First of all, be careful of the long list of news events this week, which could heavily dominate the Forex market. They are, among others:
- Euro, British Pound, Australian Dollar, and Canadian Dollar interest rates;
- US news such as ADP, unemployment claims, NFP.
Any of the setups or analysis mentioned this week must take these events into account. Also be aware that the holiday season is approaching in about 3 weeks from now, which means that traders can expect the average price range to drastically decrease at the end of year.
Today’s article is going to analyze previous blog posts and verify whether the setups were successful or not. As a reader of this blog, you are highly encouraged to the same in the chart below. We can always learn a lot from reviewing price action.
POST # 1 EU: GOOD
The first pair is the EURUSD mentioned in an article last week on Friday (click here). The EURUSD is indeed continuing with the downtrend. It is interesting to observe how important price action clues are: each daily candle has a bearish tone, even the candle that closed bullish due to the sizeable wick on top.
POST # 1 GU: SO-SO
The same article also mentioned the GBPUSD. The bearishness in this pair is less strong than the fall in EURUSD. Earlier this week there was a sizeable bullish candle and using that candle high to reduce risk and a potential turnaround could be a serious option (dark red).
POST # 1 UJ: PERFECT
Price bounced exactly of the bottom of the channel as show in the article and made its dash to higher levels such as the 119.50-120 zone for a winning trade setup.
POST # 2 NZDCHF: STILL OPEN
The NZDCHF indeed did bounce off of the weekly low. Even though this particular chart and currency pair would usually not make the cut, the trade setup has not been doing too bad. The profit target is still open as price was still about 46 pips shy of the top.
POST # 3 GBPCHF: GOOD BOUNCE
This particular setup had an amazing start and came close to hitting the take profit within a couple of hours but ultimately missed the level by a couple of pips. Any trader using a trail stop loss exited the trade for a small loss of about 20% of the original risk. Traders preferring a set and forget approach are still in that trade.
POST # 4 AUDCAD & AUDUSD: GREAT
The AUDUSD break was delightful as the price spiraled down 300 pips with some ups and downs along the way.
The same can be said for the USDCAD which finally found support at the bottom of the channel and continued for the uptrend, as indicated in the previous article.
POST # 5 AUDCAD: PERFECT BREAK
Last but not least the same can be said for the AUDCAD, which had a text book and picture perfect break, pullback and continuation setup. Take a look at the screenshot down below for more information.
Of course whether the trade setups were wins or losses and how big depends on other factors as well, but many of these setups turned out to push, break or bounce into the anticipated direction. Were you able to capitalize on them? Let us know!
Thank you for sharing this post and Happy Hunting!
Latest posts by admin (see all)
- Money Management in Forex: More Than Just Trading - February 17, 2018
- Identifying Trends through Synchronization - February 17, 2018
- Using Multiple Trendlines to Identify Better Trades - February 15, 2018
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