that was posted a few weeks ago. There was no closing price action that indicated an exit until the consolidation this week. The trade was up 125 pips from our four hour entry.