Weekly Trading Setups

Signals/Setups Published for: Oct 17 – Oct 22 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

Oct 17 – Oct 22

We take what we can get and this week was a shadow of what last week was.  281 pips and this past week was a great example of failures.  In the CADJPY as an example, we were looking for resistance to hold.  It FAILED to hold and does that mean we ignore what the chart is giving us?  No.

You’d be surprised how the failure of an expected pattern can give you a trade.  Another example would be a trading range.  If price, at resistance, breaks through, we now have a resistance failing set up.  From there, we can look for some type of consolidation to take long.   If THAT fails to materialize, we can trade back into the range.

A few setups this week as many currency pairs are in current trends.  When price continues to make new highs, you need to watch for reversals.  Looking to trade a small consolidation as price is trending to enter, is usually a safer bet.

AUDUSD

EURJPY

EURUSD

GBPAUD

GBPNZD


Oct 10 – Oct 15 – Updated

CADCHF – Resistance held and price ranged

BTCUSD – Beautiful failure test entry in the range that lead to a $7000 jump in BTC.

CADJPY – Was looking for resistance to hold and when it didn’t, it was a long setup off an inside bar for 131 pips.

CHFJPY – Same as the CADJPY. Resistance failed and inside bar long setup for 150 pips

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955 pips potential last week as currencies made some huge runs.  That just brings us a week where price is either extended or has turned into a trading range.  This weeks setups include Bitcoin which is basing just under a pivot.  Hard to get in on the daily chart when price is running so here is the chance.

CADCHF

CADCHF

BTCUSD

BTCUSD

CADJPY

CHFJPY

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