May 26 – May 31 2019
How did we do?
AUDCAD – Pullback in price continued with no trade
EURAUD – We never got the failure test but the breakout on the four hour chart gets us in a little later. Still 85 pips potential
EURNZD – We had our pullback but it failed into a range
GBPAUD – 106 pips from the failure of support.
GBPCAD – Price ranged
GBPNZD – Price ranged
NZDCAD – Price pulled into our zone but ranged
528 pips potential on the setups last week with two pairs still evolving. The CADJPY was a great example of using one pattern as an entry into another. In this case, the pullback on the higher time frame is entered into with a breakout on a lower time frame. That is one of my top ways of entering a trade.
May 19 – May 24 2019
How did we do?
AUDUSD – The rally didn’t take place until Friday so no trade short.
CADJPY – 109 pip downside move with the four hour chart entry. Entry was a breakout from a range. Remember, you can use breakouts as a trade or as a trade entry into a higher time frame pattern, In this case, it was a pullback.
CHFJPY – Price pulled back as expected but the drop lower only happened on Friday.
EURAUD – Price dropped right into our zone and a reversal candlestick showed up. 122 upside pips
EURCAD – 100 upside pips potential after price did the “pop” reversal we were looking for.
EURCHF – Price broke below the line for 65 pips downside
GBPCHF – Price action was obvious as bulls failed on the one day move higher giving the support breaking trade a shot. 132 pips downside from the break from the daily and four hour players had more.
Not a stellar week with only the GBPUSD giving us any movement we could trade for 223 pips. Missing the EURCHF was tough but we can’t just jump into a trade – we need some type of price structure or sign of weakness or strength prior to the bigger move. We don’t always get it.
The GBPUSD is a great example of expecting one thing and the failure of it to produce, means the opposite. Glad that there was an actual trading setup with the basing for an entry.