7 Free Forex Setups: Sun Aug 26 2018 – Fri Aug 31 2018
0 Cryptocurrency Setup
How did these setups play out?
AUDJPY – We wanted a short and we certainly got what we wanted. 175 pips to the downside from obvious price action
CADAUD – Was looking for a short here and never got the action. Instead, a huge run to the upside leaving us behind
CHFJPY – As written, longs were not off the table and the pullback on our four hour chart gave us the long for 192
EURAUD – We wanted a long but need a retrace during the trading week. Never got it.
EURCHF – We wanted short and we got it for 170 to lows.
EURJPY – 190 pips to the downside and as written, that is what we were looking for. Used the usual four hour chart as price rocked up to resistance.
GBPJPY – I wanted downside but with a strong pullback, that was off the table.
460 pips potential the last setups. A lesson on pullbacks – you don’t want to see momentum during a pullback if wanting to short. If momentum comes into the market, the imbalance is not your favor and it is best to stand aside.
I wrote a post about managing trades when price starts retracing some of your potential profits. You can check that out here.