14 Free Forex Trading Setups For Oct 30 – Nov 3 2017
1250 pips played out. Here’s what happened
AUDJPY – Too strong of a pullback when I was looking for a short position. No trade.
AUDNZD – Still looking for long and bull flag still intact. No trade.
CADJPY – Was looking for long and break of October 31 high gave long for 125 pips
CHFJPY – No trade.
EURCAD – Treated the pullback as a bear flag due to momentum to the downside as week developed. I’ve written before about that setup and this started to resolve into a complex pullback. 130 pips
EURCHF – Was looking for a weak pullback for a short as shown on posted chart. Pullback happened and short happened but no convincing entry.
EURGBP – Was the topic of a blog post early in the week. The short setup went for approx 80 pips until the failure test setup, which I have mentioned many times, showed up. Astute traders caught the short and with the failure test setup grabbed an extra 145 pips
EURJPY – Obvious support holding trade for 70 pips
EURNZD – I wrote about this one as well in that same blog post. I mentioned that pullback was too strong and a complex correction was probably setting up. That is a move you can trade in this context. 145 pips – more if you saw on the four hour chart the pullback that occurred.
EURUSD – Nothing.
GBPCAD – Engulfing candle on Oct 30 was an obvious entry for 185 pips to the upside. Even better was the failure test setup but it was not a trade that could be taken as the candlestick on Nov 2 was too large.
GBPNZD – The upside trade was not as a convincing setup as the GBPCAD but this failure test was. 375 pips.
NZDUSD – It was a support holding or failing trade and while support held, there was no convincing entry off the bottom.
USDCAD – The failure test worked but the pullback before the low of the test candlestick broke turned me off of this setup.
Some simple setups this week gave over 1300 pips.
I got a great question on the GBPNZD as this user of the blog saw the move that I was referring to in the setup. http://forextradingstrategies4u.com/enter-wait-trade/
This type of trading takes a lot of screen time to understand but the most important part of the puzzle is knowing what a failure/successful resolution should look like.
A simple example is if a pullback is going to have another leg in the same direction, you want to see strength in the setup leg (alerts you to potential setup) and a lazy pullback.
If a pullback has strong moves, it is not a pullback you want to trade. There are other ways to trade the resolution of that pullback though.
The best thing is to keep coming back every week to my blog because you never know what price will do that can also be a learning experience.
Make sure you download this free PDF on: Trading Candlestick Reversals. Believe me, it can help you with these setups!
