9 Free Forex Setups: Sun July 22 2018 – Fri July 27 2018
3 Cryptocurrency Setups
The setups below gave potential of over 300 pips for the week. Here is how they played out.
CHFJPY – Price has pulled back into the bottom of our red zone of interest and even though we are getting lower shadows, we did not get a setup.
EURCHF – Pullback failure and I have written a blog post about this setup which you can find here.
EURGBP – Price has pulled back right to our white zone but no trade opportunity
EURJPY – Our pullback zones are getting hit but we have not had a resumption in the direction for the swing trade
GBPCHF – Price pulled back to our zone and our four hour chart gave us an entry for a 65 pip drop.
GBPJPY – I wrote that shorts were off the table unless there was consolidation. Remember that I call any pause or retrace in price a consolidation and that is what we got. Four hour time frame drop for 88 pips. You can see the double top setup.
GBPNZD – Nasty price range this week as expected. Four hour chart failure test entry of resistance on July 26 and after a brief pullback, price dropped for 50 pips.
NZDJPY – We had our four hour show weakness but there was no entry into the market.
USDCAD – We were looking for shorts as shown on the chart and used the four hour as described. The weakness was obvious on the four hour chart as was the bear flag especially after the huge momentum move down on the four hour chart. Simple trend line break and pullback short for 113 pips
BTCUSD – There was no excuse for a trader missing the long in Bitcoin given the information I provided on the setup chart. $1000 upmove off the consolidation at resistance.
LTCUSD – Long trade for +$5.00
XLMUSD – I wanted a pullback for a long trade which never happened.
All but one setup delivered last week and many noticed there were mostly counter trend trades. While trading in the direction of the trend is my main approach, context matters. When price is at a (potential) support or resistance zone, regular readers know we go to the four hour chart to see what price action gives us.
The GBPCHF chart was a perfect example of a momentum – consolidation – momentum entry into the market.
Regular readers should also note that not much changes in the approach from week to week. Nothing new is introduced in terms of approach because simple does work once you know what you are looking for. It then becomes a repeatable approach.
Pips from last week were around 530 depending on your entry.