Oct 11 – Oct 16
AUDJPY – We had a short setup that would be violated with momentum to the upside. We didn’t get that momentum so we drop to four hour chart for entry trigger. Trend line break entry with 170 pips of price movement.
AUDNZD – Another pullback setup.Lower time frame trigger. I had no trend line drawing points on the four hour as price broke down. We then had a mini rally and the simple entry is a break of the pullback lows for 130 pips. Using a trendline on that mini pullback was impossible due to the lower shadow on Oct 12.
AUDUSD – Price rejected at the trend line without a rally to my zone. Price broke down and the mini rally on Oct 13 gave us entry at break of lows for 93 pips to lows
BTCUSD – Price ranged
EURJPY – Price stalled right at our zone and began to break down through the four hour trend line. 135 pips to lows.
GBPUSD – Price came to our zone and stalled. Four hour chart entry is trend line break for 140
447 pips this past week with the AUDUSD giving us a rare trade action. The setup offered two directions and when one starts to fail, the other direction with a trigger is a good play.
Remember that we use daily chart setups. We don’t always have to use a four hour entry (you could use the daily or lower than four hour), it just can give a clearer view of the landscape.
This weeks setups have pairs in transition. Some have changed shorter term trend direction to the opposite of the longer term direction. This gives us both sides to play.