Sept 20 – Sept 25
AUDJPY – A little more downside turned into a lot more downside and price is still leaking.
AUDNZD – Price did find support on the daily chart with room to run before resistance. Using the four hour chart, the downsloping trend line did not break for an entry.
BTCUSD – Has no interest in buys. You can see on the daily chart the pattern of lower high and higher low. This COULD begin a direction change upside if we get a higher high.
CADJPY – Highs pierced a four hour trend line closed below and started to slide down the upside of the trendline. There is a reversal candle put in on Sept 24 that grabs pips but our setup was the daily.
CHFJPY – Price comes into our support, breaks it, and closes red. We wanted to start to look for pullbacks as mentioned on the setup chart. The lower shadow on the bearish close on Sept 21 is a pullback on a lower time frame. Price rejected under our support line finding resistance. Cheap trade on rejection of resistance for 76 pip to lows.
EURGBP – We wanted a pullback. Got a pullback. Price still pulling back
EURJPY – Almost like a stop sign, our second level is holding price in a range just above the 122 level. No trade.
GBPAUD – Price pulled right into our zone and slammed hard. In a range on our trigger chart, so let’s see how it plays out
GBPCAD – Shorting zone was bang on for 134 pips to lows. Kudo to Jeff C. who read the 3 days of shadows and used the four hour chart to mange his exit on a break of a small range. Nicely done.
USDCAD – The range break was to the upside and we had no entry in the range. However, price based at momentum highs on the break and that, as repeated many times, leans bullish. Break of range upside gives 98.
309 pips in play last week. I don’t see a whole lot of trending price action as there are quite a few ranges on the daily charts.
However, if you choose to trade lower time frames, there are plays to be had as price ranges on the higher time frames.
Remember, you need your own trade trigger to get into a setup. Setup + trigger = trade…and then manage.