June 28 – July 3
How’d these do?
AUDCAD – Price stayed in the range
AUDNZD – Price continued in the range
EURCHF – Sideways price action
EURGBP – On alert for failure of breakout as noted on setup chart. 128 pips downside potential off of failed breakout.
GBPCHF – Setups chart gave failure back up and that is what happened. 4 hour chart reverse head and shoulders. Either trend line break entry or test of left shoulder lows for entry. 120 pips
NZDUSD – Price basing under resistance.
USDCHF – Nothing.
After several weeks of massive pips taking place, we expected a week where not too much would happen. Markets didn’t disappoint. Not much happened. Some trades were examples of why trade management is important. It literally makes the difference between some profits or a loss.
Simple setups on the daily chart with simple entries on the four hour chart. Yes, you can go lower for entries but that brings up issues of playing with price action far removed from the higher time frame setup.
251 pips potential.
June 21 – June 26
How did these do?
AUDCAD – Price continued to range this week.
CHFJPY – The channel broke with momentum and on the four hour chart, you did see 60 pips upside before price pulled back. That pullback failed on the four hour chart into a trading range.
EURCHF – Trend line break entry on the four hour chart in line with the setup. Not much play, 48 pips, and trade management was vital.
GBPCAD – Another four hour chart trend line entry for 143 upside pips before pullbacks off the support line bounce.
GBPCHF – Small bounce but there was no entry on the four hour chart. The break down came too late in the week.
GBPJPY – We have support, so far, but no trade entry.
Another great week with potential gains of 1200 pips. The last two weeks have down very very well. I will repeat it often: simple works.
We’ve used the same type of setups and entries for years. Pullbacks and consolidations paired with lower time frames, trend line break for entry and simple patterns for triggers.