Signals/Setups Published for: Dec 8 – Dec 13 2019
6 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
- The trend line can be used for entry on the 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 the 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 set up for a potential trade.
As the Forex charts are set up when the market is closed on the weekend, the 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 signal. 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 opportunities 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
Dec 8 – Dec 13 2019
A good week with some perfect failure tests set up. Potential of 757 pips but you will never bank each available pip.
A great lesson in EURCAD about how pullbacks fail – momentum steps in.
Dec 1 – Dec 6 2019
AUDCHF – Price continued to base and even with the failure test of lows, there is no continuation. There is also no entry as the price did not break the high of the failure test candle
AUDJPY – Bullish on a break but you can see the obvious weakness on the closes.
CADJPY – Initially bullish due to basing. However, momentum down and then momentum up followed by a failure test is a picture-perfect short. 60
EURCAD – Was a bear flag short but what disqualifies a flag? Momentum stepping in which happened here. There is an entry short however it was missed.
EURJPY – There was upside potential but no entry
GBPAUD – Breakout fails and price pulls back to previous support. Obvious reversal candlestick gets you into the long before the next breakout 242. Four-hour chart traders would have seen momentum off lows, basing and continuation which works out the same as trading off the daily
GBPCAD – Price resolves upside with momentum. Lazy pullback trade entry for 115
GBPCHF – Breakout pullback for 130
GBPJPY – Price held the breakout with low movement. Aggressive traders played the breakout of the post-breakout range for 130
EURUSD – Double bottom held perfect with failure test of lows for 80
I didn’t expect much this past week with the Thanksgiving holiday in the U.S. 90 pips plus the simple trade in Bitcoin.
A few lessons from last week. If expecting a pullback, if it ranges, the pullback fails. You then turn to a range trading method where we look for basing and tests of highs and lows. If you are able to see these failures, it will improve your trading and chances at trades.
Great examples of how basing below resistance (or above support) after momentum has the edge in the direction of the momentum move.
Nov 24 – Nov 29 2019
Results for these setups
AUDCHF – Price hit the top of the channel and ranged
BTCUSD – $480 run after the support zone held. Four-hour chart, higher low put in after reversal candlestick. Entry as price closes above the noted support level.
EURCHF – The pullback was weak as evident from the shadows. This turns into a pullback failure when we note a trading range. The next setup would have then been a failure test of highs for a short. Never got it this week.
GBPAUD – Failure test of lows did not happen for a long. Breakout to the downside and pullback did not happen.
GBPCAD – Pullback ended in a range
GBPJPY – Was edging longs so watching the four-hour chart for uptrending price action. Price put in a higher low and break of high is an entry. This is a front-run of a breakout which I have talked about in the blog and in our weekly updates. 90 pip potential.
GBPUSD – Was watching four-hour chart but could not see any of our entries present
USDCAD – Range
We didn’t see much in the way of momentum stepping in this week.
Grinding price action for the most part but 315 pips potential can be a decent payoff depending on your trading size.
We actually posted a Bitcoin chart this week after the strong move lower. Looking for a trap of shorts and powering a long trade.