Jan 23 – Jan 28
AUDUSD – Price broke down and put in an inside bar at support. Trade entry on break of IB for 150 pips
BTCUSD – Our level worked great for a bounce as price pushed downwards and reversed the same day. Entry when price reclaims the low on Jan 23 for $4300 pop upside.
ETHUSD – Like Bitcoin, our projected level turned price. Entry when price reclaimed low of Jan 23 for $300 upside.
EURJPY – Price grinded to the downside without a pullback or consolidation for entry
EURUSD – Range broke downside and short low of breakout candle for a 140 pip drop.
GBPCAD – Price continued to range
Markets have been quite the challenge lately with so much uncertain price movement mixed in with momentum moves. Those are tough conditions. 369 pips this past week with some complete pattern failures. With the failures, there would be no entry trigger which is why you must know why you are getting into a trade.
Crypto has returned to this weeks setup as both ETH and BTC are coming into a potential support zone. Would love to see support hold and then start seeing higher highs and lows setting up. If we start breaking below the red lines noted on those charts, it will be the biggest declines in these 2 cryptos that we have seen.
Jan 16 – Jan 21
AUDJPY – The price action uptrend on the daily chart gave way turned over with price acceptance when support broke. A support holding trade failed.
EURUAD – Price broke down after a failure test of highs. Obvious reversal and range trading mode shorts at low of reversal for 170 potential to lows
EURCHF – The momentum to the upside was a good move to consider a pullback with. The pullback started well but momentum stepping in to the downside, took it off the table.
EURJPY – The consolidation at highs which is statistically bullish, broke to the downside
GBPJPY – Another failed pattern. Momentum steps in the opposite direction invalidating the setup.
GBPNZD – Break to the upside for 137 potential
USDCAD – Break of reversal candle on Jan 19 gave 62 potential
Currencies have been a challenge to trade on the daily charts this past week. While 237 pips potential is still good depending on your account, we look forward to the return of 1000 pips weeks.
Remember that these are daily setups. When you get an entry trigger, you can certainly drop to a lower time frame and trade the swing there. Day trading Forex is not my approach however it is not a bad plan for those who are getting frustrated with lack of daily chart follow through.