Dec 19 – Dec 24
Results
AUDJPY – Price evolved quickly the next day with a spring off of lows giving us a perfect buy setup for 188 pips. Price had taken out the highs on the posted chart, taken out the lows on the Monday and reversing. On a weekly chart, we got an outside bar
AUDUSD – Played out much the same as AUDJPY and was noted as a bigger picture bull flag. 118 pips potential
EURUSD – Price continued to range
GBPAUD – Price continued to consolidate
GBPCAD – Price broke to the upside for 108 pips missing the target by 4 pips
GBPNZD – Price continued to range
We will eventually get back to big runs in price, but this wasn’t the week to happen. Just over 200 pips potential with the 16 currency pairs I look at. Crypto is not in this week as the charts look like random slop without one side gaining much ground. You can certainly watch them for any momentum stepping in but there is no setup that I look for present.
AUD is in a few of these setups because of the strength it has been showing. If weakness begins to step into that currency, the setups will probably fail.
AUDJPY
AUDUSD
EURUSD
GBPAUD
GBPCAD
GBPNZD
Dec 12 – Dec 17
Results
AUDJPY – No strong close out of the range. No failure test of support for an entry into the range. A failure test of resistance back into the range. Needless to say, no trade.
AUDUSD – Same as AUDJPY
BTCUSD – Nothing
EURCHF – Failure test short back into a tight range. No longs
EURUSD – Stayed inside a triangle
GBPAUD – Pullback happened and alert was set to signal when price was lower than Nov 29 closing price. Four hour chart used with trendline break entry. Price gave a potential of 141.
USDJPY – 56 pips potential off a bull flag. Reviewing this afterwards, this seems more of a breakout failure than the failure of a bull flag.
484 pips in play last week. No matter how many years go by, using a lower time frame with a simple trend line break can be a simple entry into any trade. For this week, AUD has shown some strength so pick one cross and use that. Bitcoin, is still not in a good place. How you handle Bitcoin will depend on the type of trader you are. For me, I am looking for buy points as I don’t trade it in an active manner. With any instrument, big spike moves can throw it off for weeks as traders digest that move.
AUDJPY
AUDUSD
BTCUSD
EURCHF
EURUSD
GBPAUD
USDJPY
Dec 5 – Dec 10
Results
AUDUSD – The climax push into lows was confirmed. Four hour chart entry off a trend line break lead to 132 pips to the upside.
BTCUSD – No entry
EURAUD – As mentioned, price was extended and into resistance. Four hour chart trend line break to the downside 272 pips potential.
EURGBP – Got a short lived reversal for 20 pips before price ripped back to the upside.
EURUSD – We got an upside hit later in the week that drove up 60 pips
GBPJPY – Consolidation this week
GBPNZD – No trade
USDCHF – We got momentum to the upside which turns off looking to short the pullback
For the first time in history, there were no triggers on the setups last week – except a buy in ETH.
Even after a big week as we say Nov 28 – Dec 4, I expect something. Not this time. Then again, given almost a 4% sell off last week in the S&P, no surprise that risk was off the table.
This week, we are looking at a few pairs running into support, some consolidations, and a breakdown on Bitcoin.
AUDUSD
BTCUSD
EURAUD
EURGBP
EURUSD
GBPJPY
GBPNZD
USDCHF
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.
Hi SD,
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.
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