Oct 25 – Oct 30 2020
How did these do?
AUDCAD – Price rallied to our zone of opportunity. Four hour chart trend line breakout gave 18 pips.
AUDNZD – Lower time frame traders (day trading time frames) would have had shorting opportuities but on the daily chart, we had no pullback to trade.
EURAUD – Pullback completed and four hour chart entry was trendline break for 109 upside before price rolled over.
GBPAUD – Pullback and basing which changes an entry to a range breakout/failure of lows/basing at highs of range. 194 upside on 3 bar entry off test of lows.
GBPUSD – Price pulled back and four hour chart shows double bottom with failure test on second low. 39 upside on break of high before price stalled
NZDCHF – Pullback and upthrust (failure test of highs) led to 51 pips downside before turning back
Last week we only had 3 setups and 247 potential pips in play.
Some have asked about the overall trend direction and which trend to play. As a swing trader, I look for one swing in the market. It does not have to be in the direction of the longer term trend. For instance, if I use a 5 day chart, the market may still be making higher highs and lows. Dialing into a daily chart, I may see lower highs and lows. On the four hour, I may see lower highs and lows. All this while the longer term trend is up.
