Signals/Setups Published for: Nov 27 – Dec 2
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
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
Nov 27 – Dec 2
Short week with the the US holiday however 393 pips were up for grabs. Two simple trade entries to keep in mind: Break of inside candle and a break of the opposite color candle (several red pullbacks, entry break of green candle high). Of course you can also use lower time frames but these are suitable for those wanting to spend little time in front of the computer.
When trading pullbacks, you don’t need price to come right into the zone especially if using visible support and resistance areas. Trades occur around those areas, not exact price points. Think of looking at 3 or more lower highs and lows (in an uptrend and this is a pullback) and then looking for an entry trigger such as described above.
Nov 20 – Nov 25
AUDUSD – Pullback held and 129 pips to the upside off an inside candle break
EURCHF – Price moved sideways
EURJPY – Downside trigger for 124 pips
EURUSD – We didn’t get the deeper pullback but price bounced off of former resistance from September. Trigger long off of inside candlestick high for 140 pips
All pairs made gains the last week adding to 524 potential pips. Considering they were all GBP crosses, you’d expect that they’d all have some type of gain. A great lesson on entry techniques last week. Don’t discount using the break of an inside bar as a simple means of trade entry. Inside bar breaks “work” better if it inside a bar that is the opposite of your direction. For example, a bearish bar – inside candle – upside break.
Nov 13 – Nov 18
GBPAUD – Inside bar break to the upside for 152 pips. Inside bars are smaller time frame consolidations and are a viable entry method into trades using the same time frame as the setup.
GBPCAD – Price formed a one day range under resistance which is bullish. 281 upside potential on this trade. When price consolidates under resistance or above support, the probability lies with continuation.
GBPJPY – Straight trend line break entry on the daily for 91 pips potential.
A tough week of trading with some large momentum pushes to the downside in virtually all our set ups. 154 pips potential was all we had. As swing traders, we look for opportunity in both directions. In our case, the short term trends were up and that where we were looking. This coming week is tough as some pairs ended the week with momentum. You need to wait for a consolidation of some type, even an inside bar (lower time frame trading range) to get involved.
Nov 6 – Nov 11
BTCUSD – The momentum push upside did not turn into another push into positive territory. The price collapse was 27%.
EURAUD – A simple failure test of support followed by an inside candle was enough to trigger off an upside move of 154 pips.
EURCHF – While the overall trend is down, as swing traders we look for opportunity in both directions. In this case, we were looking long however the price had other plans.
GBPAUD – Price ranged and no trade
116 pips and a $1086 jump in Bitcoin was the most available from our setups last week. It was Fed week (NFP) where we learned that 261,000 jobs were added while only 195,000 were expected. Canada added jobs as well but remember, the Feds in both countries are looking to fight inflation. We would prefer lower job numbers while inflation is rising so expect higher rates to continue.
With the numbers last week, there were some big moves on Friday which puts many pairs in a wait and see condition as those moves are absorbed.