June 30 – July 5 2019
How did these do?
AUDCAD – Price pulled back and failed into a range
AUDJPY – Perfect failure test and the four hour chart as always gives the earlier entry. 70 pips to lows.
CADJPY – Price broke highs which changed the down trend to a possible uptrend. The pullback made it a breakout pullback entry on July 2 and price rallied for 70.
EURJPY – Failure test entry played perfectly on this pair dropping 120 pips with a picture perfect entry
EURNZD – Price broke out and is currently in a pullback. Why not trade the breakout? Go over the many charts on our free forex setups and playing breakouts requires some type of basing. As well, when price runs from highs to lows (for a support break), we often see a pullback right after making the breakout play a low probability play
GBPNZD – Nothing to note as price barely moved
NZDCAD – 82 pips to the downside playing the bear flag break on the four hour chart
NZDJPY – The short trade scenario played out as a failure test of highs broke the yellow support line for 46 pips.
738 pips at play in the setups and I can not repeat this enough – these are simple patterns that work.
Using the daily for setups and often times the four hour for entry, has been a success for these weekly Forex setups for years.
The patterns that are used, are nothing new. Breakouts, pullbacks, ranges – they all “work” if you know how to play them.
I am still not a fan of crypto. There is no basis behind the moves unlike Forex which has interest rates and economic news to help drive price. Some say FX is old news and I say, no. All the crypto gurus appeared during the run up and disappeared during the fall. Trade smart.
June 23– June 28 2019
How did these play out?
AUDCAD – A little pop off support that formed into a range for 36 pips potential
CADJPY – 100 pip jump from the triangle and this move shows that fading the break from a triangle is never a good idea
CHFJPY – I wanted a pullback as mentioned because I’ve written before that breakouts from the bottom of a range often pullback. In this case, the one down down on the 25th set up the rejection from resistance turned to support for 75 pips upside
EURAUD – Price formed inside candle after a momentum thrust that could not break highs. Reversal from low of inside candle was a 167 pip drop
EURCHF – Price ranged
EURGBP – I’d like to short but no setup trigger as price grind higher
EURJPY – Price held at highs
EURUSD – I didn’t want to buy after those two thrust days and that was a good call as price just ranged
GBPAUD – Using our four hour chart (as we do with most trades), the pullback off the trend line with the reversal candle is the obvious short. 230 pips to the downside and special congrats to Wie Man who picked up a huge chunk of that move!
NZDCAD – Nothing fancy and a simple reversal trade for 55
USDCAD – Had written that a pullback could present a quick upside pop counter trade due to the momentum thrust down. Price based which took the long off the table. The four hour chart comes into play and a quick 75 pip break south.
BTCUSD – No trade in this crypto and longs that didn’t read the exhaustion move took a large one day hit.
After a great previous week (600+ pips) , you have to expect some slowdown the week after. Almost 200 pips this past week following the same approach we do every week.
I did post up a trading lesson on a pullback trade short for USDCAD that you can read here.
June 16 – June 21 2019
How did these do?
CADCHF – Took a while but our searching short paid off. 92 pips downside off 4 hour entry, If traders missed the failure test, there was a strong move down and pullback – an anti trade
EURNZD – Not much to talk about here. Price ranged
GBPAUD – Channel stayed intact. No trade
GBPJPY – Price based on support, bearish. Simple breakout for 107 potential
GBPNZD – Price ranged
679 potential pips up for grabs this past week.
Very happy with how things turned out and how the setups triggered in. Let’s see how these new setups work out but remember, great weeks can lead to slow weeks.
June 9 – June 14 2019
CADCHF – Price ranged and broke down on Friday but no entry.
CADJPY – Perfect setup and failure setup on four hour chart sets up a 104 pip downside.
EURAUD – 122 upside pips once our line in the sand was broken
EURJPY – Great pullback right to our zone for a 103 pip downside jump
GBPCAD – Upside pop happened but the pop did not close over our entry zone line
GBPCHF – Price just based at support
GBPJPY – Price came to our zone of opportunity for a short. Failure test on four hour chart led to a 147 pip price drop
NZDCAD – Tough entry when price broke down buy pullback trade on four hour allowed time to join the move. 88 drop from that zone
NZDJPY – We marked off the channel and were looking for a continuation of the trend downwards. It came with an engulfing candle and a 115 pip down move from breaks of low was result.
BTCUSD – There was no further breakdown in Bitcoin as price based at lows of momentum down. That did set up a trade upwards but not for us.
359 pips potential from our setups last week. Routine plays that have been made for years on this website. Setups are found on the daily and the four hour is often used for entry. The four hour chart gives us a better view of structure and who is holding the balance. We have not seen setups that have launched into longer held positions too much this year.
June 2 – June 7 2019
How did these do?
AUDCAD Our pullback ended with downside of 90 pips.
AUDJPY – This was one of those opportunistic very short term pops we sometimes look for. Price crossed our line in the sand that was noted on the chart for potential of 55 pips
AUDUSD – Price drove higher and busted upside from the bottom of the range. No trade.
CADCHF – Price jumped from our zone and put in higher low. Although we had a four hour candle break down, we did not take out lows. 50 pips potential from this level.
EURCHF – Price got ugly at our level. No trade to the upside
EURGBP – Price continued the slow creep to the upside.
GBPCHF – Price ranged for the week
GBPUSD – Playing the pullback but no breakdown before end of week
NZDCHF – Watching the four hour chart as we usually do when price is at swing points, failure test long for 48
NZDUSD – Playing this as a complex pullback as noted on our setup chart. This means we are looking for another leg upside. Price breaks the “B” high and that is the entry for 116
Short trading week which took one day from our setups evolving. 190 pips came from the setups with many of the setups failing into ranges. No problem as next week is another opportunity to bank some pips from our free daily chart Forex setups.
Reversal trades can be short lived so ensure you are managing the trade. Do not let a continuation take back any gains.