Oct 4 – Oct 9
How did these FX setups do?
AUDJPY – Price rallying from inside a trading range.
AUDUSD – Both directions were in play. Double top on our four hour entry chart. Break of trend line with momentum. Small base and break out. 50 pips to lows. Price pulled back into the range. Small pullback on four hour to enter for a pre-breakout long. 91 pips to highs.
CHFJPY – Momentum push from range. Simple breakout pullback trade to the upside for 47.
EURUSD – Price pushed back into the trading range.
USDCAD – Price broke down as mentioned on the setup chart. 3 bar reversal with entry at 1.3290. Price fell 180 pips
USDCHF – Setups chart talked about USD breakdown. When price breaks from triangles, we don’t look to fade. Price broke down. Pull back to bottom trend line of the triangle. Obvious reversal candle for 79 pip drop.
The Forex daily charts look like they are still trying to find direction. Many uptrends seem to be wanting to rollover but that depends on the USD. Since many of the pairs are in the potential change of direction stage, we can actually play both sides of the coin.
Last week there was 310 pips to play with. Long removed from the 1000+ weeks we’ve had but right now, it’s a different world.