Signals/Setups Published for: Stand by for 2023
0 Forex 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 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
- 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.
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
End Of 2022
Wrapped up the end of 2022 Forex trading with a lot of setups that went nowhere. 128 pips potential in the GBPUSD but nothing else went live off the setup.
Hope you all have a great rest of 2022 and we will see you back here in Jan 2023
Dec 18 – Dec 23
AUDUSD – Price ranged
EURUSD – Price ranged
GBPAUD – Price broke down
GBPCAD – Price pulled back into our zone but all red candles with no reversal
GBPNZD – Got the pause but broke upside
GBPUSD – Price broke down for 128 pips potential
USDCHF – Price ranged
614 pips potential in the last real trading of the year. Not a bad way to wrap it up. We have 7 setups this week but I’d be very cautious lining these up. Make sure that the entry trigger is clear and if any doubt, sit it out. Thank you for reading this year and I hope you’ve all picked up something (including pips), that has improved your trading.
Dec 11 – Dec 16
AUDJPY – Price came right into our level of $93.31. Inside bar break on the four hour entry chart led to 143 pips downside
EURAUD – Price bounced off our rising trend line and an inside bar break leads to 316 upside pips
EURJPY – Price based under resistance which is bullish and then price broke upside. No trade.
GBPAUD – Price ranged
GBPNZD – Price stayed in the range most of the week until a huge upthrust and then reversal occurred. 155 pips on break of candlestick lows.
USDCAD – Price stayed in the range
USDJPY – Price showed little interest in moving to the downside
Last week saw 290 pips potential and Bitcoin continuing to stabilize in a trading range. Remember that pip count matters only in relation to how much per pip you make. A trader that trades an account size where one pip equals $5.00, can make a good income (second income) off of 25% of that pip count. Coming into the holiday season will want you to temper your expectations as volume tends to dry up.
Dec 4 – Dec 9
AUDUSD -Using the four hour chart, price bounced off our support level. Long off high of Wed daily candle for a 71 pip jump in price.
BTCUSD – Price continued to range.
EURCHF – Price continued to form a triangle
EURJPY – Bounce came off our level for a 210 run in pips to the upside
GBPNZD – Price continued to range
Last week had some news releases so we did see some slow price movement for a while. As we went through the charts for this week, too many are already in a move. The only way to trade those are either lower time frame pauses or wait until the daily takes a pause. For those that like to trade during the day, there are a few to watch. Just scroll through your charts and look for FX pairs already trending up or down. Look for a pause. Only 132 pips last week as most pairs failed to make any advances past an entry point.
Thanks for the setups.
BTCUSD has a bear flag that got broken last week. My final target is 12k.
Certainly not a far fetched outcome for Bitcoin. While I don’t usually make projections, 12-17K is doable.
Watch out for inverse H&S on GBPAUD. This pair may be reversing here.
Signals 16-21 January, please explain the following:
AUDJPY on the monthly timeframe is in downtrend, making lower highs. On the weekly timeframe, it makes double top. On the daily timeframe, if you draw a trendline joining the lows of 3 December, 20 December and 10 January, it has just break the trendline. What are your criteria to look for upside?
I submit that the monthly has been moving higher off the lows of March 2020 and is putting in higher highs and lows with over a 2000 pip run. I also submit that the monthly is a range at highs.
I don’t consider monthly outside of structures…such as the consolidation.
The weekly double top has done it’s job. I’d have been more impressed with the double top if there was an actual momentum break of highs and immediate rejection. If that had occurred, we may have seen a true down trend form. I see more the weekly forming a triangle.
If I were a weekly chart trader, I would have shorted the recent rally due to the strong move to the downside.
Daily. My trendlines rules don’t just connect any high or low. I have to be able to connect the last low into a high for a valid uptrend line. Your trend line, for me, is not valid.
Because your trend line is not valid for me, this recent move was, at first, the making of a complex correction. However, once price started basing on support, that is bearish. The momentum move down on the last day of the week, confirmed the break.
I am a swing trader. While I take the trend into consideration, I have other price action and structures I concern myself with. I know my time frame. I can easily trade a bull flag on a daily during a down trend on the weekly. It’s paid off extremely well over the years not only in FX and Crypto, but also stocks. I don’t trade futures much anymore.
How is audjpy in a downtrend on Monthly. It is a clear uptrend having broken all kinds of previous highs.
EURGBP longs will not be ready until the price takes out the Double Bottom it established in 2020. Once that is done, it will be a great trade for the year, all the way to 0.90
I see where you are going with that. Take out the potential support, reverse, and look to trap shorts who must reverse. What you trade in time frame dependent. Most certainly as a swing trader there were clear opportunities to buy. Keep in mind the currencies are driven by different factors that have a greater effect on sustained price moves than standard technical analysis.
Well, as I had pointed out eurgbp did take out that DB. But euro is still very weak bcos of the war. I will wait until the war situation cools down and then look for setups in euro to buy
Yes. One look at the Euro futures and it’s easy to see how weak the Euro is.
By the same token, the Yen futures is also weak.
