11 Free Forex Setups: Sun Aug 12 2018 – Fri Aug 17 2018
1 Cryptocurrency Setup
How did these setups play out?
AUDCHF – We were waiting for some signs of strength or signs that the big move was over. We got it during the late part of the week for a 68 pip pop in price.
AUDNZD – We posted for a mean reversion trade and this one was picture perfect. You also didn’t have a huge move against you if short instead seeing the market begin to consolidate. 155 pips in this move
CHFJPY – Nothing to talk about here as price ranged. We were looking short but the failure test of lows early in the week forced us to ignore the rest of the week with this pair.
EURCHF – Almost the exact trade as the AUDCHF as the momentum to the downside ran its course. 90 pips up for grabs here.
EURUSD – Probably the cleanest mean reversion trade for 98
GBPAUD – We wanted a little more pullack here and that’s what we got. Price then turned for 112 pips and this trade should be still going if you are short.
GBPCAD – This pair consolidated during the week.
GBPCHF – Price continued to leak downwards and then began to pullback. There was no long play and the short play didn’t have enough pullback.
GBPUSD – Seems the GBP didn’t want to run to the upside as this pair was lazy as well.
NZDCAD – The question was if NZD was read to jump up. It wasn’t.
523 pips this week with some of the potential mean reversion setups playing out. We look for these when we get a strong directional move but the price action at reversal is vital. We want to see price test lows or highs and reverse. We will not always see it on our daily chart which is why the four hour chart comes into play virtually every time.
Bitcoin is still a tough trade. You really want to have a bias and for the posted setup last week, we wanted long which we got via a failure test trade of support.
USDCAD – We wanted to see how price would do at the trend line. The answer was consolidate.
BTCUSD – We needed to wait until we had signs of some upside. The failure test of lows on AUG 14 was the trigger for a long trade for $361
Not a bad week and for those who’ve been learning from this site saw EURCAD deliver two way action. Both were playable using what is covered here every week. Forex gave us over 400 pips.
Bitcoin showed traders from this site that the simple approach works and if you understand what is happening, you can trade it. Note that the description of every trade opportunity is wrapped up in a few simple approaches. This is every week!
This week we are heavy in GBP crosses so watch your overall risk.
CRYPTO
