Weekly Trading Setups

Signals/Setups Published for: May 15 – May 21 2021

Forex Setups / 0 Crypto


If you are looking for Free Forex trading signals and setups every week, this is the page to bookmark.

You can find the setups below and they are posted every week, by Sunday evening.

I don’t publish daily Forex signals because my experience (and many others) is that swing trading Forex offers the most bang for your buck.

Many have said these are the best Forex signals because there is a learning component to the posted setups and the recap.

I use what has proven to work in Forex trading:  mean reversion and momentum-based setups.  There is an actual edge in using these two methods that can be quantified.

There is an edge in mean reversion and momentum trades and that is where I will continue to focus.  As you’ve seen, you can short alt currencies and Bitcoin in the right context but most traders would be better to continue with the trend.

These are daily price charts

Some things to help you understand the charts:

  • Consolidations are considered to be pullbacks and ranges on the posted charts.
  • Ranges and pullbacks are treated differently in terms of trading them
  • The trend line can be used for entry on the break but I do not follow them for support or resistance
  • Horizontal support and resistance are pivots areas
  • Momentum thrust is a sharp move in price
  • Basing is when the price is ranging sideways – usually used to explain price action after a momentum move
  • Basing at highs or lows of the momentum move are continuation patterns
  • Failure tests are thrusts up or down through a level and immediate reclaim of previous price zone
  • I prefer to see pullbacks with low momentum in the corrective phase

As always, all of these free Forex and cryptocurrency setups are based on price action, price structure and may result in trading opportunities.

These setups use technical analysis to determine if a chart is set up for a potential trade.

As the Forex charts are set up when the market is closed on the weekend, the price may evolve differently than anticipated.

It is impossible to give entry and exit prices because these are not updated on a daily basis.  As price evolves, so does the entry.

The beauty of price action Forex trading/cryptocurrency trading like this is you are not waiting for a lagging technical indicator to flash an entry signal.  You can see, in advance, the setup that we are looking to take advantage of.

  • We are reactive to price action in these areas
  • We do not attempt to forecast although an idea can be helpful
  • Don’t get blinded by your opinion
  • Price rules your opinion
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While some of you may choose to scalp or day trade the foreign exchange market with these free setups, please note they are designed for a swing trading approach.  Lower time frames may also present opportunities using these charts for context.

Please be fully aware of your overall “risk appetite” when it comes to your trading account and your Forex broker margin rules.

Note that all recaps are best-case scenarios in terms of totals.  Every trader will have different entry and exit points and the recaps show potential and not necessarily totals obtained by the author.  The author does trade the posted setups and others dependent on evolving price action.

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. This site bears no responsibility for trading results based on trading recommendations described in these analytical reviews.  You must understand Bitcoin and cryptocurrency trading in general before trading that market.

You can also visit:  How To Trade The Free Currency Trading Signals

Archived Setups

May 15 – May 21 2021

281 pips on last weeks setups. Some of the setups simply failed into ranges with no real intent in a direction. One had momentum step in and invalidate the setup but that’s just a part of doing business. You can check out the update for the previous week once you get through this weeks selections.

Note that the blue price points on the charts are NOT EXACT buy/sell prices.  These are just giving you a general area to look for trades.

AUDCAD

AUDCAD

CADJPY

EURGBP

GBPAUD

GBPCHF

GBPNZD


May 9 – May 14 2021 – Results Updated

CADJPY – Due to where price closed the previous week, we had no entry on the initial break. We did get a pullback on Tuesday that was a trade over the highs @ 89.90. Price gave a 72 pip upside move before heading lower to stay in a range.

CHFJPY – Price pulled into our zone and gave us a range at lows. Break of 120.40 is the entry for a 96 pip upside run.

EURCAD – Price was already in the zone and then price put in inside candles forming a range this week.

GBPUSD – Price broke out from the range on Sunday night. Inside bar formed which is simply a consolidation. Break of high of previous candle at 1.4044 led to a 113 upside run.

USDJPY – While we were looking short, price had another opinion break to the upside.

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429 pips potential on 3 FX trades last week. EURUSD may have been tricky but the short was looked due to the initial momentum push down. Failure for that to continue just put us back in the direction of the trend. Bitcoin had a nice entry for those still looking to get involved.

5 setups this week and note that the price in blue, is simply the mid point of a zone of opportunity for a trade.

CADJPY

CHFJPY

EURCAD

GBPUSD

USDJPY

 

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