How did these setups do?
AUDCHF – Price ranged for the week and the big move on Oct 1 is not a trade. I have covered this before but if price travels from one side of range to another, you don’t play the break due to snap back after an extreme move.
AUDNZD – Different situation here with the pullback. Dial into four hour chart and failed test of highs with a short bias is your trade. 94 potential pips before the rally.
EURCHF – Quick shot to long side was the play as mentioned. Four hour chart, breakout and pullback trade. Price ranged at the bottom of the pullback, play the break of the range to the upside since that was your bias. 107 pips potential.
EURGBP – Wanted to short the bear flag but price continued to grind higher
EURNZD – Price ranged
EURUSD – Although price rejected lows and ran upside, there was not entry trigger into the move
GBPAUD – Using the four hour chart for the daily chart pullback, price ran, in two candles, from the bottom through the trend line. Again, like the AUDCHF trade, watch the snap back. Price pulled back soon after the break and no upside move coming into the end of the week. No trade.
GBPCHF – Pullback and four hour chart shows spike down through lows. Buy stop the break of that high and price runs 147 pips.
GBPJPY – Grinding price action. No trade.
GBPNZD – The setup chart had shown a green candle which indicated a possible upside move had already started. However, after a 5 day sell off, I would generally expect a complex pullback and not a one legged one. Price began to make the other leg down
NZDJPY – Price broke down (four hour chart) and pulled back to underside of trend line trigger. Small move of 54 pips downside.
USDCAD – Daily price action was sloppy but the four hour chart in the context of the daily told a better story. Strong momentum to the downside which could not continue. I played this as a play back up inside the range and momentum stepped in. If one side fails, the other side can often time take over. 110 potential pips.
USDJPY – Trade of opportunity. During the pullback momentum ripped to the downside which wiped out an 82 pip upside advance (not a trade on this setup chart). The magnitude of the momentum push sets up an anti trade – looking for another push down. The break of the range gave us that for 113 pip run. You will see that price stalled and began to range after falling approximately the same distance as the first leg.
Stellar week with GBP leading the charge. Over 1200 pips were potentially up for grabs depending on your trade management criteria.
Some of you have asked how to use these updates on past setups: just take this information and compare it to the setup chart and your platform chart.
Watch the GBP crosses this week as they make up a bulk of the setups posted. Risk management is key.