March 31 – April 5 2019
How did these do?
AUDNZD – We wanted long and stated to look for entry off of four hour. Basing at highs of momentum is bullish and the range gave us an entry after a smaller range inside. 128 pips upside.
CADCHF – Price based after the rally. No trade.
CADJPY – Based after rally. No trade
EURCHF – Price rallied but no short trigger. Play off of lows had no entry long
NZDCAD – No entry short
NZDCHF – Price based at lows and watched the four hour chart as per our usual approach. The first drop in price set up a lazy corrective move which was shortable. 33 pips
We had some good moves come from these setups using the same approach that appears every week. 472 pips potential came from these free Forex swing setups that are found on the daily time frame. We use the four hour chart for structure although you can infer price movement on the daily chart as we did with the EURCHF
March 24 – March 29 2019
How’d these setups do?
CADCHF – Price pulled back into our zone on Friday with no short trigger
CADJPY – This was a support holding trade for counter trend or you wait for pullback. Those using the four hour chart saw the higher low and high being put in and a pullback bottom out on Wed. PRice tested the new support that was resistance and rallied 77 pips
EURCHF – We wanted a snap back in price or a pullback. Heading to the four hour chart but you can see it on the daily chart, price put in a one day pullback with long upper shadows as the pullback completed. 58 pips to lows
GBPCHF – PRice pulled back into our zone with a clear rejection candle for a 185 downside run
NZDCAD – This pair was picture perfect with an amazing drop in price with a setup that was simple to spot. 152 downside run and check the comment section for a long time reader who grabbed this trade!
This was a successful week for all but one pair. Again, the entries and explanations are nothing new for long time readers of the blog. 640 pips potential and the GBPJPY was a great example of how price structure and reaction to the structure can switch your bias to one direction.
Reading momentum in the market by the candles themselves can tell you a lot about the market you are trading.
The charts I went over this week do not have too much interesting going on that is worth trading. Ranges and the breakouts that follow are weak. Some extended markets that have travelled too far too fast. The ones below are the best of the worst.