Oct 29 – Nov 4
AUDUSD – Price did drop from the bear flag for 116 pips and then one day rally on Friday
BTCUSD – Set up a nice bull flag while testing resistance and price shot up $1086 from lows.
NZDUSD – Price had far too many upper shadows with no downside follow through to watch this pair.
EURAUD – No trade as price continued to fall.
Solid week of price movements as many of the pairs moved in our direction. 878 pips potential. After a good week, we expect price to be in a state that has very little in terms of setups. This week, we have 3 setups plus Bitcoin may be starting to make a move.
Oct 23 – Oct 28
EURAUD – Outside bar on four hour chart is an entry long. Price rose 231 pips before retracing back to support.
EURGBP – Had to wait for Monday on a pullback on the four hour chart as price gapped down on the Sunday open. Short on inside bar reversal for 171 pips downside.
GBPAUD – The inside bar on the four hour chart was set on Friday before last weekend. Price went to the upside and retraced. Outside bar break to the upside took a while but ended the week with a rise of 211 pips.
GBPCAD – Break of multiple inside bars needed with mother bar breakout taking place on Tuesday. Price rallied 265 pips
USDCAD – No trade as price continued downside until Friday
GBPJPY – No trade
With two pairs ranging and the other not pausing for an entry, the only trigger was the EJ for 240 pips. This coming week, we are looking at currencies in pullbacks and we will look for reversals. You can use a lower time frame chart or play a break of the previous day high for long trade entries. Make sure you know when the trade is off the table meaning, when the pullback is too strong or too far.
Oct 16 – Oct 21
AUDJPY – Price rallied
EURJPY – Four hour chart entry and as stated, looking for a pause. Basing in play Sunday with a break on Monday. 240 pips before another pause.
GBPUSD – Price ranged
EURUSD – Price ranged
432 pips potential last week while Bitcoin gave nothing to the upside. Some of the pairs from last week appear to be consolidating as the trending structure of higher highs/lows or the reverse, is not happening. If you see lower lows/higher highs or higher low and lower highs, that is a pair in consolidation mode. For those, wait for a breakout of the triangle formation. Always remember that a lower time frame entry can give a better risk profile. Just ensure your trade trigger is consistent through all your trades.
Oct 9 – Oct 14
BTCUSD – Not worth a trade
GBPUSD – 131 pips downside before rallying back to the upside
GBPJPY – 84 pips downside before the rally
GBPAUD – Price broke to the upside
GBPCAD – Price held up on potential support and reversed
EURJPY – Price held support
EURUSD – Price held support
EURGBP – 116 pips downside off the bear flag break
EURCHF – Was looking at a bull flag scenario and failure test of lows on Oct 12 was the entry. 101 pips upside
All three setups from last week moved in our direction for potential of 391 pips. For this round of setups, we have many pairs going through a reversal which we may be able to jump on.
Although the setups call for breakouts, you can trade those with a strong close, enter at the break, or wait for a breakout pullback. We are in some crazy times right now so ensure you take care of the risk and never risk more than .5-2% of your account.
Oct 2 – Oct 7
USDJPY – Breakout from the base has lead to a slow rise of 59 pips.
GBPUSD – The downside was in play for 224 pips on break of Oct 4 low
EURUSD – Short was in play for 108 pips potential to the downside
This was the first time in recent history that we had a week of no positive movement. Some of the FX charts had huge moves out of nowhere which takes them out of any setups for this week. There are only 3 FX this week and crypto is off the list. Right now, currencies are not in the best state to trade. Be smart.