8 Free Forex Setups: Sun Oct 21 2018 – Fri Oct 26 2018
0 Cryptocurrency Setup
How did these charts play out?
AUDCAD – Shorts as called played out well for 120 pips using the four hour chart entry. Easy to spot trade as price broke to the downside with momentum and then based giving a breakout type of trade entry.
AUDUSD – There was a downside move but no entry to grab onto.
CHFJPY – Price ranged this week
GBPAUD – I had set my eyes on going long this week but price action on the 23rd changed that outlook as price broke down through support, and then popped back up only to strongly reverse on the day suggesting another move lower. Break of demand line on four hour chart plus taking out Oct 22 lows was a short trigger for 185 pips to lows.
GBPCHF – Another GBP cross that I was looking long and another break of support with backside test and failure which suggests move downside. Four hour chart again, breakout, pullback short for 100.
NZDCAD – Shorts were in the cards but I didn’t see an entry although price did fall.
NZDCHF – Another short was in the cards but no entry again.
USDCHF – Wanted longs and although price broke upwards, no entry here.
Still not posting crypto trades as there is nothing technically interesting enough to put risk on with.
Last week we had 265 pips play out in the posted trades. Nothing to get excited about if pip count is important but if you put on size, it was a good week. It is expected where you will have months of great trades and other times, you take what you can get. We want price and structure of price to lead the way. There is no sense in putting risk on when price is ranging between extremes. That is a coin flip.