Nov 27 – Dec 2
EURCHF – Price is forming a triangle pattern. No trade
EURUSD – Using the four hour time frame, price put in an inside bar which is a smaller time frame consolidation. Buy stop the high led to 132 pips upside and immediate collapse. There was another move up after the retrace but not part of the original setup.
GBPAUD – No break upside
GBPJPY – No break upside
Short week with the the US holiday however 393 pips were up for grabs. Two simple trade entries to keep in mind: Break of inside candle and a break of the opposite color candle (several red pullbacks, entry break of green candle high). Of course you can also use lower time frames but these are suitable for those wanting to spend little time in front of the computer.
When trading pullbacks, you don’t need price to come right into the zone especially if using visible support and resistance areas. Trades occur around those areas, not exact price points. Think of looking at 3 or more lower highs and lows (in an uptrend and this is a pullback) and then looking for an entry trigger such as described above.
Nov 20 – Nov 25
AUDUSD – Pullback held and 129 pips to the upside off an inside candle break
EURCHF – Price moved sideways
EURJPY – Downside trigger for 124 pips
EURUSD – We didn’t get the deeper pullback but price bounced off of former resistance from September. Trigger long off of inside candlestick high for 140 pips
All pairs made gains the last week adding to 524 potential pips. Considering they were all GBP crosses, you’d expect that they’d all have some type of gain. A great lesson on entry techniques last week. Don’t discount using the break of an inside bar as a simple means of trade entry. Inside bar breaks “work” better if it inside a bar that is the opposite of your direction. For example, a bearish bar – inside candle – upside break.
Nov 13 – Nov 18
GBPAUD – Inside bar break to the upside for 152 pips. Inside bars are smaller time frame consolidations and are a viable entry method into trades using the same time frame as the setup.
GBPCAD – Price formed a one day range under resistance which is bullish. 281 upside potential on this trade. When price consolidates under resistance or above support, the probability lies with continuation.
GBPJPY – Straight trend line break entry on the daily for 91 pips potential.
A tough week of trading with some large momentum pushes to the downside in virtually all our set ups. 154 pips potential was all we had. As swing traders, we look for opportunity in both directions. In our case, the short term trends were up and that where we were looking. This coming week is tough as some pairs ended the week with momentum. You need to wait for a consolidation of some type, even an inside bar (lower time frame trading range) to get involved.
Nov 6 – Nov 11
BTCUSD – The momentum push upside did not turn into another push into positive territory. The price collapse was 27%.
EURAUD – A simple failure test of support followed by an inside candle was enough to trigger off an upside move of 154 pips.
EURCHF – While the overall trend is down, as swing traders we look for opportunity in both directions. In this case, we were looking long however the price had other plans.
GBPAUD – Price ranged and no trade
116 pips and a $1086 jump in Bitcoin was the most available from our setups last week. It was Fed week (NFP) where we learned that 261,000 jobs were added while only 195,000 were expected. Canada added jobs as well but remember, the Feds in both countries are looking to fight inflation. We would prefer lower job numbers while inflation is rising so expect higher rates to continue.
With the numbers last week, there were some big moves on Friday which puts many pairs in a wait and see condition as those moves are absorbed.