Aug 30 – Sep 4
How did these charts do?
AUDJPY – Still waiting as the pullback we wanted is underway
BTCUSD – Bitcoin never breached the horizontal line for any long entry
CADCHF – Was looking to short but price broke upside and ranged
CHFJPY – Was looking long and price ranged
EURAUD – We were looking for a pullback and noted price moving sideways on support. Four hour chart showed support holding so break of trendline was an upside play. 118 pips. On these plays, take profits when weakness sets in as still bigger picture weakness.
EURJPY – No trigger long.
EURNZD – We wanted a pullback and used the four hour chart. 200 pips downside after the pullback. Price began another pullback but too much momentum to think shorts. Remember, in a pullback setup, you want to see the impulse leg have some strength but the pullback to be weak.
GBPAUD – Our secondary support level (red line) was not breached for a short
GBPCAD – Basing at highs is bullish but instead, we got a momentum thrust through support which set up a failure test short trade on the four hour chart. 186 downside. We are still in a bigger picture range.
GBPNZD – We were looking long but no entry. Still a bigger picture weakness.
Every trade last week had some positive movement. 354 pips but important lessons.
A tight stop on the EURUSD would have taken you out. Many traders use a tight stop so they can have a higher position size. Think risk first before profits.
Using a lower time frame for entries into higher time frame setups is a higher level trading technique. It will however reward you with the ability to manage your trade as the daily setup plays out.