Cryptocurrency and Forex Trading Setups

Free Forex Setups Now Published:
Sun Nov 18 2018 – Fri Nov 23 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 cryptocurrency 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
READ  Trader Talk

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

I have been asked if I close all my positions at the end of the week.  The answer is no.  As an example, here is a snapshot of a position I am holding in EURCHF that was posted as a setup.  Portion was scaled out and trailing stop remainder.

REAL TRADES. REAL MONEY

REAL TRADES. REAL MONEY


11 Free Forex SetupsSun Nov 18 2018 – Fri Nov 23 2018
0 Cryptocurrency Setup

With Brexit news making headlines, our setup charts had us in short bias and price action did not disappoint giving 1550 pips potential for this week!
Price gives you signs, the forming structure gives you signs, and you must trade that. Simple works and you will see it was simple pullbacks and consolidations with bull/bearish price action at extremes lead the way for trades.
One of the best weeks we’ve had and these setups and triggers were no different than the ones we’ve posted every week for years!

READ  Trade Management And Stop Out

Every trader who followed this week should have racked up some pips.

AUDCAD

AUDCAD

 

AUDUSD

AUDUSD

 

CADCHF

CADCHF

 

EURAUD

EURAUD

 

EURGBP

EURGBP

 

EURJPY

EURJPY

 

EURNZD

EURNZD

 

GBPCHF

GBPCHF

 

NZDCAD

NZDCAD

 

NZDUSD

NZDUSD

 

USDCAD

USDCAD


12 Free Forex SetupsSun Nov 11 2018 – Fri Nov 16 2018
0 Cryptocurrency Setup

 

How did these trades do?

AUDCAD – The play upwards was a good bet for 94 pips

AUDCHF – Failure test seen on our four hour lower time frame chart and upside pop to highs for 70

AUDUSD – Price broke below the red line on the setup chart and was immediately regained putting the odds in play for another shot long. 112 pips

CADJPY – We stayed in the range for the week.

CHFJPY – Price broke the bear flag on the daily and using the four hour chart, you can easily see the pullback to the line. The first move was tough to get but the pullback on Nov 13 back into the high of the first pullback was the play short for potential of 88 pips

EURJPY – We got the downside we wanted but there was no entry for a trade

GBPAUD – The upper shadows that came into play at the bottom of the range where we wanted the short as noted on the setup chart, were a great price action signs. Heading to the four hour chart as we generally do gave us more price action signs of weakness. Easy positioning for a 490 pip ride to lows.

GBPUSD – Another short setup that was on the setup chart and we got the pullback. Four hour chart had a failure test of the bottom of the range and then price was rejected at highs. The short gave 264 pips to lows

READ  Swing Trading For Dummies Crash Course

NZDCAD – Setup chart had us in a range so the four hour chart is used for entry as playing actual breakouts is not our favorite play. Small range that formed on four hour chart near resistance inside the larger range gets you positioned prior to break. 145 pips to highs.

NZDCHF – Bull flag obvious on four hour chart as per our bias long. Breakout pullback trade for 96.

NZDJPY – Another pullback trade that setups up long with a failure test of lows. Easy to miss that and you get the range form at resistance, 70 pips upside.

NZDUSD – Bull flag breakout with strength. Look for hesitation to play the move for 122 pips

With an interest rate announcement this past week, I was surprised that we had some easy trading setups and triggers. Almost 600 pips were possible this past week using the same approach with setups and entries that we’ve been explaining on this portion of the site for years.

The USDJPY setup and trigger is a good example of why tight stops are not our preferred tactic. We prefer using ATR for our stop placement as it keeps you just outside the normal market movement.

Be mindful of the several NZD cross setups this week.  Too much exposure in one currency will impact risk.

 

AUDCAD

AUDCAD

 

AUDCHF

AUDCHF

 

AUDUSD

AUDUSD

 

CADJPY

CADJPY

 

CHFJPY

CHFJPY

 

EURJPY

EURJPY

 

GBPAUD

GBPAUD

 

GBPUSD

GBPUSD

 

NZDCAD

NZDCAD

 

NZDCHF

NZDCHF

 

NZDJPY

NZDJPY

 

NZDUSD

NZDUSD


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