Jan 2 – Jan 8 2021
How did these play out?
NZDJPY – Looking pullback long on this pair after that breakout. Pretty simple and pain free trade for 122 pips upside
NZDCAD – Short lived pop upside for 79 pips
GBPUSD – We were looking long but price had put in a sloppy bull flag
GBPJPY – Couldn’t even get a pop above our zone
EURJPY – No entry until we had an obvious reversal off the four hour chart On Jan 5 for a 119 pip run in price.
CADJPY – We were looking to short the rally and the entry was the trend line break on the four hour chart. Price fell 44 pips before a huge rally to the upside.
AUDUSD – Price gave us a one day pullback (to support) and the thrust down on the four hour chart was too large to trade off of support. Dialed down to the hourly chart so we could draw a trend line. Got the break and price rose 140 to the upside.
AUDCAD – One day pullback and price ranged. Buy break of four hour range which gives you room to adjust if price rejects off of highs (buying breakout on lower time frames is a viable entry trigger). 82 upside pips.
Not a bad way to end the year with 316 pips potential in our four setups. Trade entries were simple trend line breaks or obvious reversal candles.
As we head into 2021, it’s a good time to review your trading plan and see what worked and what didn’t.
Going into 2021, we will continue to provide you with setups that you can use to develop your own trading approach.