Aug 28 – Sept 2
AUDJPY – We had our upside breakout and as always, we look to the four hour chart to see if we can get an early entry. Breakout pullback entry for potential 117 pips to highs.
EURJPY – The power of triangles should never be forgotten. No entry to the upside off the initial break on the four hour chart. Buy stop at highs of the AUG 29 candle for 177 pips potential.
GBPUSD – As mentioned, a breakout to the downside was the technical setup and it did not disappoint with 191 pips to the downside
USDCHF – Wanted to see a downside break but we broke to the upside. There was no price pause to allow an entry.
Not too much excitement last week with only 158 pips up grabs from our FX setups. If you were to scan through the daily charts of many Forex pairs, you can see the price action is very choppy. That is not conducive to good trading. It can be frustrating which is why you need to understand your setups, your entry, and most of all, manage risk.
Aug 21 – Aug 26
EURCHF – Price stayed in a trading range
EURGBP – 4 hour chart trend line break lead to 53 pips downside potential
EURJPY – Price stayed in a trading range
GBPNZD – Price broke down 105 pips from the support zone and then rallied.
One of those weeks where price did little to be excited about. 248 pips potential in Forex and no entries in Crypto, made for a rather dull week. In the current fiscal climate, big moves are not to be expected. The bounce we had in stocks could be short lived. We are living in precarious times and being vigilant about risk is the most important job you have.
Aug 14 – Aug 19
BTCUSD – Downside move off the consolidation.
ETHUSD – No break of the trendline. No trade.
EURGBP – Short lived downside move of 32 pips
GBPUSD – Where price based at support, that is bearish. 216 pips potential to the downside
Almost 600 pips in Forex and a $300 gain in ETH was the potential from the updates from last week. BTCUSD is a great example of how a constructive pullback can fail into a trading range. For this week, many of the pairs we scan have moves already underway. Those aren’t listed but the best way to get onboard, is through a pause of a pullback in price. For this week, keep your eye on the crypto pairs we look at. We may be looking at some moves in the coming days.
Aug 7 – Aug 12
BTCUSD – Good example of a way that pullbacks can fail. We want to see reversals but when a pullback heads into a trading range as seen with this pair, it can be considered a pullback failure
ETHUSD – Price broke resistance and settled back down into a high tight range under resistance. Breakout play for the smaller four hour range lead to a $300 price increase
EURAUD – Was looking to short the current rally and price dropped 279 pips to lows
EURJPY – Price did break downside from a four hour trend line break style entry with a 60 pip drop
EURCHF – Wanted to short this pair but I didn’t get enough of a rally although price did tumble to the downside
EURGBP – Price rallied into our zone on Friday No trade.
USDJPY – Wonderful drop of 260 pips from a consolidation after a move up
273 pips potential last week with ETHUSD taking off before it hit my zone of entry. This week, Bitcoin and Ethereum make the cut as we look for some further upside to make back some of the losses for this year. As always, you may have a setup but without a trader trigger, you have no trade. Heads up with the Euro crosses. Pick the best setup for you and let the others one go. You could also allocate small amounts to each but only if it fits your risk profile.