April 14 – April 19 2019
EURCHF – The pause in price that happened the previous week was the only pullback we were getting to enter this trade. This past week, price kept on grinding higher. Low time frame traders certainly had trade entries but daily chart swing trading had no entry
EURNZD – The four hour chart for the daily setup was in play where the range was obvious. The smaller range had a 12 hour (3 candle pullback) and a break of the highs of the second candle is the set and forget trade entry which would be the same as trading a trend line break for an entry. 192 upside in four hours before price settled.
NZDCHF – No short entry and price stayed inside the range for the week
USDJPY – Price ranged at highs for the week. No trade.
The daily charts have not seen great movements from setups that look perfect on the chart. That is trading. Just over 100 pips on the charts that were posted.
Just because the recent action has not been stellar, that has not changed any of my longer held positions. Longer positions aren’t affected often by these types of conditions. Let me add that traders that look for setups on the four hour chart probably experienced better action however the whole point of trading, is not to be changed to the desk.
We will continue looking for the same setups as we have for years that have rewarded traders greatly – the ones that have patience.
This is the time where some traders begin to change their methods and that is the wrong move.
Patience is the proper play.