Signals/Setups Published for: Feb 10 – Feb 15 2019
6 Forex Signals/Setups 1 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.
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.
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
Feb 10 – Feb 15 – 2019
Over 800 pips were up for grabs last week which was really good to see. I also had comments of traders still holding positions from a few weeks ago which would further bump up the amount of pips that were available for the last several weeks.
Some great lessons in the explanations from last weeks setups. From breakouts to pullbacks, what are we looking for to give us higher probability trades? I briefly explain in the updates below.
One of my long time visitors made a comment below which is great advice on how to get the most from these setups. “For any newbies reading these exchanges I’d urge you to read & understand Shane’s post on Scale and Trail – you really don’t need to do too much to make profits from these setups; just apply the learnings and don’t let greed blind you from the steady profits that will come (using the r:r 1-1 and trailing stop method on the second trade, as described).”
Have a great week!
Feb 3 – Feb 8 – 2019
How did these setups do?
AUDCHF – For the first time in 5 weeks, we’ve ended with weakness in this pair. We were going with the bullish context leading into this past week but the market had different ideas.
AUDUSD – Great example of a pullback failure. Momentum thrust to make highs and the start of a lazy pullback. Once momentum steps in, the pullback has failed.
CADCHF – We called for pullback to get long off of but the momentum that came into the market on Thursday, shut that play down
EURAUD – Why did we want to see a bear flag and short here? Momentum into the breakout of lows, we’d want to see a retest of lows. However, the momentum for the breakout of lows started from the highs. Breakouts that have the momentum race from one extreme to the other are often prone to longer pullbacks. We got our pullback, but it was with momentum and right back into the highs of the previously broken range. No shorts.
GBPAUD – Longs were what we wanted from the pullback but we needed a trigger. The usual four hour chart was used and the entry trigger was a simple reversal pattern known as the 2B. Over 380 pips were up for grabs off this setup!
GBPCAD – Same type of setup as the GBPAUD but the four hour chart didn’t give much in the way of triggers so the daily chart is used. 155 pips to the upside potential
GBPNZD – Another great trade that setup from a pullback and four hour entry for 330 pips potential
GBPUSD – This setup did nothing
NZDUSD – Price collapsed from highs.
Moves are coming back into our market although at a snail pace. 330 pips were up for grabs these week out of the four setups and I will say again, pip count does not matter.
If a trader only took 25% of the potential, that is 82 pips.
Sounds like nothing?
What if those pips, on average, were worth $5?
That is a $412 week with maybe 2 hours worth of work.
What if $8 per pip? $656 for the week.
The best advice I could give a trader is to be disciplined in their approach, be well capitalized, and make risk your number one priority.