Feb 21 – Feb 26
How did this week do?
EURAUD – We were looking long as mentioned in the setup. Feb 23 looking for break higher out of the two day consolidation. Price broke lower to another support zone. Zoom into the four hour chart and trend line break entry off of support holding lead to 360 pips upside.
EURCHF – We were bullish and needed entry off of four hour chart. Price hovered around resistance and trend line break entry lead to 198 pips upside. There was no price hesitation at our potential target.
EURNZD – Another pair where we were looking long at support holding trades. Our initial support fell and price then dropped to the Mar 25/2019 low (weekly). We gave up a lot waiting for the trend line break entry on the four hour chart. 176 pips to the upside. While we could have used an hourly chart for an entry, our rules are the four hour.
GBPCAD – Trend line break entry on the pullback on the four hour chart. 161 pips upside.
NZDUSD – Clear reversal on the four hour chart led to the resistance zone failing. 151 pips to the upside before a massive crash down
USDJPY – Daily chart pullback and used trend line break on four hour as entry. 137 pips upside.
Last week we saw a few pairs exhaust to the upside after a few days of price action. When looking to trade counter to those moves, we don’t want to see the strength we saw, as in CHFJPY. 434 potential pips using simple daily chart setups and four hour entries.
We have 6 setups this week as price has come into potential turning points. Use the lower time frame, the four hour, for pattern breakouts or candle patterns showing the reversal.