Forex Trading Weekly Setups

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 tradingmean 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.

READ  Forex Signals Trade Entry Tips & Tricks

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

READ  Forex Trading Signal Reviews

Previous weeks archive

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.

AUDJPY

AUDJPY

 

AUDNZD

AUDNZD

 

AUDUSD

AUDUSD

 

EURCHF

EURCHF

 

GBPAUD

GBPAUD

 

GBPJPY

GBPJPY


Dec 1 – Dec 6 2019

Results

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.

READ  Free Forex Trading Signals ARCHIVED

Great examples of how basing below resistance (or above support) after momentum has the edge in the direction of the momentum move.

AUDCHF

AUDCHF

 

AUDJPY

AUDJPY

 

CADJPY

CADJPY

 

EURCAD

EURCAD

 

EURJPY

EURJPY

 

GBPAUD

GBPAUD

 

GBPCAD

GBPCAD

 

GBPCHF

GBPCHF

 

GBPJPY

GBPJPY

 

GBPUSD

GBPUSD

 


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.

AUDCHF

AUDCHF

 

BTCUSD

BTCUSD

 

EURCHF

EURCHF

 

GBPAUD

GBPAUD

 

GBPCAD

GBPCAD

 

GBPJPY

GBPJPY

 

GBPUSD

GBPUSD

 

USDCAD

USDCAD

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