5 Free Forex Setups: Sun Oct 28 2018 – Fri Nov 2 2018
0 Cryptocurrency Setup
How did these play out?
AUDNZD – We didn’t get the weakness we were looking for as price ranged during the week
CADAUD – We were watching the consolidation thinking of an upside resolution given the strong momentum up previously. Failing to see resolution, the four hour chart was used to watch the bull bear battle. Stronger momentum as seen in the candles was on the side of the bears and the thrust down and week pullback on Oct 30 was our shot at a short trade. Bear flag break 175 pips
CHFJPY – Price ranged from lows with a test of highs at end of week
GBPAUD – Price whipped down and up.
NZDCAD – We wanted to see a break lower but price broke to the upside.
405 pips potential the past week with the usual approach – daily setups + four hour chart entry. No, you don’t have to use the four hour chart and can stick to daily charts because you can infer the lower time frame action from the higher time frame candlesticks/bars.
Many currency pairs are stuck in between extremes or have already begun a move out of a pullback or breakout. Hard to get involved with them unless you see some basing or a pullback. Those can be seen on lower time frames but I personally have been using daily charts for a long time. Less stress and larger potential especially if you trail your stop loss.
Bitcoin and others are still in holding mode and while there may be intra-day action, my daily charts are not worth putting risk on. There will not be any crypto trades until there is resolution.