Signals/Setups Published for: April 21 – April 26 2019
5 Forex Signals/Setups 3 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
April 21 – April 26 2019
The FX market for daily setups has been quite the challenge with 192 pips potential on only four setups. While it is simple to take the setups and trade changes to the setup on the lower time frames such as the one hour, that becomes an active trading style.
You must know your time frame when trading. Flipping around is never advised. We use the daily for the setups and the four hours at times for entry. That plan has amassed literally thousands upon thousands of pips. Long time visitors have seen it first hand.
Stay the course and look for the better moves when they begin.
April 14 – April 19 2019
EURCHF – The pause in price that happened the previous week was the only pullback we were getting to enter this trade. This past week, price kept on grinding higher. Low time frame traders certainly had trade entries but daily chart swing trading had no entry
EURNZD – The four hour chart for the daily setup was in play where the range was obvious. The smaller range had a 12 hour (3 candle pullback) and a break of the highs of the second candle is the set and forget trade entry which would be the same as trading a trend line break for an entry. 192 upside in four hours before price settled.
NZDCHF – No short entry and price stayed inside the range for the week
USDJPY – Price ranged at highs for the week. No trade.
The daily charts have not seen great movements from setups that look perfect on the chart. That is trading. Just over 100 pips on the charts that were posted.
Just because the recent action has not been stellar, that has not changed any of my longer held positions. Longer positions aren’t affected often by these types of conditions. Let me add that traders that look for setups on the four hour chart probably experienced better action however the whole point of trading, is not to be changed to the desk.
We will continue looking for the same setups as we have for years that have rewarded traders greatly – the ones that have patience.
This is the time where some traders begin to change their methods and that is the wrong move.
Patience is the proper play.