July 7 – July 12 2019
How did these do?
AUDCHF – Pullback happened and the four hour chart showed a clear range. Using a lower time frame price pattern, the range, and the breakout of that range, gives us an entry into a higher time frame pullback. Not much in the move, 50 pips, but follow the plan.
AUDNZD – Pullback into the trend line (no magic here, just market rhythm) and rejection on the four hour. Pullback after rejection is the entry for 63
AUDUSD – Breakout downside happened but did not have the pattern we look for such as basing or failure test of highs. Add to price moving straight from resistance through support, this is not a trade for us.
EURAUD – Pullback and solid rejection that resulted in a four hour chart range. Trading the breakout to the downside into the higher time frame pullback is 111 pips
EURNZD – Pullback play was on and the long shadow was the key for entry. Higher price rejection was clear. 148 pips
NZDCHF – Price ranged and the rejection of lows had us ignoring this chart the rest of the week.
388 pips up for grabs even with the muted price action that took place this past short trading week. A great lesson on trading breakouts (and when not to) took place on the EURNZD so I suggest you study that chart