Review Of Last Week’s Forex Signals (25th-29th July)
Here’s a quick summary but more details are given below this.
There were 6 forex signals/setups given last week:
- two losing trade setups
- 1 setup did not happen
- 3 winning trade setups
- total pips move for these 3 winning setups, 1,060 pips.
Now, here are the full details…
#1: Forex Signal Review CADJPY Buy Setup
- price hit support level but failed to respond as anticipated.
- there was a buy signal in 1hr time frame but not in the 4hr and the daily.
- a losing setup if you took a trade in the 1hr timeframe.
#2: AUDUSD Trading Signal Review
- setup is yet to happen
- this is one setup to watch out for next week as you can see now price is a bit closer to the upper trendline so watch that space for sell signal if price hits that upper trendline!
#3: USDCAD Forex Trading Signal Review
- if you were watching this setup to trade it, either in the daily, the 4hr or the 1hr, there were more than enough sell signals in all these timeframes for you to see and sell.
- this is a winning setup and price moved down a max of 210 pips after hitting the upper channel trendline.
#4: USDCHF Trading Signal Review
- setup happened as anticipated BUT after the big upward candlestick spike ( a false trendline breakout/bull trap maybe??)
- this spike would have taken you out of a sell trade with a loss so it is a losing setup.
- but if you traded the breakout of the low of the bearish candlestick after the spike, you would have made some profitable pips as you can see, price moved down a total of 280 pips.
***”falls” below on the chart means “false”…just my typo…It should not be hard to figure it out I guess 🙂
#5: USDJPY Forex Signal Review
- if you notice below, there are two arrow…these were 2 great opportunities for you to sell and represent 2 times price went back up to test the trendline and failed.
- price moved a total of 470 pips from the first sell opportunity.
- there were good sell signals shown in the 1hr and 4hr timeframe if you were watching in those timeframes.
- even the sell signals on the daily were good to take and you’d have made money regardless if your stop loss were placed a few pips above the high of those daily candlesticks.
#6: XAUUSD Trading Signal Review
- Last week, I told you I was bullish on this setup even though it was revealing a bearish harami pattern.
- if you look a the chart below carefully, right after that, there was a bullish harami pattern. Price took off after that.
- switching to the 4hr and even the 1hr would have given you good buy signals.
- price moved for a maximum of 380 pips up from that support level.
Forex Signals (1st-5th August)
There are 9 forex trading signals/setups to watch out for this week.
#1: SELL TRADE SETUP NZDCAD (NOTE THE WEEKLY TIMEFRAME)
- Price may head up and touch the falling trendline or if that trendline fails, watch that major resistance level at 0.9650
- use multiple timeframe trading technique for trade entries, which simply means you switch down to a much smaller timeframe like the 4hr or 1 hr and wait there to see if your spot any bearish reversal candlesticks to sell.
#2: EURJPY BUY TRADE SETUP
- keep an eye on that rising trendline as price may go down and hit it and bounce up.
- look for bullish reversal candlestick signals on the daily, 4hr or 1hr as your signal to buy.
- if that trendline fails, next level to watch will be the support level below in drawn in the pink line. Watch for “bounce up” from there as well
#3: CADJPY BUY TRADE SETUP
- note that this setup is happening in the 4hr timeframe.
- price is just near that rising trendline so you need to watch to see if price hits and creates some bullish reversal candlesticks for you to go long(buy)
- If that trendline fails, the next level to watch will be the support level at 76.05 shown by the pink line below. Watch for bullish reversal candlesticks there to buy if that happens on that support level as well.
- consider switching down to 1hr timeframe to look for bullish reversal signals there…you may find a good entry there.
#4: AUDUSD SELL TRADE SETUP
- right now, price is much closer to the upper falling trendline than the lower one so there’s a great chance of a sell setup happening.
- this is daily timeframe so switch to 4hr or 1 hr to watch there as well. You may see some early sell signals in those lower timeframes.
#5: NZDUSD SELL TRADE SETUP
- price may head up and hit the upper channel trendline.
