12 Free Forex Setups: Sun Nov 11 2018 – Fri Nov 16 2018
0 Cryptocurrency Setup
How did these trades do?
AUDCAD – The play upwards was a good bet for 94 pips
AUDCHF – Failure test seen on our four hour lower time frame chart and upside pop to highs for 70
AUDUSD – Price broke below the red line on the setup chart and was immediately regained putting the odds in play for another shot long. 112 pips
CADJPY – We stayed in the range for the week.
CHFJPY – Price broke the bear flag on the daily and using the four hour chart, you can easily see the pullback to the line. The first move was tough to get but the pullback on Nov 13 back into the high of the first pullback was the play short for potential of 88 pips
EURJPY – We got the downside we wanted but there was no entry for a trade
GBPAUD – The upper shadows that came into play at the bottom of the range where we wanted the short as noted on the setup chart, were a great price action signs. Heading to the four hour chart as we generally do gave us more price action signs of weakness. Easy positioning for a 490 pip ride to lows.
GBPUSD – Another short setup that was on the setup chart and we got the pullback. Four hour chart had a failure test of the bottom of the range and then price was rejected at highs. The short gave 264 pips to lows
NZDCAD – Setup chart had us in a range so the four hour chart is used for entry as playing actual breakouts is not our favorite play. Small range that formed on four hour chart near resistance inside the larger range gets you positioned prior to break. 145 pips to highs.
NZDCHF – Bull flag obvious on four hour chart as per our bias long. Breakout pullback trade for 96.
NZDJPY – Another pullback trade that setups up long with a failure test of lows. Easy to miss that and you get the range form at resistance, 70 pips upside.
NZDUSD – Bull flag breakout with strength. Look for hesitation to play the move for 122 pips
With an interest rate announcement this past week, I was surprised that we had some easy trading setups and triggers. Almost 600 pips were possible this past week using the same approach with setups and entries that we’ve been explaining on this portion of the site for years.
The USDJPY setup and trigger is a good example of why tight stops are not our preferred tactic. We prefer using ATR for our stop placement as it keeps you just outside the normal market movement.
Be mindful of the several NZD cross setups this week. Too much exposure in one currency will impact risk.