10 Free Forex Setups: Sun Sept 2 2018 – Fri Sept 7 2018
1 Cryptocurrency Setup
How did these setups play out?
AUDCAD – The breakout happened after basing at lows. Not a big move, 77 pips potential, but certainly playable
AUDNZD – The long played out and 50 pips may seem small, but not if you trade size.
AUDUSD – Playing the breakout was 77 and waiting for a pullback and shorting off the lower high formed on the four hour gave up 25 – still be in the trade.
CADAUD – Why did I say breakout? Basing at highs of momentum is playable and this went for 92
CHFAUD – Pullback underway but no trade
CHFJPY – I’ve written many times to try to find an entry before the breakout. This was obvious (four hour) for a 125 pip upside move
EURAUD – No entry to catch the move down
EURJPY – Was looking for more downside that never happened. Break of trend line to upside as well as minor resistance and basing had a buy stop above 129.80. Play to resistance for 93.
GBPAUD – Wanted to short but took a four hour range break to catch the 180 pip downside
NZDCHF – Price ranged all week
DASHUSD – The bear flag broke and consolidated
Some weeks you see price continue to move against your setups and this was one of them. These markets are certainly stretched and the daily strong movements of price can be dangerous to trade. You want to wait for an entry that is not simply jumping in. This is trading.
180 pips – and probably one of the worst play out of the setups I have ever seen. No worries….you need the setup PLUS the trigger and we didn’t get one!
Onward and upward
That said, the model I use for these setups is designed for traders of all levels. My main model utilizes other conditions including a quantified breakout strategy on the daily and weekly but is not something that will make its way to these pages.
Why do I tell you this?
You must design your own strategy and you can use what is covered in these many pages of setups, as a jumping off point.