Signals/Setups Published for: June 23– June 28 2019
11 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.
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
June 23– June 28 2019
After a great previous week (600+ pips) , you have to expect some slowdown the week after. Almost 200 pips this past week following the same approach we do every week.
I did post up a trading lesson on a pullback trade short for USDCAD that you can read here.
June 16 – June 21 2019
How did these do?
CADCHF – Took a while but our searching short paid off. 92 pips downside off 4 hour entry, If traders missed the failure test, there was a strong move down and pullback – an anti trade
EURNZD – Not much to talk about here. Price ranged
GBPAUD – Channel stayed intact. No trade
GBPJPY – Price based on support, bearish. Simple breakout for 107 potential
GBPNZD – Price ranged
679 potential pips up for grabs this past week.
Very happy with how things turned out and how the setups triggered in. Let’s see how these new setups work out but remember, great weeks can lead to slow weeks.
June 9 – June 14 2019
CADCHF – Price ranged and broke down on Friday but no entry.
CADJPY – Perfect setup and failure setup on four hour chart sets up a 104 pip downside.
EURAUD – 122 upside pips once our line in the sand was broken
EURJPY – Great pullback right to our zone for a 103 pip downside jump
GBPCAD – Upside pop happened but the pop did not close over our entry zone line
GBPCHF – Price just based at support
GBPJPY – Price came to our zone of opportunity for a short. Failure test on four hour chart led to a 147 pip price drop
NZDCAD – Tough entry when price broke down buy pullback trade on four hour allowed time to join the move. 88 drop from that zone
NZDJPY – We marked off the channel and were looking for a continuation of the trend downwards. It came with an engulfing candle and a 115 pip down move from breaks of low was result.
BTCUSD – There was no further breakdown in Bitcoin as price based at lows of momentum down. That did set up a trade upwards but not for us.
359 pips potential from our setups last week. Routine plays that have been made for years on this website. Setups are found on the daily and the four hour is often used for entry. The four hour chart gives us a better view of structure and who is holding the balance. We have not seen setups that have launched into longer held positions too much this year.
June 2 – June 7 2019
How did these do?
AUDCAD Our pullback ended with downside of 90 pips.
AUDJPY – This was one of those opportunistic very short term pops we sometimes look for. Price crossed our line in the sand that was noted on the chart for potential of 55 pips
AUDUSD – Price drove higher and busted upside from the bottom of the range. No trade.
CADCHF – Price jumped from our zone and put in higher low. Although we had a four hour candle break down, we did not take out lows. 50 pips potential from this level.
EURCHF – Price got ugly at our level. No trade to the upside
EURGBP – Price continued the slow creep to the upside.
GBPCHF – Price ranged for the week
GBPUSD – Playing the pullback but no breakdown before end of week
NZDCHF – Watching the four hour chart as we usually do when price is at swing points, failure test long for 48
NZDUSD – Playing this as a complex pullback as noted on our setup chart. This means we are looking for another leg upside. Price breaks the “B” high and that is the entry for 116
Short trading week which took one day from our setups evolving. 190 pips came from the setups with many of the setups failing into ranges. No problem as next week is another opportunity to bank some pips from our free daily chart Forex setups.
Reversal trades can be short lived so ensure you are managing the trade. Do not let a continuation take back any gains.