Sept 26 – Oct 2
How did these do?
AUDUSD – Price did rally to our zone of opportunity. Four hour chart reversal candle set off a 44 pip downside move.
EURUSD – Price rallied into our zone and started to break down but no trade entry
GBPUSD – Rally to our zone and no entry
NZDUSD – We are at the bottom of the range looking long. Bullish engulfing candle on four hour chart off support lead to 108 upside pips on break of highs.
USDCAD – We were looking at shorting opporutnity. Triple top on four hour chart with rising trendline. Sell stop at rising trend line is 103 downside pips
USDCHF – Price did pullback bacn and based.
USDJPY – Price pulled back to our zone and bearish engulfing and break of its low sets up a 55 pip drop
Many currency pairs are just slopping back and forth and that makes for tough trading. 308 pips is not bad – Futures traders would love a 308 point week. The money you make depends on your risk.
While I use a 4 hour chart entry for my daily setups most of the time, you can use an even lower one for your entries. If you do, look for breakouts of a range or smaller trend line breaks to enter. You can often get into a trade, such as the AUDNZD on a one hour range break, and grab some pips as price rallies. When markets are like this, you can experiment on a demo account trading patterns like pullbacks or range breakouts when the daily chart is reacting to a level. Look at 30 minute charts and on a rainy day, I have no issue doing it.
Sticking with the majors this week as currencies seem to be in a transition.