6 Free Forex Setups: Sun July 15 2018 – Fri July 20 2018
0 Cryptocurrency Setups
The setups below gave potential of 530 pips for the week. Here is how they played out.
AUDNZD – Quick drop from resistance as noted at 76 pips was the result
CADAUD – Price continued to range into the apex of the triangle pattern.
CADCHF – We anticipated a break out failure as noted on the setup chart. The reason is that price broke the top of the range with a strong move from the bottom of the range. The breakout failure happened for 78 pips. Failure of patterns can be excellent trading opportunities.
CADJPY – Play at resistance and the usual four hour chart was used. You can see the lower low from the range on the four hour, price back up to resistance, basing, drop for 102 pips.
CHFJPY – Long was in play for 77 pips before the current retrace
GBPCHF – Setup chart said we were looking at probable resistance and again, like clockwork, these levels demand the four hour chart to watch price action unfold. Basing under resistance and breakdown would have been an excellent entry in hindsight. The entry was after the momentum down and entering in the consolidation as momentum generally leads to another momentum move. 200 pips.
Price action was not as hot as the weather has been but the Forex setups ran for just over 300 pips last week. This is fully expected this time of year and the secret, although it isn’t truly a secret, is to watch the risk on the trade, manage the trade, and take the profits when they come. This is not the time to be cute and look for the home run trade.
Our 2 crypto trades played out rather nicely. Get set up when the market looks dead and take advantage of the sharp moves that show up almost out of the blue. You don’t want to sit in a range with profits especially if you are a swing trader. Swing trading literally means – trade one clean swing in the market and get out.
