Nov 28 – Dec 4
BTCUSD – Price came into the zone and crashed on through. No buy
ETHUSD – Price held the zone and buy entry over inside bar on Nov 27. $597 jump in price before this weekend drop
EURJPY – Price continued to range at support
GBPCAD – No trade in any direction. The shadows on these candles made it not worth any risk.
GBPUSD – No trade
Huge potential last week as some of the setups ran strong. 900+ pips potential on some huge moves. What that does is give us extended markets where we don’t want to jump into a position. Too many to add but if you are looking at your setups with huge candlesticks, look for a pause in price action before making your move.
Crypto is up with both ETH and BTC finding price coming into support. Looking for buy points to increase the crypto holdings.
Nov 21 – Nov 26
AUDJPY – Price made lower highs into support and ranged slightly above it. That is bearish. Playing the break short off the four hour range had you positioned before the break. 217 pips to the downside potential.
ETHUSD – No continuation above the breakout
EURAUD – Price had 69 pips to the downside before roaring off to the upside
EURGBP – As noted on the chart, it was setting up for a trade to the upside. Break off support higher lead to a 92 pip run in price
EURJPY – Upside in price but there was no entry long
EURUSD – No entry
GBPAUD – Nice move to the upside for 190 pips potential
GBPCAD – No buy on the potential bull flag as price broke lower. Price move down was too strong for me to look at a buy.
GBPNZD – 360 pips upside from the pullback
USDCHF – Price collapsed
491 pips last week potential last week. This week, we are heavy with GBP setups so pick the one that looks the best for you. ETHUSD steps into the lineup this week.
Quick lesson 1: after a momentum move in one direction that is not an exhaustion type of move, along with basing near its highs (or lows for shorts) is a strong candidate for continuation.
Quick lesson 2: when seeing an extended pair that has a larger that previous candles as the last candle, you can look for a counter trend trade. Just make sure you are quick to take profits.
Nov 14 – Nov 19
AUDJPY – Price made a brief move up for 60 pips on the break upside and then dropped to new lows.
BTCUSD – No entry
EURAUD – Price broke lower for 150 pips and then rallied.
EURGBP – Price broke lows with strength setting up to the downside. Small range on the four hour chart gives you the entry for 142 pips. When faced with an obvious bearish candle as seen on the break, forget buying.
GBPNZD – Price broke to the upside with strength. No trade.
USDCAD – Trend line break entry on the four hour after a pullback on the daily chart. 139 pips
Capped the week off with almost 450 pips potential and a Bitcoin jump of $4700.
Four Forex setups this week and looking to buy Bitcoin.
Quick lesson: Don’t always assume that support or resistance is going to hold. We would rather see a sound rejection of those levels if we are thinking of trading a bounce. If price ranges at those levels, assume they are going to break until proven otherwise.