11 Free Forex Setups: Sun Nov 18 2018 – Fri Nov 23 2018
0 Cryptocurrency Setup
With Brexit news making headlines, our setup charts had us in short bias and price action did not disappoint giving 1550 pips potential for this week!
Price gives you signs, the forming structure gives you signs, and you must trade that. Simple works and you will see it was simple pullbacks and consolidations with bull/bearish price action at extremes lead the way for trades.
One of the best weeks we’ve had and these setups and triggers were no different than the ones we’ve posted every week for years!
Every trader who followed this week should have racked up some pips.
How did these setups do?
AUDCAD – Price ranged at highs without a break down worth trading.
AUDUSD – Starting the week we were waiting for the pullback on the four hour chart. After seeing a strong pullback, not something we want if we want to go long, the short off the range was the play for 99 pips.
CADCHF – Tough to take the downside break from the triangle
EURAUD – The rally happened but the four was needed to dig inside the daily range formation. You can easily see the lower high being put in and a break of the base was 52 pips.
EURGBP – The downside was in play but a 45 pips downside break on the four hour is the best that could be expected
EURJPY – Bear flag turned into an ugly range
EURNZD – Bounce off lows with momentum on four hour chart. Price puts in a higher low and break of swing high topped out at 40 pips.
GBPCHF – Had the bounce from lows but no setup to take advantage of it even though it was expected as per the setup chart.
NZDCAD – We wanted a pullback and the failure test of highs was a juicy setup short for 96 pips.
NZDUSD – The pullback was expected but we didn’t have any setups to go long off of it.
USDCAD – 136 pips off the pullback and the range that came off the pullback based with weakness was the price action pattern that we like to have for a trade. It was weak price action which is what we want after a pullback. It then becomes a breakout trade as when price ranges after a pullback, we have a pullback failure.