Depending on your time horizon, playing long in a EUR cross can work.
Traders just have to ensure they have a trade manage plan or they can get eaten up.
Is basing at highs or lows essentially a flag pattern, traded in the usual manner? Fantastic content all round, thank you for your efforts!
Appreciate it Ben.
Basing would generally mean a horizontal range but they take many forms. Patterns are rarely perfect and I find the uglier it is, the better it can trade.
The basing can have you enter a position before breaks that will lure in other traders. Failure test of the lows of the base, a break of a previous candle high, can be entries. I also don’t look for a perfect entry location. As long as I have direction right and use smart stops, I don’t have to pick the top or bottom.
That said, basing, flags, etc, I will generally call all of them a consolidation for simplicity sake.
Hi. For wk 10th Oct, you mentioned that you traded inside bar set ups for CAD/JPY and CHF/JPY for very good pip gains. I’m learning so would really appreciate it if you could confirm the date and timeframe, which these occurred please.
I don’t have the time to go back over old charts however any time frame entry other than the daily, will be the four hour chart. Inside bars are obvious.
Keep in mind that all you have with an inside bar, is a lower time frame consolidation. You can play the break of the inside bar OR head to a lower time frame to see the consolidation.
I just discovered this website. Do you typically send out alerts of when you enter these given trades?
Thanks for coming by. The only time I update is on the weekend. Every trader will have their own way of triggering into the trades. As you go through the history of this section, you will read about the few triggers that are used. This was never about having a trade alert service.
Thank you so much i find it promising since
It provides the signals with educational touches.
So clever idea and productive
Keep it up you deserve all support
Thanks for all the information you provide.
I started trading in May this year. Am only on a demo account for the time being. I have learnt alot from Youtube etc and think that I have a gresp of the basics.
I started off alright but now I am making the wrong decisions, and am finding it increasingly difficult to read the charts. It’s all becoming a nightmare.
Any advice would be most welcome.
Thanks so much ❤️❤️📈📈
This is absolutely wonderful
Hi SD.. I’m Bkay, thank you so much for the information you share with us new traders, highly appreciated…I was wondering as a price action trader, what timeframes do I have to use to check for reversal candlestick patterns?
Thanks for the words. All timeframes are important depending on your style. For me, daily charts, four hour charts, and a bigger picture weekly/monthly are used.
Many thanks for replying and I would just like to add that for someone who is 53 years old…..starting out all over again I wanted to say thankyou for the amount of information you have provided for the likes of me who are just starting out.
Good luck to you and all that follow your trade setups as for me I am going to be practicing until I know, understand the tools I will be using (including charting software), and develop my edge as a PA trader.
Hey Jay. You are welcome. Take your time, understand why I choose these setups and the trade triggers.
Is there a way that the charts with recommendations can be enlarged or blown larger so that the level numbers are visible clearly. Thank you. Mohann
You don’t need the exact price point. Just find the location on the chart and draw a box. You used to be able to click on the image and get the larger….but a few sites were using my images on their sites. I disabled that function.
Thank you for your analysis.
I have been following your trade set ups. To be honest, I like your approach which has taught me alot in this market. Great work
Glad to read that John. What’s great about the setups I pick and the trade triggers on the lower time frames, there’s usually a trade that works (even a little) or a trade that never triggers. Really helps win loss rate which, although not the only measure of success, it’s a good starting point.
I hope I find you well.
I can now easily find the triggers and trade successfully.
Now, I want to spot the setups for the coming week on my own and compare what I have with yours.
Can you tell me what should I look for or how should I go about it.
Your help in this regard will be much appreciated.
Hey Shingi. Glad to see that finding the triggers has become easier. You probably have about 3 you can use on the lower time frame trigger chart – trend line breaks, breakouts, failed tests of lows/highs. If you go back over all he setup charts, you will start to see a theme as to why I pick the ones that I do. Much better way to “get it” as opposed to me explaining it
Really nice content. I’m learning a lot on how to get in to the markets at the right levels. Cheers.
Hi SD, do you have a social media platform where you traders signals so I that I can know exactly when to take a trade. Thanks
And great work, you’re the best at what you do
Hey David. Thanks for the words. No, I don’t use social media. Weird, I know! Your goal should be to find trade triggers that work for you. So many ways to do that – indicator, reversal candle, breakouts on lower time frames, trend line breaks……..
Hi SD, I took a 2/1 profit on NZDJPY thanks for that and look forward to the coming weeks setups
Great work Oliver.
Please,I need some of the indicators that you mentioned in ur scalping trading strategy.
kindly help on how to get them.Because it’s not in the indicators list on my MT4 platform.
You are going to have to search for them. I don’t use MT4 but I am sure they are coded somewhere. Google, can be your friend: https://www.best-metatrader-indicators.com/super-trend/
Hi, I’m a newbie. Which charting software do you use or would recommend
I use Tradingview for all my charts. There is a free version but since I trade stocks and futures as well, I use the pro plan and data add-ons.
Hi SD – Happy New year!!
How did last week’s setups do?