7 Free Forex Setups: Sun Aug 19 2018 – Fri Aug 24 2018
1 Cryptocurrency Setup
How did these setups play out?
AUDJPY – We were at potential resistance but I said we were still looking at upside. 76 pips came from the breakout
AUDNZD – We were in a range but was expecting another leg down which we got for 57
AUDUSD – We wanted to short overall but were putting the odds another further upside. 54 pips
CHFAUD – We wanted a long trade at this support zone. Price broke up for 229 pips.
EURUSD – We got a pullback but could not get into a long trade to ride it up. The pullback was too strong to suggest a short trade although we did want the pullback. A perfect pullback is weak…not strong. Strength indicates an imbalance not in the favor of shorts.
NZDCHF – We wanted a better pullback to get a short and instead got a range. The upthrust (failure test) of highs on Aug 22 was enough to short. 44 pip drop.
NZDUSD – We wanted a better pullback in our NZD crosses but again, this pullback was too strong to short.
BTCUSD – We wanted to short and a break of Aug 22 lows would have been the trigger. Never got it.
523 pips last week even though we didn’t have the pullbacks we wanted. We are still in the summer season of trading and on the daily charts, price action is a convoluted mess with most currency pairs. Bitcoin is still a coin flip but we pick our direction and look for clear signs…..not wishful thinking.
These setups are still not complete on the respective charts but I am looking for the setups to either complete for a trade or fail. I won’t short (or buy) just because a market made a small adverse move. I need to see price action come into previous consolidation zones or pivot areas.