8 Free Forex Setups: Sun Oct 14 2018 – Fri Oct 19 2018
0 Cryptocurrency Setup
How did these charts play out?
AUDCAD – Wanted a short but noted to look for a second leg to make a complex correction. These can be traded especially taking into consideration momentum coming into the first leg. Long off four hour chart for 70 pips
CADAUD – We were watching the pullback and expecting more downside and that is what we got. Not long.
CHFJPY – Price ranged at our location of interest.
EURGBP – We wanted more upside, got more upside but I couldn’t get an entry on the four hour chart that made sense.
EURUSD – Price collapsed not giving a long entry
GBPAUD – Price dropped and the short off the pullback gave up 160
GBPCHF – We cautioned against buying and that was the right call. Did not get a short of though.
USDCHF – We got the upside for 65
A little bit of a challenge for traders who were looking to get rich last week but for traders that follow a trading plan, it was business as usual. 495 pips were up for grabs this week trading virtually the same way we have on every page of these weekly setups.
The CAD, which formed many of the setups, ended the previous week with strong momentum. I was not too concerned with betting on further CAD strength because strong moves generally have an opposite reaction.
Some have asked why there have been no crypto setups posted. Cryptocurrency has been in a range for a while and inside of ranges, you should consider that much of the action is simply random. There is no true edge just playing price inside of a range.