8 Free Forex Setups: Sun July 8 2018 – Fri July 13 2018
2 Cryptocurrency Setups
The setups below gave potential of 330 pips for the week. Here is how they played out.
AUDCAD – Failure test short never came through although we did have a pop down in price but still no trade.
AUDNZD – 84 pip bounce to the upside from our noted trading zone
GBPCAD – Stayed inside of a trading range.
GBPNZD – Our spring never got the bounce we needed
NZDAUD – Pretty simple short from our zone for 95 pips
NZDCAD – The noted short played for 60 pips
NZDJPY – I still prefered shorts coming into the trading week. Price ranged for the most part so no trade
NZDUSD – Another noted zone broke in the direction stated on the setup chart for 95 pips
BTCUSD – The short setup was a smart play as price broke to the downside for $400
ETHUSD – The short setup was again the right move as price broke for $47 to the downside from our trading zone.
Crypto is getting a bit of a bounce but it is way to early to become a buyer looking to hold for any length of time.
The bottom line is that markets seem to be in summer mode which means to keep your expectations in check. Some of the setups from last week which you can find below mentioned mean reversion trades which are counter to the immediate trend.
The mean reversion trades helped bump up the pip count to 450 pips potential. I must repeat that pip count is one thing but it’s the $$ per pip that matters. For some traders, it is approximately $450 and for some, over $4000 for the week. You can build your account over time, following proper risk protocols, and eventually make some great money swing trading.