Forex Trading Weekly Setups Archive

May 10 – May 15

How did these do?

AUDNZD – Top of the week I was considering this as bear flag, a pullback.  However the pullback failed into a trading range.  Turn to a range trading strategy or looking for signs of direction.  Price drove higher through top of range.  There was a playable pullback that occurred after the momentum move.  It was 48 pips.

EURGBP – Price based below resistance which is bullish over a large sample set of trades.  Entry was off four hour at higher low.  98 upside pips.

GBPAUD – While basing on support is bearish, the four hour chart was a mess.

GBPNZD – Scalp idea turns into a 270 pip upside move from a double bottom on the four hour chart.  Price had broken support and was hovering around the zone.  It was a simple double bottom play.

NZDCHF – Got the failure at the level and it wasn’t until price broke down and put in a range that a trade could be taken on the four hour chart.  140 to the downside.

NZDJPY – Price played inside the range and the entry is clear on the four hour chart.  It was a messy head and shoulder and the trade taken at the right shoulder.  150 downside.

NZDUSD – 200 pips downside as again we have something resembling a head and shoulders.  No, they never have to be perfect, it is the concept.  Trade taken at right shoulder.

900 pips with only the GBPAUD not giving a clear entry.  Double bottoms, head and shoulders (not perfect), pullbacks after momentum thrusts…..we have several entries that were available.  The AUDNZD, lots of pips left on the table but the strong momentum off the bottom of the range was a tough play.

963 pips potential this past week over 5 Forex pairs.  Price in many pairs is still working off some wild moves which makes many of them no worth trading on a daily chart basis.  You can use ranges on higher time frames to trade intra-day swings on lower time frames.  As a swing trader, I don’t usually deviate away from sticking to daily setups with four hour entries.

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May 3 – May 8

How did these do?

AUDCAD – Barely got a playable pullback in this pair

AUDCHF – Difficult to get entry at bounce.  Pause in up move with failure test was simple play.  115 pips

AUDNZD – This was a tough play and the trend line break off the four hour which signalled the end of the pullback was the entry.  70 pips upside potential

AUDUSD – Four hour chart rise, pullback and higher low put in. Obvious reversal candle put in to begin the push to 139 pips

GBPAUD – We never got the deeper pullback and price pulled back into a former area of support. The initial rejection on the four hour was tough to enter.  The pause was an excellent place and price fell 439 pips.

GBPJPY – Range was tough to play.  We saw basing at the lower part of the range which points more to downside.  Price breaks down for 200 pips.

882 potential pips last week with some breakouts and the common double bottom price pattern.  GBPCHF had a great showing with longs and shorts that were playable.  This week, we have 6 pairs that have potential plays that are fairly straightforward…..same things every week.

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April 26- May 1

How did these do?

AUDNZD – This played out quite well.  Price rose up into our zone and set up a reversal.  Price fell from highs and you can see the range on the four hour chart.  Breakdown from there racks up 113 pips

EURNZD – Price rallied inside the range and was unable to break the high on the four hour chart.  The 2B reversal is a great entry technique especially when you have a bias on the market turn.  This was a 298 pip drop.  There is a reversal after the break at a higher time frame support zone leading with an engulfing candle

GBPCHF – Price breaks the range and puts in a playable pullback that challenges the pullback high for 109 pips.  We have a failure at highs with an obvious reversal that pulls back 105 pips.  You had both directional plays here.

GBPJPY – Perfect double bottom at the bottom of the range.  Entry off a trend line break that rises 257 pips.

We don’t usually look for reversing positions but we were looking at both directions to begin last week in the EURAUD.  That was noted on the setup chart.  480 pips potential unless you found an entry on the GBPJPY which would have bumped that number up.

Here are four setups for the coming trading week.

Hope you check out the recent post I did answering some chart questions.  It touches on how these trades are entered, consistently, with the same patterns every week.

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April 19- April 24

How Did These Do?

AUDCAD – Low range this week in price not giving us anything that we were looking to trade

AUDNZD – Sunday started us off with a poke below lows and rejection.  Into Monday, we chopped back and forth as support was holding.  Draw down sloping trend line on four hour chart for long entry.  Simple support holding trade with trendline entry.  Entry on confirmed close above trendline for 110 pip upside

EURAUD – Both directions were at play as noted as price was chopping on support.  Using four hour chart, you have a range breakout as entry into higher time frame pullback that runs for 150 pips.  Price stalls at previous high giving us a double top.  Price drops and bases at support where you position for a short prior to the break.  Price drop of 260.

GBPJPY – I wanted a short trade as noted on the setup chart but unable to find any entry.  The only idea for an entry was a break of the four hour range but I could not make anything out of it.

Price had reactions in each of our noted zones this past week.  Using the four hour chart for earlier entries generally gives us great trades. 830 pips potential this past week with the same clear cut entries we use every week.  This week was a great example of a “head and shoulder” entry we like to use.  The right shoulder rejects around the same level as the left shoulder.  We don’t wait for neckline breaks but watch price on the four hour chart.  Trend line breaks and failure tests are the trigger.

Not a fan of the charts this week for daily chart traders.