Cryptocurrency and Forex Trading Setups – Archive

Free Forex Setups Now Published:
Sun Dec 16 2018 – Fri Dec 21 2018

New For 2018:  Bitcoin and Alt Currency Charts


I’m now posting Bitcoin and alt currency charts from a swing trading perspective.  It is at times difficult to get involved from the daily charts in cryptocurrency trading as the continued push upwards give no other alternative but to buy breaks of individual candlesticks.  By itself, there is no edge in that approach.

There is an edge in mean reversion and momentum trades and that is where I will continue to focus.  As you’ve seen, you can short alt currencies and Bitcoin in the right context but most traders would be better to continue with the trend.

Horizontal consolidations on daily charts may see trends you can trade intra-day.

The term consolidation as seen on the charts and text means in price or time.  I consider a retrace in price and a horizontal movement the same thing – but traded differently.

As always, all of these free Forex and cryptocurrency setups are based on price action, price structure and may result in trading opportunities.

These setups use technical analysis to determine if a chart is setup for a potential trade.

As the Forex charts are set up when the market is closed, price may evolve differently than anticipated.

The beauty of price action Forex trading/cryptocurrency trading like this is you are not waiting for a lagging technical indicator to flash an entry signals.  You can see, in advance, the setup that we are looking to take advantage of.

  • We are reactive to price action in these areas
  • We do not attempt to forecast although an idea can be helpful
  • Don’t get blinded by your opinion
  • Price rules

While some of you may choose to scalp or day trade the foreign exchange market with these free setups, please note they are designed for a swing trading approach.  Lower time frames may also present opportunity using these charts for context.

Please be fully aware of your overall “risk appetite” when it comes to your trading account and your Forex broker margin rules.

Note that all recaps are best case scenarios in terms of totals.  Every trader will have different entry and exit points and the recaps show potential and not necessarily totals obtained by the author.  The author does trade the posted setups and others dependent on evolving price action.

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. This site bears no responsibility for trading results based on trading recommendations described in these analytical reviews.  You must understand Bitcoin and cryptocurrency trading in general before trading that market.

You can also visit:  How To Trade The Free Currency Trading Signals

READ  Trade Management And Stop Out

I have been asked if I close all my positions at the end of the week.  The answer is no.  As an example, here is a snapshot of a position I am holding in EURCHF that was posted as a setup.  Portion was scaled out and trailing stop remainder.

REAL TRADES. REAL MONEY

REAL TRADES. REAL MONEY


6 Free Forex SetupsSun Dec 16 2018 – Fri Dec 21 2018
0 Cryptocurrency Setup

Another week in the books and 750 pips potential for the setups posted last week. It is has been a very good year for those who followed these setups and hopefully you are learning that simple works. You don’t need a ton of indicator or weird price patterns….simple pullbacks and failure tests work.

We are winding down for 2018 and coming into lighter trading volumes so ensure you are keeping risk under control. Or even consider packing it in for the year and enjoying the success you had!

 

AUDCAD

AUDCAD

 

AUDCHF

AUDCHF

 

AUDNZD

AUDNZD

 

CADCHF

CADCHF

 

GBPCHF

GBPCHF

 

NZDCAD

NZDCAD


9 Free Forex SetupsSun Dec 9 2018 – Fri Dec 14 2018
0 Cryptocurrency Setup

RESULTS

AUDCAD – Price did find support at the lows and there was 70 pips to the upside using our 4 hour chart as usually done on virtually every setup.

EURAUD – The mean reversion as written was a perfect play and the reversal off the highs was obvious on the four hour. 145 pips downside potential

EURNZD – The downside was in play at the area market on the chart for 149 downside before heading back to the upside

GBPAUD – Resistance holding was in play and the four hour chart for the price action was, as usual, the proper chart to watch. The previous failure test on the four hour chart range failed to juice the GBP upside. Breakout of range lead to a 303 pip drop before price fired upside.

GBPNZD – While the price did drop, we wanted a further pullback which did not happen.

NZDCAD – No further upside

NZDCHF – No further upside

NZDJPY – 86 pip upside before price started to retreat

NZDUSD – Was looking long but price had other thoughts

Handful of setups last week and 3 of them were a CAD cross. The jobs report came out for Canada with a record breaking 95000 jobs added in November which gave the CAD a kick which affected our trades.   That number of 95k will be adjusted as other metrics in Canada don’t support it.

READ  USDTRY - You Still Want Upside

Coming into the holiday season where the big money players start packing up and heading away, be mindful of your trades and risk as thinner markets can turn into whippy type of price action which will mess with your trades.

