Signals/Setups Published for: Aug 19 – Aug 23 2019
5 Forex Signals/Setups 0 Crypto
If you are looking for Free Forex trading signals and setups every week, this is the page to bookmark.
You can find the setups below and they are posted every week, by Sunday evening.
I don’t publish daily Forex signals because my experience (and many others) is that swing trading Forex offers the most bang for your buck.
Many have said these are the best Forex signals because there is a learning component to the posted setups and the recap.
I use what has proven to work in Forex trading: mean reversion and momentum based setups. There is an actual edge in using these two methods that can be quantified.
There is an edge in mean reversion and momentum trades and that is where I will continue to focus. As you’ve seen, you can short alt currencies and Bitcoin in the right context but most traders would be better to continue with the trend.
These are daily price charts
Some things to help you understand the charts:
- Consolidations are considered to be pullbacks and ranges on the posted charts.
- Ranges and pullbacks are treated differently in terms of trading them
- Trend line can be used for entry on break but I do not follow them for support or resistance
- Horizontal support and resistance are pivots areas
- Momentum thrust is a sharp move in price
- Basing is when price is ranging sideways – usually used to explain price action after a momentum move
- Basing at highs or lows of the momentum move are continuation patterns
- Failure tests are thrusts up or down through a level and immediate reclaim of previous price zone
- I prefer to see pullbacks with low momentum in the corrective phase
As always, all of these free Forex and cryptocurrency setups are based on price action, price structure and may result in trading opportunities.
These setups use technical analysis to determine if a chart is setup for a potential trade.
As the Forex charts are set up when the market is closed on the weekend, price may evolve differently than anticipated.
It is impossible to give entry and exit prices because these are not updated on a daily basis. As price evolves, so does the entry.
The beauty of price action Forex trading/cryptocurrency trading like this is you are not waiting for a lagging technical indicator to flash an entry signals. You can see, in advance, the setup that we are looking to take advantage of.
- We are reactive to price action in these areas
- We do not attempt to forecast although an idea can be helpful
- Don’t get blinded by your opinion
- Price rules your opinion
While some of you may choose to scalp or day trade the foreign exchange market with these free setups, please note they are designed for a swing trading approach. Lower time frames may also present opportunity using these charts for context.
Please be fully aware of your overall “risk appetite” when it comes to your trading account and your Forex broker margin rules.
Note that all recaps are best case scenarios in terms of totals. Every trader will have different entry and exit points and the recaps show potential and not necessarily totals obtained by the author. The author does trade the posted setups and others dependent on evolving price action.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. This site bears no responsibility for trading results based on trading recommendations described in these analytical reviews. You must understand Bitcoin and cryptocurrency trading in general before trading that market.
You can also visit: How To Trade The Free Currency Trading Signals
Aug 19 – Aug 23 2019
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.
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