6 Free Forex Trading Setups For Nov 13 – Nov 17 2017
How Did We Do?
AUDUSD – The breakdown occured for 72 pips to the downside
CADJPY – We were looking for upside breakout and price broke to downside. There was no setup on the initial break but shorting the consolidation on Thursday that occured after the breakout (talked about in many of our setups and trades) was the trade for 77 pip by shorting the inside bar.
EURUSD – We wanted upside and the break of the consolidation that formed under resistance is where we want to get long (again, mentioned so many times in our setups) to a peak of 183 pips.
GBPCHF – Tough trade to take as candlesticks at support were plotting shadows to the downside…breaking support and recovering. This is NOT bearish and is called a failure test which you can use to help position for a long.
NZDUSD – Perfect play on bearflag for 117 pips
USDCHF – Price evolved to the downside with the break of support. There was no price action to position long and the break of support didn’t have much follow through nor was there price action to get into the quick short.
Not much happened in the pairs we were watching last week and some of the moves were short lived. The potential pips were 562 and that’s being generous. It depends on the skills of the trader as everyone will have different results.
I want to point out that some of you know, if I am looking for a short trade for example, and I draw a pullback, the overall meaning is a consolidation. The market can consolidate via price (pullback) or via sideways move (range). Ensure you understand that so you are not sitting watching for a pullback but price consolidates and then races in our direction without you on board.