Jan 2 – Jan 7 2022
Results
AUDJPY – Price pulled back with momentum. No trade.
BTCUSD – No long enter as price broke downwards. Traders shorting BTC had a $5000 run
EURGBP – No pullback. Although price did consolidate briefly, there was no short trade.
EURUSD – Price continued to trade inside the channel
GBPCAD – Perfect long setup off of a support holding trade. Failure test entry on four hour or trend line break entry on four hour. 190 pips upside.
GBPJPY – Jan 3 saw price break the previous low but close off of the lows giving a reversal candle. Simple breakout of high of the day led to 180 pips upside.
NZDUSD – Price broke to the downside. No trade
USDCAD – Price reversed out of the complex pullback for 80 pips
Happy New Year.
Starting off the year with 7 currency setups plus Bitcoin.
The final trading week of 2021 gave a potential of 398 pips. We have some extended price action on some pairs. With extended price, a large move, I want to see either a pullback in price, a triangle pattern or simply a rectangle trading range. This gives time for the price action to be digested, profit taking, new traders entering the market, etc. Within those patterns, I would like to see higher lows forming inside the pattern for longs, or lower highs when looking short.
Yes, you can trade single reversal candlesticks such as long tail candles, but I do prefer seeing a multi-day/week pattern.
Dec 26 – Dec 30
Results
AUDJPY – Support held and continued to the upside. No trade.
AUDUSD – Price ranged
BTCUSD – Price continued to the downside
EURJPY – Price broke to the upside with strength which removed shorts from the plan. Dropping to the four hour had the pullback and range breakout to the upside. 108 pips potential
GBPAUD – No trigger upside.
GBPJPY – 225 pips to the upside after Xmas. Four hour chart entry on pullback. Traders that missed the first entry, had another range break on the four hour chart on Dec 29
GBPUSD – Strong move occurred and using four hour chart for entry. Price broke highs and pulled back setting up a trigger for 65 pip upside.
USDCAD – Price collapsed to the downside
Surprisingly 404 pips in a holiday shortened week last week. AUDJPY was a great example of an outside bar (expanding range, megaphone pattern, broadening formation) and how you can make money trading both directions with those. This week, we have 7 potential plays and maybe Bitcoin looking to start the year off with some upside movement.
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.
Thanks.
@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.
Best
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.
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
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.
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.
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.
Great setup
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.
(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.
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?
https://forextradingstrategies4u.com/forex-trading-signals-5/
Great setups