Aug 11 – Aug 16 2019
AUDNZD – The long entry took some time to evolve but the lazy pullback on the four hour chart and a breakout from the range led to 60 pip upside.
EURAUD – Was looking long but the momentum downside candlestick on the four hour chart took that trade off the table. What do we look for after a momentum move? A lazy pullback which evolved and found resistance. Price collapsed 180 pips to the downside as a simple pullback turned into a complex pullback
EURCAD – We wanted to see strong conviction upside which we didn’t get. Also looking for a breakdown which didn’t happen for shorts.
EURGBP – Shorts didn’t clearly present until later in the week when we had small basing on support on the 14th. Simple breakout play and price drops 135
GBPCHF – Play off of support as noted. Mometum push up, lazy pullback on Aug 14, simple breakout play from the four hour in line with the support rejection on the daily for 150 run to the upside.
GBPJPY – While this trade went upside from support, there was no clean entry
GBPNZD – No breakdown but also no clean entry for the long
Bitcoin – The first level did not have an entry which was the trend line break. The second level had a failure test entry on Aug 15 which led to an $800 run in price
We had a decent week given the lack of setups that were present. 416 pips potential and there were opportunities for both directions but were missed on our end.
This week, several pairs at extremes from 3 years ago so use the four hour chart to watch reactions. Use our favorite entry technique, failure tests, or use trend line breaks on lower time frames for entries