Scale out a portion of your trade and scale the rest?  This is my favorite way to run a trade and I wrote about it, with a real trading example, in a post called USD Scale And Trail.

AUDCAD

AUDCAD

 

EURAUD

EURAUD

 

EURNZD

EURNZD

 

GBPAUD

GBPAUD

 

GBPNZD

GBPNZD

 

NZDCAD

NZDCAD

 

NZDCHF

NZDCHF

 

NZDJPY

NZDJPY

 

NZDUSD

NZDUSD

 


7 Free Forex SetupsSun Dec 2 2018 – Fri Dec 7 2018
0 Cryptocurrency Setup

AUDCAD – In pullback mode and we did pullback later in the week with momentum on a good CAD jobs report. No trade.

AUDJPY – We were on alert at highs for a mean reversion trade which puts us on our four hour chart. Simple play from highs for 255 pips.

CADCHF – Pullback and short was on the table as described. 144 pips.

EURGBP – No trade as price ranged

GBPAUD – Wanted a rally for a possible short. Rally happened but was stil strong late week.

NZDCAD – Pullback underway. No trade.

NZDUSD – This trade turned from a potential long to a failed breakout trade. Price jumped over highs and was rejected giving us a breakout failure entry short for 70 pips.

The past week gave us perfect technical setups using what we have always promoted – simple price action, simple chart structure. Flags in all forms , work. Small ranges inside of larger ranges gives you trade entries before breakouts happen. Daily charts gives you the means to spot overall price condition and possible entry ideas. The four hour chart dials into structure.
Don’t complicate.

1200 pips were up for grabs from these setups and no, you probably can’t grab all of them especially since there is overlap. Example is short GBPNZD and GBPAUD has you exposed to GBP. You pick what you understand, what looks clean, and focus your risk on those. 100-300 pips can be a lot of money depending on your account size and risk tolerance. It isn’t the number of pips that count but the amount each pip is worth.

 

AUDCAD

AUDCAD

 

AUDJPY

AUDJPY

 

CADCHF

CADCHF

 

EURGBP

EURGBP

 

GBPAUD

GBPAUD

 

NZDCAD

NZDCAD

 

NZDUSD

NZDUSD


8 Free Forex SetupsSun Nov 25 2018 – Fri Nov 30 2018
0 Cryptocurrency Setup

AUDCAD – The pullback was a great call and price easily rallied 140 pips using a breakout of four hour highs.

AUDJPY – 93 pip upside run. Further weakness in the Yen as written on the setup chart would have had me ignore this pair. We had better AUD strength instead!

READ  Trader Talk

AUDNZD – We were watching the pullback and the bear candle early in the week was a sign to head to the four hour chart to see price action. A break even move as price dropped, pulled back with strength, dropped to previous low and scratch this trade.

CHFJPY – Was a perfect complex correction where the A-B move = C-D move almost to the pip at 114.36. Price rallied into a cluster of price and drop from October 8, 62 pips downside.

EURNZD – We wanted a slightly larger rally in price and given that price was ranging, we (as usual) head to the four hour chart. Failure of price to hit the upper side of range showed our bearish call was still in play. Position before the breakout (something we always talk about) at the low of the small base that preceeded the last attempt up. 238 pip break down of price.

GBPAUD – Bear flag was correct but late entry due to momentum push off of trend line prior to break. Simple breakout of trendline (more of a breakout of price lows where momentum candle formed), retest and a 280 pip drop.

GBPNZD – Another pair where we initially wanted to see a larger rally because all candles were forming inside of the Nov 15 move. The issue with larger rally can be it shows renewed upside intent. We considered the upmove from the posted setup chart as a possible release of upside energy. Basing at highs in the context of overall weakness had us on the four hour looking for tests of highs. That never came and price broke to the downside. Price pulled back into the just broken pivot low and that is the entry. Price dumped to the downside for 240 pips

NZDCAD – Wanted longs from pullback. Got longs from pullback. Four hour chart, lower highs and lower lows turned into higher swing low and breakout of previous lower swing high is the entry. 148 pips upside.

Our setups for Nov 18- 23 gave up about 1550 pips of available market moves.  After a big week like that and a short trading week this week, we fully expected to have muted price moves.

480 pips came from our free Forex setups which is still a good number considering this is swing trading daily charts.  Swing trading daily charts is my top way of trading because I only have to look at the market once a day.  If I use the four hour as my lower time frame (trading setup dependent), I will usually set an alert at a price point of interest.

AUDCAD

AUDCAD

 

AUDJPY

AUDJPY

 

AUDNZD

AUDNZD

 

CHFJPY

CHFJPY

 

EURNZD

EURNZD

 

GBPAUD

GBPAUD

NZDCAD

NZDCAD

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