Feb 10 – Feb 15 – 2019
How did these setups do?
AUDCHF – Pullback was in play and when it looks like it is bottoming out, the four hour chart gets used. Price started to put in higher swing lows into resistance which spells breakout. 79 pips potential
CADJPY – Four hour chart entry off the bottom of the channel. Momentum push, lazy pullback, trade the break. 118 pips.
EURGBP – Price stalled
EURNZD – Broke in the opposite direction.
GBPCHF – Price continued its slow grind.
GBPJPY – Price continued its slow grind.
Bitcoin – Price drifted down off of highs.
Over 800 pips were up for grabs last week which was really good to see. I also had comments of traders still holding positions from a few weeks ago which would further bump up the amount of pips that were available for the last several weeks.
Some great lessons in the explanations from last weeks setups. From breakouts to pullbacks, what are we looking for to give us higher probability trades? I briefly explain in the updates below.
One of my long time visitors made a comment below which is great advice on how to get the most from these setups. “For any newbies reading these exchanges I’d urge you to read & understand Shane’s post on Scale and Trail – you really don’t need to do too much to make profits from these setups; just apply the learnings and don’t let greed blind you from the steady profits that will come (using the r:r 1-1 and trailing stop method on the second trade, as described).”
Have a great week!