Free Forex Weekly Trading Setups

Signals/Setups Published for: May 15 – May 20 2022

4 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 20

622 pips potential last week with AUDJPY showing a perfect bear flag formation.  Flags are one of my favorite chart patterns to trade.  This week we have some decent pullbacks shaping up but in the markets of today, anything is possible.  Be a risk manager first, take the easy profits, and don’t try to be a hero.

AUDJPY

EURAUD

EURCHF

EURGBP


May 8 – May 13

AUDJPY – Perfect bear flag and potential 468 pips to the downside.

BTCUSD – Continued to decline

EURCHF – The chart shown was the weekly chart and price rallied into our zone. 67 pip breakdown

EURUSD – Price continued to the downside

GBPJPY- Price broke support

USDCAD – As written, this was a resistance zone in a range and price rejected for 87 pips

USDJPY – Price failed to rally

Markets across the board are not in great shape but last week still had potential of 558 pips.  With so much uncertainty and central banks playing with interest rates (one of the drivers of the currency markets), we don’t expect trade opportunities to be a large amount.  Added Bitcoin this week which is at a point for a short term long trade.  As always, respect your stop loss and don’t be afraid to cut your trade if momentum steps in against your position.

AUDJPY

BTCUSD

EURCHF

EURUSD

GBPJPY

USDCAD

USDJPY


May 1 – May 6

Results

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AUDJPY – Price formed a complex correction during the week.

EURAUD – Was looking for an upside break that didn’t come. Price far too erratic

EURJPY – Price formed a trading range

GBPJPY – Price dropped 197 pips after the pullback

GBPNZD – While this chart initially set up for a long trade, the failure test of the highs was an entry short for 361 pips to lows

While the overall markets are in turmoil, our setups from last week did well.  979 pips potential last week but of course you would not get all of those.  When you have multiple setups with the same currency, you have to determine which one you want to trade.  Using the average true range can help you narrow down which pair has the most potential for bigger gains.

AUDJPY

EURAUD

EURJPY

GBPJPY

GBPNZD

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