Aug 25 – Aug 30 2019
EURCAD – Shorts were in play as price played with a support zone. After a momentum into lows that produced a weak pullback, the basing at support is the entry zone before the breakout. 94 fast pips on the breakout.
GBPAUD – The short outlook had us on alert and the failure test of highs is the entry. 180 pips to low and price pullbacking back to resistance produced another drop which was not traded.
GBPCAD – Price ranged
GBPCHF – Price ranged
GBPUSD – Price ranged
Traders who saw the EurAud setup and lower time frame trigger should pat themselves on the back. Lower time frame patterns resolving into higher time frame setups is something we preach and that was a perfect example.
Well done on your trading skill advancement if you saw it.
403 potential pips were in play and like I always say, “it’s not the number of pips but what each pip is worth”.
Aug 19 – Aug 23 2019
EURAUD – We were leaning long and price held at the support zone. Used the breakout on the four hour chart for an entry into a daily chart pullback and price rallied 120 pips. Great example of using a lower time frame pattern to enter a higher time frame pattern – something we talk about every week.
EURNZD – No short trade set up and we were not considering longs as we considered a complex (2 legged) pullback
GBPCHF – Wanted long and needed consolidation or pullback for entry. Four hour chart breakout after price consolidated under resistance (bullish). 158 pop in price.
GBPJPY – Another long as noted on the setup chart. Position inside the consolidation under resistance and price drove up for 125 pips before basing and falling back.
GBPUSD – Price kept moving higher. No entry.
With several pairs at potential turning points, there was great opportunity to land some pips this past week. 525 pips in play with several pairs not giving any entry that was clean and clear. Our Bitcoin play at the second level gave a picture perfect failure test entry and BTC players no doubt enjoyed that move.
This week is limited as too many ranges and messy price action to deal with.