8 Free Forex Setups: Sun Nov 4 2018 – Fri Nov 9 2018
0 Cryptocurrency Setup
Potential of 600 pips in these setups below
AUDCAD – Price was at a point on the setup chart where there were several options and the only one that showed up was a pullback for a long trade. Heading to our usual four hour lower time frame, we had our pullback and the entry is the breakout of the base that formed. 120 pips
CADCHF – Price stayed inside the pattern
CADJPY – There was no clear entry for a long on the four hour chart. Some horrible price action.
EURGBP – The break of the bear flag was not something you could really trade on the four hour but price pulled back after that to allow a short entry.. 70 pips
EURJPY – This was a longer pullback than expected but was not cancelled because it was generally a lazy pullback. Once price failed during the pullback, it was a small potential of 65 pips.
NZDCAD – Price stayed within the consolidation we were looking for. Price broke from a range with momentum, set up a small pause which was the entry into the move upwards for 155 from our four hour chart.
NZDCHF – Same play as the CAD trade but this entry is much more clear with price consolidating just below resistance prior to the breakout. 105 pips
USDJPY – The entry is on the failure test of the lows of a smaller range on the four hour chart. A tight stop would have had you taken out of this trade which is why I recommend every trader research an ATR stop management strategy. 82 pips
Not the best week for trading the setups as price action was muted, one -2 day spikes, or simply ranged with less than 200 pips being available.
One day price spikes are a suckers play and we will stick to the plays that have a higher probability. The CADAUD is a great example of ensuring you monitor your setups and also look for opposing reasons for your setups. This can often have you positioning in a move opposite your original thoughts.
The U.S. mid-term election is coming up which may explain why we were in a holding pattern with the charts. Be conservative this coming week and let the political scene settle down.