- switch to 4hr or 1 hr timeframes to look for bearish reversal candlesticks to sell
#6: AUDNZD BUY TRADE SETUP
- this is a resistance level turned support level situation happening and you can see the Friday’s candle tail has hit that level and bounced up.
- look for bullish candlesticks in the daily, 4 hr or 1 hr to go long
#7: EURUSD sell Trade Setup
- watch that falling trendline if price gets up and hits it, look to sell.
- switch to 4hr or 1hr timeframes and see if you can spot bearish reversal candlestick to sell.
#8: USDCAD BUY TRADE SETUP
- there are 2 trendlines to watch on this setup. if trendline 1 fails, then watch trendline 2.
- switch to 4hr or 1 hr to look for bullish reversal candlesticks to go long.
#9: USDCHF BUY TRADE SETUP
- if price goes down and hits that rising trendline, look for bullish reversal candlesticks to buy.
- you can also switch to 4h or 1 hr timeframes to look for bullish reversal candlesticks to get a much earlier entry instead of waiting for the daily timeframe.
Ok, traders, that’s all for this week and many pips to you!
Review Of Last Week’s Forex Signals (18-22nd July)
I guess I better start reviewing the previous week’s forex trading signals as well and then put up the new signals for the coming week. I sort of stopped doing that because I was assuming that it is very easy for anyone to go and check for themselves but after thinking about what Richard said, I’ll start doing it again. (Thanks Richard!)
For me is really easy to do that but for some of you who are new to all this, it will take a while.
#1: AUDUSD forex trading Signal Review
- setup did not happen but it is still valid for next week.
#2: EURCAD forex trading Signal Review
- setup did happen
- you would have made money on this setup if you were watching in the 1hr and or the 4hr timeframe as there was a bullish harami candlestick pattern on the 4hr for the buy setup.
- and if you were also watching the trendline above, as soon as price hits it, it formed a nice bearish pin bar in the 1hr timeframe and after that, price moved down by 111 pips. (Your homework…open up 1 hr chart and see what I’m talking about here)
#3: Forex Signal Review CADJPY
- Setup did happen
- you would make money on this setup if you placed stop loss a bit further away as shown on chart below.
- Thursday’s candle spike would have knocked out the stop loss just placed behind the high of the inside bar.
#4: Forex Signal Review USDCHF
- setup did happen but it was a bit “messy” in the 1hr and the 4hr timeframe if you were trying to trade from those timeframes and most likely you would have suffered a loss if your stop loss was placed too close.
- on the daily timeframe, it looks much cleaner but there’s a bullish signal being generated as shown below so price may move up further next week.
#5: Forex Trading Signal Review EURAUD
- setup did not happen…but still valid setup to watch for. i don’t think it will form next week so it will be omitted from next week’s signals until such time I see price getting near to the support level.
#6: GBPJPY forex signal REVIEW
- setup did not happen…still pending and valid setup to watch next week too.
#7: USDCAD forex Signal REVIEW
- this setup was a broken trendline retest for a sell setup. there were at least 2 sell signals in there as yo u can see on the chart below but those did not work out.
- if you sold on the shooting star, you would have made money if you took some profits off but notice later price shot up.
#8: USDJPY Forex Signal Review
- Setup happened as anticipated and you would have made money on this setup.
#9: XAUUSD Buy Signal Review
- setup did not happen as I anticipated based on the bullish pin bar that formed last week.Gold has gone down again to the 1300 major support zone/level and tested it for the 2nd time and price action is showing a STRONG bounce up from there based on Thursday’s candlestick. Even though, Friday’s candlestick with Thursday’s candlestick form a bearish harami pattern, I’m still bullish on this one unless that support level zone on 1300 get broken and price closes below it.
- this setup is still valid to watch out for next week as well.
The following are forex signals and trading alerts based on price action trading for:
- this week, 25th -29th July 2016
- I got 6 forex trading signals (trading setups/ alerts) for you to watch
Click the “Next” Button Below To Go And Find Out About This Week’s Forex Signals /Trade Setups Alerts To Watch Out For.