Signals/Setups Published for: Jan 27 – Feb 1 2019
4 Forex Signals/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.
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
- Trend line can be used for entry on 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 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 setup for a potential trade.
As the Forex charts are set up when the market is closed on the weekend, price may evolve differently than anticipated.
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 signals. 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 opportunity 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
Jan 27 – Feb 1 – 2019
We had many pullbacks fail into a range instead of reversing. Potential pips of 299 was still decent considering the limited amount of opportunity that was posted.
Still waiting on the markets to heat up and when they do, long term viewers of these trading setups know that the amount of pips that become available to traders, is very good.
Jan 20 – 25 – 2019
How did these charts play out?
AUDJPY – Great example of a pullback failure. What this means is we were getting the pullback we wanted, but it resovled into a range instead of reversing. Now, you would look into a breakout type of strategy as playing the pullback, is off the table.
AUDUSD – Price pulled back to the downside with no real momentum in the pullback. This is a great sign for another chance to the upside. Price came into an area os support that previous resistance. This is our sign to head to the four hour chart to see if bulls are stepping in. A failure test trade entry set up and price rocketed 85 pips upside
EURAUD – Price popped up to the area of the red line on the chart. The short move happened for a potential of 99 pips
EURJPY – Price continued to range
USDCAD – We got the leg down from the lazy pullback for 115 pips
USDJPY – Pullback resolved into a range.
No risk was put on with regards to the pairs posted last week. Lazy price action continued without giving any triggers. This is one thing that people have a hard time with when it comes to daily charts – the setups/triggers take longer to develop.
This is probably one of the worst performing starts for trading I’ve seen. Patience is key.
My trend direction is still intact and the price action has changed the directions I am looking – yet.
If you found yourself itching to trade this week:
1. Daily charts are not for you
2. You are trading for the wrong reasons.
thank so much !
Hello, Happy new Year and thanks for your help. It’s possible for your you to tell us the daily trend for your pairs you gave us? this iformations will help us more. Thanks again and wishing you the success.
That’s assuming I use the daily trend. 🙂 I could use a weekly trend or even a directional bias as opposed to trend bias. The information I put on the chart should be enough for you to know what the trend is I am trading. Shorting….means down trend/direction. Buying….uptrend/direction.
Happy 2019. Hoping you have a great year.
i used the failure test on the EN chart from the 4 hour chart like you wrote and my trail stop was above high of red bar after thrust down. I did not get all of the move but 208 pips one trade. Was that good you think? You are right because the other charts did not do to much.