Jan 06 – 11 – 2019
How did these setups do?
AUDCHF – The rally continued and is up against the zone we would start to look for shorts. No trade.
CADCHF – Rally continued.
EURAUD – Pullback continued.
EURNZD – Tricky play but long time readers know the four hour chart is our go to time frame for support/resistance holding/failing trades. Bounce from support (remember we wanted shorts) and the rally failed. Four hour chart failure test gives us our entry for 255 pips potential. This trade is a great example of getting into a breakout before they happen. This is something I talk about almost every week.
GBPJPY – Pullback simply ranged for the week
NZDCHF – I made an error in posting this chart when I showed we were looking for a short entry. The trend I trade, the weekly for the most part (direction trumps trend – check Joe Dinapoli for that) is up! No trade short.
Welcome back and we are staring off 2019 with some tough trading conditions. Regardless, 2018 was a fantastic year with the setups that were posted here and many of you have expressed your appreciation. Here’s to a successful 2019! (and please share this site if you find it of value)
Price spikes always caused a challenge when trading as they are so emotional in nature. They rarely turn the longer term trend direction and with swing trading, higher time frame trends do matter. I do like to wait until the effects pass but you will see, the pullbacks are still in effect. The strong rallies are a concern but again, the spikes in price have tilted price and I will look for weakness in the price action.
Crypto traders who like to hold positions have not had great trading conditions for weeks, if not months. I am looking through them every week but the price action is just not conducive for traders who put risk first.
If looking for the last archived set of setups, click here