Nov 1 – Nov 6 2020
How’d these do?
AUDCHF – Shorts were in play until the higher low was confirmed with a new high which is an uptrending structure. A break sets up a pullback and we get an obvious reversal candle. Buy stop the high leads to 85 pips upside.
BTCUSD – Price was ranging and using four hour chart to find trigger longs. Break of down sloping trend line sets up a pullback to the topside of that trendline. Bitcoin runs over $2000 (16%) before turning over.
EURCHF – No plays
EURJPY – No much of a pullback
GBPUSD – Price dropped right to our marked zone. Buy stop high of daily candle (clear reversal candle) leads to 235 upside.
NZDCAD – Price came to our zone for a long but there was no trigger so a good upside move was missed.
If traders still doubt the benefit of using a lower time frame entry when possible, this week shows how important it can be. 411 pips potential but some of the 1-2 day momentum moves would have been tough using the daily chart for entry. I do like staying with the daily during nice trending events but lately, we’ve seen very little of those.
Be careful this week as the U.S. election takes place!