Free Forex Setups Now Published:
Sun June 17 2018 – Fri June 22 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 crypocurrency 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
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
4 Free Forex Setups: Sun June 17 2018 – Fri June 22 2018
1 Cryptocurrency Setups
Only a few pairs for last week and the pip count was still a decent 413 pip gain with AUDNZD falling right to our profit target that was shown on the setup chart.
We used the usual four hour chart entry to watch for strength or weakness when price is at a potential turning point. This is the same chart we use for an entry as well. Sometimes the entry is a simple trend line break (bull/bear flag breaks) or we will use an obvious swing low or high to be taken out.
Our favorite entry is in a small range inside a larger range. Entering in the smaller range can get you positioned early before the breakout of the larger range and in the direction of the trend.
To be honest, I am not finding compelling setups on the daily charts right now. I will need convincing price action to get me interested.