June 26 – July 1 2022
BTCUSD – Nothing much happened this week with Bitcoin.
EURAUD – Price ranged
EURCHF – Price continued to fall
GBPCAD – Price melted down
GBPUSD – 150 pips downside after the triangle break
USDJPY – Price ranged
After 2 great weeks, we were expecting a little slowdown in our pip totals and that’s what happened. 179 pips potential on the four setups that were listed. Currency charts are not in a great condition right now with quite a few messy ranges and overextended price.
June 19 – June 24
AUDJPY – Breakout on the four hour chart for an entry into the pullback on the daily for 96 upside potential. Price then fell back inside the range
EURJPY – There was a strong move up but no entry on the four hour chart.
GBPNZD – Price stayed inside the triangle
GBPCAD – Four hour chart entry on the obvious reversal candlestick. 83 pip run before collapse.
Good week last week with 1023 potential pips up for grabs. We are still in dicey territory as we are seeing interest rate hikes which, along with the economy, are the biggest drivers of the currency markets. Adhere to your stops, don’t get greedy, and look forward to when stability returns to take advantage of big trend runs.
June 12 – June 17 2022
AUDJPY – Pullback into our zone and a strong reversal candle on the four hour chart led to a 164 pip run to the upside
EURJPY – Price blew through our first level and right into our second level. Reversal candlestick off the lows led to a 320 pip upside move
GBPJPY – Price blew through the first zone and came into the area of the down sloping trend line. Long shadow reversal candlestick on four hour entry chart gave us a buy stop entry for a 369 pip run.
EURAUD – Price stayed inside the bull flag channel. There was a potential break for about 170 pips but there was no consolidation prior.
Big week with over 1000 pips potential following the setups below. A few good examples of using the four hour chart to enter a setup on the daily chart. Breakouts may fail on larger time frames but as an entry on a lower time frame, it is one of the best. You can read up on how some of the setups played out below. Only four setups this week as some currency pairs are already moving and you need some type of consolidation to get involved.
June 5 – June 10 2022
AUDJPY – 188 pips upside from the level off a tight consolidation
EURAUD – Price consolidated with candlesticks with upper and lower shadows. Not a good setup
EURJPY -Consolidation breakout on the four hour chart gave us our entry for potential of 368 pips
EURUSD – Price broke to the downside but did so with an outside bar. Not an entry here
NZDUSD – Was thinking an upside break. Once we got a test of lows and no further upside, shifted to lows. Not a great entry off the lower wick on June 7 but a conservative one that led to 74 pips
GBPJPY – We broke the level with strength and switched to the four hour chart for an entry. Inside bar break (lower time frame consolidation) on the 6th led to 429 potential upside
GBPCAD – Consolidation. No trade.
Solid week with potential of 979 pips! Another good example of where simple works in trading. No need to complicate any of it. The tricky one was AUDJPY but you could read the break of the trend line as strong. This week, a few more selections but after a week of good moves, the next week is up in the air. Still not impressed with Bitcoin and the price action. The indecision of what it wants to do next makes it something I am staying away from.