Free Forex Setups Now Published:
Sun Aug 12 2018 – Fri Aug 17 2018
New For 2018: Bitcoin and Alt Currency Charts
I’m now posting Bitcoin and alt currency charts from a swing trading perspective. It is at times difficult to get involved from the daily charts in crypocurrency trading as the continued push upwards give no other alternative but to buy breaks of individual candlesticks. By itself, there is no edge in that approach.
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.
Horizontal consolidations on daily charts may see trends you can trade intra-day.
The term consolidation as seen on the charts and text means in price or time. I consider a retrace in price and a horizontal movement the same thing – but traded differently.
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, price may evolve differently than anticipated.
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
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
11 Free Forex Setups: Sun Aug 12 2018 – Fri Aug 17 2018
1 Cryptocurrency Setup
Not a bad week and for those who’ve been learning from this site saw EURCAD deliver two way action. Both were playable using what is covered here every week. Forex gave us over 400 pips.
Bitcoin showed traders from this site that the simple approach works and if you understand what is happening, you can trade it. Note that the description of every trade opportunity is wrapped up in a few simple approaches. This is every week!
This week we are heavy in GBP crosses so watch your overall risk.
5 Free Forex Setups: Sun Aug 6 2018 – Fri Aug 10 2018
2 Cryptocurrency Setups
The setups below gave potential of over 400 pips for the week. Here is how they played out.
CADAUD – The sudden drop in price was a concern and the consolidation on the four hour began around previous resistance turned to support. Missed the move down – failure test trade wasn’t there – but price did bounce up 128 pips.
CADCHF – Got the pullback we wanted but no continuation for an entry
EURAUD – Price ranged after the breakout
EURCAD – Price did rally to the upside (four hour chart failure test) on a one day move for 138 pips and stopped right at our red zone where shorts were suggested. Price broke downside for 166 pips
GBPCAD – Price did not play out as described
BTCUSD – I wrote to hold the zone for upside which some of you understood to mean that failure to hold is a trading opportunity. Price broke lows of red zone during the weekend and based at the end of a momentum move which we read as a potential continuation. After consolidation, a break of the range had $866 to the downside.
ETHUSD – Looking back at previous times price was at support, it was soundly rejected. This time, price based with low range candlesticks right on support. That is read as bearish. Price broke lows for $69
561 pips potential is nothing to ignore when trading daily charts when considering time spent trading. Forex charts are not in the best of conditions at the moment with some back and forth price action.
One currency that a regular blog reader has been watching made it into a trading post due to the tough state it is in: Trading Consolidations Can Be A Tough Job. Make sure you read it.
This week we have several pairs in potential mean reversion mode so make sure you are watching the four hour chart for any sign of the reversal. It will be against the overall trend so watch your risk.