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Free Forex Weekly Trading Setups

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July 31  – Aug 5

AUDJPY – Reversal to the upside happened with 120 pips potential

ETHUSD – Even though we got a bump with ETH, the pullback was not deep enough for my entry

EURJPY – Price kept dropping so no pullback to short

GBPUSD – 153 pips potential to the downside

EURUSD – Price continued to range

277 pips last week and some good gains in both crypto listings.  This week, a small handful of setups as price is either already making moves or the price action is still in flux.  Always best to pick the easy ones and let the price action in the other ones sort itself out.

AUDJPY

ETHUSD

EURJPY

GBPUSD

EURUSD

July 24  – July 29

AUDUSD – Price poked into the red zone area and four hour chart gave an inside bar price trigger. 118 pips to the upside

BTCUSD – Breakout of our line with a $2300 gain to the upside that was supported with a support level bounce at the black line below the green zone.

ETHUSD – Beautiful support zone failure test with obvious reversal candlestick giving us an upside move leading to $320 increase

USDCAD – Wanted upside but price had other plans.

GBPUSD – Upside break for 159 pips potential

EURUSD – Price broke downside

USDJPY – Needed the level to hold and it broke down. This was an expected move due to the long run up in price. But, I trade the trend and there was no obvious exhaustion to the upside to set up a short play

Came back last week with potential pips of 578. The power of the zones we show in these setups can often times give high probability locations.  You just need to supply the trade trigger.  Note this week that crypto is show some favorable price action for setups.  Not guaranteed trades of course but looking like some upside coming into play.

AUDUSD

BTCUSD

ETHUSD

USDCAD

GBPUSD

EURUSD

USDJPY

July 17  – July 22

AUDJPY – Price could not claim over the resistance.

AUDUSD – Trendline break and pullback on four hour chart for 164 pips potential.

EURAUD – Price broke down for 153 pips potential

EURCHF – Breakout did not occur

EURJPY – Price pulled right into our second setup zone for 235 pips to the downside

EURGBP – Price spiked right into our setup zone and four hour chart short lead to 26 pips downside.

After a week with no setups, we return with 6 Forex setups with a few counter trend trades setting up.  With counter trend, make sure you take the profits at the first sign of reversal.  Crypto, namely Bitcoin, is still looking to find some legs and is ranging at the end of a 22% weekly chart down move.  Good luck this week.

AUDJPY

AUDUSD

EURAUD

EURCHF

EURJPY

EURGBP

July 10  – July 15

715 pips potential from last weeks setups as price is either ranging in pair or in a longer term range.  This is the first week in recent memory where there is no setups to list.  Price is either in ranges or already in trending moves such as the USDCHF.  No need to trade just to trade and we shall see how price resolves this week and look again next week.  Protect your capital.

July 3  – July 8

EURJPY – Price continued to reject as desired and found lows 453 pips below

GBPJPY – Looking short and inside bar break leads to 262 pips downside

GBPUSD – Price continued to break down

USDCHF – Was looking for lower but price broke to the upside

150 pips last week as we are getting little trending movement in any currency pairs.  This week, we have 4 setups but the condition of price across the board is less than exciting.  If you have never used the four hour chart for a trade entry, I would suggest you watch that time frame for daily setups.  It will get you in a bit earlier allowing you to either bank some profits or at least give room to manage a stop.

EURJPY

GBPJPY

GBPUSD

USDCHF

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46 thoughts on “Free Forex Weekly Trading Setups”

    1. SD

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

  5. Neofyta

    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. SD

      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. jor

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

  7. nogag

    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. SD

      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. jor

        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. SD

          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.

  9. Ben

    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. SD

      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.

  11. Wixy

    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. SD

      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.

  13. Forex Newbie

    Hi SD,

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

    1. SD

      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.

  15. Mohamed

    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

  16. PGT

    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.

  19. OBAKENG MOKOKA

    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. SD

      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.

  22. Jay Singh

    @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.

    Best

    1. SD

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

  24. Mohann

    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. SD

      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.

  27. John Njoroge

    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. SD

      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.

  29. Shingi

    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. SD

      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

  31. Jonathan McGrath

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

  33. David

    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. SD

      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. Kazeez

        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. SD

              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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