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Free Forex Weekly Trading Setups

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Feb 20 – Feb 25

AUDUSD – Price remained in the flag

EURCHF – Price collapsed taking out support and recovered but no trade

EURJPY – Price completed the pullback but no entry long

GBPNZD – Triangle gave us potential in both directions. Break downside, paused and continuation leading to 370 pips potential

NZDUSD – Still in the flag better seen on the weekly

USDJPY – Break of inside bar to the upside for 50 pips potential

To say that markets are not in the best shape to trade would be an understatement.  When you see momentum in both directions followed by consolidations, that is not conducive to good trading. This past week was 116 pips plus entries into crypto to the upside.  Crypto was short lived.

With news in Canada that people are having their crypto accounts frozen, the promise of being away from the reach of the government, is not looking good.  There are some in the crypto space telling holders to get their wallets out of exchanges that are regulated.







Feb 13 – Feb 18


AUDUSD – Stayed inside the triangle pattern

BTCUSD – Price supported in our zone and bounced for $1900

ETHUSD – Price held our zone and bounced for $200

EURAUD – Price broke to the downside

GBPAUD – Bear flag broke for 116 pips downside

NZDUSD – Price broke the trend line to the downside but did not trigger sell stop entry

NZDUSD – Price stayed in the range

This past week saw a potential of 460 pips plus some gains in Bitcoin and Ethereum.  Crypto is still having some problems getting much push to the upside and hopefully we can see a run to highs in the near future.

Quite a few currencies ended the week with momentum moves which makes it a challenge for a trade.  When faced with momentum moves, you’d want to see some type of consolidation or pullback.  While you can trade the breaks of momentum candlesticks, we run the risk of taking trades just prior to a reversal.

All markets are in a weird state and being surprised by momentum pushes in either direction shouldn’t happen.  Hoping to see us getting back to nice strong trends, in either direction.








Feb 6 – Feb 11


AUDJPY – Bear flag was invalidated by upward momentum. That upward momentum then resolved into a failure test of highs that set up a short for 70 pips

BTCUSD – Price drove up $3000 from the brief consolidation. Currently in a pullback.

ETHUSD – $200 jump from the consolidation. Same as BTC with the pullback

EURAUD – Inside bar off this test and a 200 pip drop

EURCHF – Price ranged and broke to the downside

EURJPY – Failure test gave an entry to the downside for 147. Price did break resistance and failed on the same candlestick

EURUSD – Failure test for 45 pips downside

GBPAUD – Price broke down

GBPNZD – Downside break

GBPUSD – No setup

NZDUSD – Both directions played but I didn’t have an entry

USDCAD – Trading range.

390 pips last week in FX and crypto breaking bear flags to the upside.    This week, we have some good setups that are giving potential in both directions.  A little heavy with EURO crosses so ensure that if you take multiple EURO setups, your risk per trade reflect that.  If EURO turns in one trade, it could very well turn in all trades.

Our 2 cryptos are in a position that with further upside over resistance, we could finally see an end to the bearish feel in those.  They are setting up well….but like FX, they are driven by different factors.














Jan 30 – Feb 4


AUDUSD – Price held at support and break of candlestick high led to 120 pips to the upside

BTCUSD – Price broke to the upside from the bear flag with momentum. This is a failed pattern.

ETHUSD – Same a Bitcoin. Break to the upside

EURCHF – Break of range high for 160 pips

GBPJPY – Price grinded higher until a momentum candle to the upside printed. Momentum to the upside of a bear flag invalidates the setup

USDCHF – While looking for another leg up, we had a failure test of highs. A short of the lows of the failure candle leads to 110 pips downside.

Another week gone where markets were in a tumble.  Interesting to note that crypto appears to be closely tied to the overall stock market environment than people thought it would be. In fact, there was talk about crypto being a hedge against downside in the indexes.  When you can be up or down 40-60% week over week, using as a hedge doesn’t appear to be the best approach.

FX offered potential of  290 pips and both BTC and ETH reacted to the upside off of our noted zone.

Momentum coming into the downside with crypto last week + the consolidation can be read two ways:  Strong downside interest OR capitulation into lows for a rebound.  How to play those moves?  Momentum coming into the upside.  Without that, shorts are the better play.







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46 thoughts on “Free Forex Weekly Trading Setups”

    1. Certainly not a far fetched outcome for Bitcoin. While I don’t usually make projections, 12-17K is doable.

  1. 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?

    1. 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.

    2. How is audjpy in a downtrend on Monthly. It is a clear uptrend having broken all kinds of previous highs.

  2. 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

    1. 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.

      1. 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

        1. 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.

  3. Is basing at highs or lows essentially a flag pattern, traded in the usual manner? Fantastic content all round, thank you for your efforts!

    1. 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.

  4. 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.

    1. 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.

  5. Hi SD,

    I just discovered this website. Do you typically send out alerts of when you enter these given trades?

    1. 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.

  6. 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

  7. 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.

  8. 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?

    1. 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.

  9. @SD

    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.


    1. Hey Jay. You are welcome. Take your time, understand why I choose these setups and the trade triggers.

  10. 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

    1. 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.

  11. Hi SD,

    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

    1. 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.

  12. Hi SD,
    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.

    1. 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

  13. Really nice content. I’m learning a lot on how to get in to the markets at the right levels. Cheers.

  14. 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

    1. 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……..

      1. Please,I need some of the indicators that you mentioned in ur scalping trading strategy.
        (1)Fisher Indicator
        (2)supertrendTrend Indicator.
        kindly help on how to get them.Because it’s not in the indicators list on my MT4 platform.

            1. 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.

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