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Free Forex Weekly Trading Setups

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May 23 – May 28 2021 – RESULTS UPDATED

AUDJPY – Failure test of lows of range is the trigger for 77 pips upside

CADCHF – Upside four hour chart entry off another bounce from lows breaking a bearish trendline for entry is 43 pips potential.

EURJPY – Never got the deeper pullback but price gave a great bull flag as we had two peaks we could join for essentially a complex pullback. Break of upper trendline trigger for 100 upside pips

EURUSD – Never got the basing under resistance or failure test of support for a long

GBPCAD – Price ranged

GBPUSD – Price ranged

400 pips from last weeks setups.  The main lesson from last week was, again, daily chart setups and using a four hour chart entry is a solid approach.  The key is to be able to read price action and the battle for control.

Price on the daily charts is a mess across most pairs.  Weekly charts are certainly cleaner to trade.  The idea though is to play the hand you are given and using our four hour charts + pattern breaks on those charts, leads us into daily setup entries.







May 15 – May 21 2021 – Results Updated

AUDCAD – Trend line break off of pullback to our zone on the four hour chart leads to 74 pips to the downside. Remember, it is a daily chart setup so your stops and management is based on daily.

CADJPY – As mentioned in the setup chart, you watch the four hour chart for a bullish entry into the daily pattern. You had a bull flag forming since May 14 on four hour chart. Break of channel high lead to 53 pips upside

EURGBP – Price rallied to our zone and there is a double top on four hour chart to short at. Small move down of 28 pips before rallying back into our zone. On the daily chart, it is a trading range in our zone. Another double top entry into our daily chart pullback leads to 42 pips downside.

GBPAUD – Missed the run up due to a shallow pullback. Would have been a great trade.

GBPCHF – No trade

GBPNZD. This trade was a little different than that GBPAUD miss. Here, price had pulled back to the bottom of a momentum candle. Trendline break entry on four hour chart and price ran 203 pips to high.

281 pips on last weeks setups. Some of the setups simply failed into ranges with no real intent in a direction. One had momentum step in and invalidate the setup but that’s just a part of doing business. You can check out the update for the previous week once you get through this weeks selections.

Note that the blue price points on the charts are NOT EXACT buy/sell prices.  These are just giving you a general area to look for trades.








May 9 – May 14 2021 – Results Updated

CADJPY – Due to where price closed the previous week, we had no entry on the initial break. We did get a pullback on Tuesday that was a trade over the highs @ 89.90. Price gave a 72 pip upside move before heading lower to stay in a range.

CHFJPY – Price pulled into our zone and gave us a range at lows. Break of 120.40 is the entry for a 96 pip upside run.

EURCAD – Price was already in the zone and then price put in inside candles forming a range this week.

GBPUSD – Price broke out from the range on Sunday night. Inside bar formed which is simply a consolidation. Break of high of previous candle at 1.4044 led to a 113 upside run.

USDJPY – While we were looking short, price had another opinion break to the upside.

429 pips potential on 3 FX trades last week. EURUSD may have been tricky but the short was looked due to the initial momentum push down. Failure for that to continue just put us back in the direction of the trend. Bitcoin had a nice entry for those still looking to get involved.

5 setups this week and note that the price in blue, is simply the mid point of a zone of opportunity for a trade.







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46 thoughts on “Free Forex Weekly Trading Setups”

    1. Certainly not a far fetched outcome for Bitcoin. While I don’t usually make projections, 12-17K is doable.

  1. 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?

    1. 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.

    2. How is audjpy in a downtrend on Monthly. It is a clear uptrend having broken all kinds of previous highs.

  2. 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

    1. 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.

      1. 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

        1. 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.

  3. Is basing at highs or lows essentially a flag pattern, traded in the usual manner? Fantastic content all round, thank you for your efforts!

    1. 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.

  4. 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.

    1. 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.

  5. Hi SD,

    I just discovered this website. Do you typically send out alerts of when you enter these given trades?

    1. 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.

  6. 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

  7. 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.

  8. 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?

    1. 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.

  9. @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.


    1. Hey Jay. You are welcome. Take your time, understand why I choose these setups and the trade triggers.

  10. 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

    1. 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.

  11. 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

    1. 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.

  12. 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.

    1. 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

  13. Really nice content. I’m learning a lot on how to get in to the markets at the right levels. Cheers.

  14. 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

    1. 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……..

      1. 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.

            1. 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.

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